** Goldman Sachs initiates coverage on Varun Beverages VARB.NS with "buy" and PT of 600 rupees
** Pepsi's PEP.O India bottler has multiple drivers to outperform the country's fast-growing ready-to-drink beverages market, says Goldman Sachs
** VARB's execution has led to Pepsi's market share in India growing to 38% in 2024, from 28% in 2015, making India one of Pepsi's top-performing markets worldwide - GS
** Stock trading 0.3% lower on the day
** Brokerage expects VARB to continue to gain market share in fast-growing segments like energy drinks and hydration
** Adds, entry of Reliance Consumer's 'Campa Cola' brand indicates no "disruptive" impact to VARB
** Average rating of 22 analysts on VARB is "buy"; median PT is 615 rupees - data compiled by LSEG
(Reporting by Kashish Tandon in Bengaluru)
((Kashish.tandon@thomsonreuters.com))
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