** Shares of Varun Beverages VARB.NS rise 2.2% to 531.20 rupees

** Pepsi India bottler extends its exclusive bottling deal with PepsiCo PEP.O for 10 years

** VARB, one of PepsiCo's largest bottlers outside the U.S., says new agreement also removes restriction from operating solely as a special purpose vehicle for PepsiCo

** Avg rating of 25 analysts on VARB at "buy"; median PT is 596.50 rupees - LSEG-compiled data

** YTD, stock up 8.4%