Shares of Future Consumer surged as much as 15.5 per cent to Rs 67.70, its highest since October 11. At about 12.20 pm, the stock was trading 12.20 per cent or Rs 7.15 higher at Rs 65.75 on the NSE.
The stock posted its biggest intra-day percentage gain since September 7, on track to post gains for a third straight session. Morgan Stanley has starts coverage on stock at 'overweight' with a target price of Rs 95.
The brokerage cited slew of positive factors, including launch of "innovative” products, positive EBITDA, and opportunity to leverage Future Group's store network
It expects Future Consumer to be India's fifth-largest FMCG co in revenue terms by FY21. The stock has nearly tripled in value this year up to Thursday.