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Manpasand Beverages surges 29% in 9 days post tie-up with Parle Products

The stock hit a record high of Rs 1,024, rallied 29% from Rs 796 on September 4, against 1.5% rise in Sensex

SI Reporter  |  Mumbai 

Manpasand Beverages. Photo courtesy:
Manpasand Beverages. Photo courtesy:

touched a record high of Rs 1,024, up 13% on BSE in intra-day trade, extending its past eight days rally, after the company entered into an exclusive tie-up with In past nine trading sessions, the stock has rallied 29% from Rs 796 as compared to 1.5% rise in the S&P BSE Sensex.

Biscuits major and on September 4, 2017 announced an exclusive tie-up for distribution network sharing and cross-promotion of their brands.

Under the partnership, will have access to Parle's 4.5 million outlets across India for its flagship brand 'Mango Sip' juice. In this association, both companies will cross-promote their brands and aim to achieve a significant market share in snacks & biscuits and the beverage industry, said in a statement.

A pilot of the said partnership is already underway in eastern region of India where two lakh outlets of Parle Products’ outlets have been roped in by Manpasand Beverages, it added.

Management targets 30% volume growth for the next 2-3 years. It would be rolling out new products in the current fiscal focused on the health proposition.

“The company remains on track to around double its capacity from 0.17 million cases per day in the next 12-18 months. It expects the new Vadodara capacity to be commissioned by December 2017, and the new plants in Varanasi and Sri City are expected to be ready by March-June 2018,” analysts IIFL Institutional Research said in result update.

At 10:43 AM, the stock was up 9% at Rs 988, against 0.15% decline in the S&P BSE Sensex. The trading volumes on the counter jumped multiple-fold with a combined 234,465 shares changed hands on the BSE and NSE so far.

First Published: Fri, September 15 2017. 10:46 IST