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Varun Beverages enters alcobev and forms Tunisia JV; shares fall 3.8%

Varun Beverages approved an Indian alcobev subsidiary, KIVA Spirits, led by former Diageo executive Prathmesh Mishra, and a 75%-owned Tunisia beverage JV. Shares fell 3.82% as investors sought clarity on strategy, capex, distribution and potential M&A.

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Reported figures

From the report. Source details below

Shares fell ₹16.75, or 3.82%, to ₹421.25
Trading volume: 311.13 lakh shares
Turnover: ₹1,333.90 crore
VBL will hold 75% of the Tunisia JV; Bevanda will hold 25%
India alcobev market estimated at $50.8 billion
JPMorgan target price: ₹530
CLSA target price: ₹629
Morgan Stanley target price: ₹557
52-week high: ₹555.80

Also in the report

  • VBL is down 14.34% year-to-date and 17.17% over one year

The source

Source Read the source at The Hindu BusinessLine

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