Shares of Varun Beverages, the bottling partner for PepsiCo, rose by 1.7% to Rs 657 on the BSE after they announced an important purchase. The company has officially bought 39.93% of Lunarmech, making it a fully owned part of Varun Beverages.
In a report released on December 16, 2024, Varun Beverages confirmed that they completed this deal around 1:47 PM IST. They had announced the plan to buy this stake back on November 12, 2024, when their board approved a share purchase agreement for Rs 200 crore (which is about 2,000 million rupees).
Previously, they had moved to acquire the remaining shares of Lunarmech Technologies, which is now completely owned by them. At a recent board meeting that lasted from 4:45 PM to 5:20 PM, they discussed and approved this share purchase deal.
In more good news, Varun Beverages reported a significant increase in profits. Their net profit grew by 22.3% to Rs 628.83 crore in the third quarter that ended in September 2024. Their revenue also jumped by 24.1% to Rs 4,804.68 crore in the same period.
Overall, Varun Beverages’ shares have increased by 48% over the last year and by 31% just this year, showing strong growth in the market.
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