UBS starts Britannia with 'buy', liking the recipe

Reuters Market Eye - UBS initiates coverage of Britannia Industries Ltd with a "buy" rating and target of 1,050 rupee.

The investment bank says Britannia will benefit from consumers trading up to high-end biscuits, cakes and branded dairy products, rising market share in rural areas and the management's focus on branding.

"We think product upgrades and launches are key triggers for Britannia, as it is well positioned at the top end of Indian bakery and packaged dairy markets," UBS said.

Britannia shares are up 2.8 percent at 1022 IST.

(Reporting by Abhishek Vishnoi)