Varun Beverages up 4% on bagging rights to sell PepsiCo drinks across India

Shares of Varun Beverages rose as much as 3.78 per cent to Rs 802.05 apiece on the BSE in the intra-day trade, as it bagged the contract to bottle and distribute PepsiCo drinks across India.

Shares of Varun Beverages (VBL) rose as much as 3.78 per cent to Rs 802.05 apiece on the BSE in the intra-day trade, as it  bagged the contract to bottle and distribute PepsiCo drinks across India on Monday, clearing the path for PepsiCo to exit the bottling business in the country.
 
"Its intent to enter into a binding agreement with PepsiCo to acquire franchise rights in South and West regions from PepsiCo for a national bottling, sales and distribution footprint in 7 states and 5 Union Territories. Upon Completion of these acquisitions, company will be a franchise of PepsiCo