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HSBC starts coverage of Britannia Industries shares with 'overweight', price target Rs 1,100

Jan 13 2014, 14:37 IST
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Britannia's shares surged 85 per cent last year,  outperforming a 6.8 per cent gain in NSE. Britannia's shares surged 85 per cent last year, outperforming a 6.8 per cent gain in NSE.
SummaryBritannia Industries' shares surged 85 pct last year, outperforming a 6.8 pct gain in NSE.

HSBC initiates coverage of Britannia Industries Ltd shares with an 'overweight' rating and a price target of Rs 1,100, citing the company's strength in the fast-growing mid-to-premium segment in biscuits/bakery.

HSBC also extols Britannia's 'sharp focus on tackling costs and gaining market share is likely to keep the earnings growth momentum strong' in a report dated Monday.

Without including HSBC's rating, Britannia has racked up 14 'buys' or 'strong buys' recommendations, with 3 'holds' and 1 'strong sell', according to Thomson Reuters data.

Britannia's shares surged 85 per cent last year, outperforming a 6.8 per cent gain in the broader NSE index.

The stock trading higher 0.8 per cent at 0524 GMT.

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