Buy Britannia Industries shares, target price Rs 1,050: UBS

Reuters Posted online: Friday, Oct 18, 2013 at 0000 hrs
Mumbai : UBS initiates coverage of Britannia Industries Ltd with a "buy" rating and target of Rs 1,050.

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 per cent at 0452 GMT.