HSBC initiates coverage of Britannia Industries Ltd shares 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 extols 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 NSE index.
The stock trading higher 0.8 per cent at 0524 GMT.