?Varun Beverages advances 5% after CLSA initiated coverage with 'Buy'
?Varun Beverages advances 5% after CLSA initiated coverage with 'Buy'

Shares of Varun Beverages advanced as much as 4.66 per cent in early trade after CLSA initiated coverage on the stock with 'Buy' rating and set a target price of Rs 540, citing low beverage penetration in key markets will provide headroom for growth. The scrip was trading 0.65 per cent up at Rs 377.

Shares of the company opened at Rs 385 and touched a high and low of Rs 392 and Rs 372, respectively, in trade. Benchmark BSE Sensex was trading 63.72 points, or 0.22 per cent, down at 29,455.02.

On BSE, 24,000 shares were traded on the counter so far as against the average daily volumes of 6,682 shares in the past two weeks.

Shares of the company hit their fresh 52-week high of Rs 471 on November 8, 2016 and 52-week low of Rs 341.25 on March 14, 2017.

For the quarter ended December 31, 2016, the company reported net sales of Rs 420.06 crore, up 9.30 per cent, against Rs 384.30 crore in the corresponding quarter last year.

 
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