HSBC starts coverage of Britannia with overweight

HSBC initiates coverage of Britannia Industries Ltd with an "overweight" rating and a price target of 1,100 rupees, 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 percent last year, outperforming a 6.8 percent gain in the broader Nifty.

The stock trading higher 0.8 percent at 11.14 a.m.

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