December 21, 2017 / 5:30 AM / a month ago

BUZZ-India's Varun Beverages hits 9-yr high on PepsiCo franchisee deal

** Shares of Varun Beverages Ltd rise as much as 10.2 pct to 590 rupees in early trade

** Stock hits highest level since Dec 22, 2008; posts record intraday pct gain

** Co to buy PepsiCo India's previously franchised sub territory in Jharkhand and will take over manufacturing facilities, franchisee rights for Chhattisgarh (bit.ly/2DkWLfw)

** Once the deal is complete, Varun Beverages will be a franchisee for PepsiCo products across 20 states and 2 Union Territories in the country, according to a stock exchange filing

** About 538,900 shares change hands, more than 13 times the stock’s 30-day avg

** Stock had gained 41 pct this year up to Wednesday’s close

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