Shares of United Breweries rose after Heineken surpassed Q1 beer volume expectations, marking its first year-on-year growth in a year with a 4.7% increase. CEO notes all regions posted higher volumes and net revenue, aided by an earlier Easter and one-off effects. Despite a positive start, Heineken remains cautious due to challenging economic conditions and uncertain outlook.
The breakout above 1,800 level earlier this week has opened room for UBL stock to head towards 2,000-2,100 levels in the next 2-4 months, suggested experts. The stock continued to move in a range after hitting a high of Rs 1,793 in November 2021. It consolidated in a 500-point range where 1,800 acted as a stiff resistance and on the downside levels above 1300 acted as a support.
United Breweries Ltd., incorporated in the year 1999, is a Large Cap company (having a market cap of Rs 34313.18 Crore) operating in Beverages - Alcoholic sector.
BUY HINDPETRO | TARGET: Rs 230 | STOP LOSS: Rs 213 The stock has witnessed a golden crossover on the daily chart where 50-DMA has crossed its 200-DMA from down to up. It has also formed a strong base at around 205 levels and is making a higher top and higher bottom formation on the daily chart. The momentum indicators and oscillators are in the buy mode on the weekly scales which also supports the positive momentum. The stock also witnessed a short covering of positions and now we can expect a build-up of long positions going forward.
BUY BIOCON | TARGET: Rs 480 | STOP LOSS: Rs 448