Commodities
Indian Stocks Rise as Varun Beverages Enters Alcoholic Market
The Indian stock market is expected to open higher on Wednesday, August 26, according to GIFT NIFTY futures. The index is projected to open 88 points higher.
Varun Beverages, a leading bottler of PepsiCo's products in India, plans to enter the alcoholic beverages segment as part of its diversification strategy. The company has set up a new subsidiary called 'KIVA Spirits and Company' to explore the ready-to-drink (RTD) alcoholic beverages market.
The government's offer for sale (OFS) of Hindustan Copper shares is also expected to be in focus today, as the retail portion opens. The OFS was oversubscribed 3.41 times by institutional investors on the first day, who bid for over 8.91 crore shares against the 2.61 crore shares reserved for them.