Varun Beverages at new high

Varun Beverages, which had closed yesterday at Rs.1128.60, opened higher today at Rs.1130 and went on to hit a new 52-week high at Rs.1233.

The stock price hit the roof after the company reported a very good set of earnings for quarter ended 30^th Sept. It posted a 53% (YoY) rise in consolidated net profit at Rs.396 crore on a 33% rise in revenue from operations at Rs.3248 crore. EBITDA was up 33% at Rs.710 crore.

The company, which makes and bottles of PepsiCo like Mirinda, Mountain Dew and Tropicana.

Varun Beverages said that its Morocco business will begin distribution and sale of many brands like Lays, Doritos and Cheetos from January.