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*Stock of the day*

*ICICI Bank*

Buy Range - 1264-1272

Target - 1303-1330

Support - 1230

Time Frame - Positional

Document from Dr. Subhransu Sekhar Jena

*Stock Corrected from 52 week High to More then 20%*

ZEEL -58%
SPARC -56%
COCHINSHIP -49%
MAHSEAMLES -46%
MRPL -46%
CREDITACC -45%
SYRMA -43%
ATGL -43%
ALOKINDS -42%
RBLBANK -42%
NETWORK18 -41%
HUDCO -41%
EQUITASBNK -41%
TITAGARH -40%
MMTC -40%
SCI -40%
IRCON -40%
DBREALTY -40%
ITI -39%
ENGINERSIN -39%
UJJIVANSFB -39%
KIOCL -38%
HINDZINC -38%
J&KBANK -38%
IFCI -38%
BDL -38%
IRFC -37%
MANAPPURAM -37%
GRSE -37%
IOB -37%
NIACL -36%
IIFL -36%
PNCINFRA -36%
TRIDENT -36%
UNIONBANK -36%
DATAPATTNS -35%
TANLA -35%
ANURAS -35%
NSLNISP -35%
UCOBANK -35%
BANKINDIA -35%
FORCEMOT -34%
AARTIIND -34%
CGCL -34%
RAILTEL -34%
INFIBEAM -34%
SWANENERGY -34%
BIRLACORPN -33%
KIRLOSBROS -33%
ADANIPOWER -33%
SFL -33%
PSB -33%
IREDA -33%
SAMMAANCAP -33%
JWL -32%
JUNIPER -32%
BSOFT -32%
MEDANTA -32%
LODHA -32%
TTML -31%
SONATSOFTW -31%
NHPC -31%
GMDCLTD -31%
INTELLECT -30%
BANDHANBNK -30%
CHENNPETRO -30%
RAYMOND -30%
MAHABANK -29%
CERA -29%
PAYTM -29%
KPIGREEN -29%
PNB -29%
JKTYRE -28%
IRB -28%
RVNL -28%
RHIM -28%
CONCOR -28%
JBMA -28%
SKFINDIA -28%
TATAINVEST -28%
SAIL -28%
POONAWALLA -28%
DMART -28%
RITES -28%
DALBHARAT -28%
HFCL -28%
CONCORDBIO -28%
CYIENT -27%
REDINGTON -27%
NBCC -27%
CENTRALBK -27%
BHEL -27%
LICHSGFIN -27%
AEGISLOG -27%
RTNINDIA -27%
SJVN -26%
BEML -26%
VGUARD -26%
JYOTICNC -26%
SWSOLAR -26%
FACT -26%
UNOMINDA -25%
WELSPUNLIV -25%
IRCTC -25%
GPIL -25%
ASTRAL -25%
ARE&M -25%
ADANIENSOL -25%
GLAND -25%
MAHLIFE -25%
ASTERDM -25%
TATATECH -25%
INOXINDIA -25%
PRSMJOHNSN -25%
TIMKEN -25%
RPOWER -25%
RENUKA -25%
IDBI -25%
FINCABLES -25%
LICI -25%
HINDCOPPER -25%
PHOENIXLTD -24%
ZYDUSLIFE -24%
BAJAJELEC -24%
IDFCFIRSTB -24%
ZFCVINDIA -24%
LEMONTREE -24%
CASTROLIND -24%
PNBHOUSING -24%
SHOPERSTOP -24%
OLECTRA -24%
MAPMYINDIA -24%
RELINFRA -24%
TATAMOTORS -24%
HONASA -24%
IEX -24%
ACI -24%
INDIAMART -23%
INDUSINDBK -23%
BLS -23%
ZYDUSWELL -23%
VTL -23%
ENDURANCE -23%
GODREJIND -23%
SUPREMEIND -23%
ANGELONE -23%
DEVYANI -23%
GRAPHITE -23%
IGL -23%
GNFC -23%
BAJAJ-AUTO -23%
ELECTCAST -23%
KANSAINER -22%
EIHOTEL -22%
ADANIENT -22%
CARBORUNIV -22%
SHREECEM -22%
NYKAA -22%
GODFRYPHLP -22%
EXIDEIND -22%
NMDC -22%
ADANIGREEN -22%
RAMCOCEM -21%
RATEGAIN -21%
MAZDOCK -21%
MGL -21%
SOBHA -21%
TATACONSUM -21%
AWL -21%
ALKYLAMINE -21%
GUJGASLTD -21%
KIRLOSENG -21%
PCBL -21%
MSUMI -21%
SCHAEFFLER -21%
HAL -21%
ELECON -21%
DELHIVERY -21%
TATAELXSI -21%
PFC -21%
JPPOWER -21%
STARCEMENT -21%
GMRINFRA -20%
ONGC -20%
SBFC -20%
BHARATFORG -20%
CANBK -20%
MINDACORP -20%
ROUTE -20%

*Sharekhan View Point- 3R Recommendation*

*Varun Beverages Ltd*
*Resilient performance in challenging environment*

*Rating: POSITIVE*

(CMP:594 , Upside Potential:26%)

*Company Description*

VBL is a key player in the beverage industry and is one of the largest franchisees of PepsiCo in the world (outside
the U.S.). The company produces and distributes a wide range of carbonated soft drinks (CSDs), as well as a large selection of non-carbonated beverages (NCBs), including packaged drinking water. PepsiCo’s CSD brands produced and sold by VBL include Pepsi, Pepsi Black, Mountain Dew, Sting, Seven-Up, Mirinda Orange, Seven-Up, Nimbooz Masala Soda, and Evervess. PepsiCo’s NCB brands produced and sold by VBL include Tropicana Slice, Tropicana Juices(100% and Delight), Seven-Up Nimbooz, Gatorade as well as packaged drinking water under the brand Aquafina. VBL has been granted franchises for various PepsiCo’s products across 27 states and 7 union territories in India. VBL has also been granted the franchise for various PepsiCo products for the territories of Nepal, Sri Lanka, Morocco, Zambia,and Zimbabwe.

*Key Investment Arguments*

•Varun Beverages Ltd’s (VBL’s) Q3CY2024 performance beat expectations on all fronts, with revenue growing by 24% y-o-y and OPM rising by 117 bps y-o-y to 24% leading to 22% y-o-y growth in PAT.

•BevCo added 58-60 million cases to overall volumes in 9MCY24. Oct-Mar period is strong and is expected to add
higher volumes considering summer season in South Africa.

•Fund-raising of Rs. 7,500 crore through QIP to be utilised for partial debt reduction, capacity addition in India and other key markets and potential acquisition in key markets.

•The stock has corrected by ~13% from its recent high and trades at 75x, 57x and 46x its CY2024E, CY2025E and
CY2026E earnings,respectively. We stay Positive on the stock and expect an upside of 26% over the next 12 months.

Document from Dr. Subhransu Sekhar Jena