Varun Beverages Share Price Edges Lower After THIS Business Update

The share price of Varun Beverages fell over 1% during trade so far after the company incorporated a joint venture company. The joint venture is called White Peak Refrigeration.

"We would like to confirm that our Company has today incorporated a joint venture company in India., that is White Peak Refrigeration Private Limited, inter-alia to carry on the business of manufacturing of visi-coolers and other refrigeration equipment," said an exchange filing on Thursday.

As per the filing, the incorporation is aimed to manufacture visi-coolers and other refrigeration equipment.

Varun Beverages share price fell as much as 2.64% during the day to Rs 476.6 apiece on the NSE. It was trading 1.08% lower at Rs 484.2 apiece, compared to an 0.02% decline in the benchmark Nifty 50 as of 10:10 a.m.

It had declined 19.37% in the last 12 months and 23.96% on a year-to-date basis. The total traded volume so far in the day stood at 1.9 times its 30-day average. The relative strength index was at 52.9.

Twenty seven out of the 29 analysts tracking the company have a 'buy' rating on the stock and two recommend a 'hold', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 605, implying a upside of 25.5%.