This Article is From Jan 13, 2014

HSBC starts coverage of Britannia with 'overweight'

HSBC starts coverage of Britannia with 'overweight'

HSBC initiated coverage of Britannia Industries Ltd 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 extoled 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 Nifty.

The stock trading higher 0.8 per cent at 11.14 a.m.

Copyright: Thomson Reuters 2014