Profit

UBS starts Britannia with 'buy', liking the recipe

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UBS has initiated coverage of Britannia Industries Ltd with a "buy" rating and target of Rs 1,050.

The investment bank said 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 were up 2.8 per cent at 1022 IST.

Copyright: Thomson Reuters 2013

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