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Shares of Aditya Birla Nuvo today rose as much as 1.5 per cent as Morgan Stanley has raised the target to Rs 2,272 from Rs 1,520 rupees. It has kept “overweight’’ rating.
The investment bank says holding company discount of 75 per cent is unwarranted and should narrow to 25 per cent, driven by better macro conditions.
Morgan Stanley cites potential merger of fashion businesses, potential bancassurance tie-up, stake increase by insurance partner and urea decontrol among key triggers.
Aditya Birla stock has 7 buy, 1 hold and 0 sell ratings, according to Thomson Reuters Eikon data.
The shares trade at 13x of 1-year forward earnings vs 18.4x of rivals, according to the data.
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