Shares of Fast Moving Electrical Goods (FMEG) Company Havells India rallied 6 per cent in early trade, hitting 52-week high, on Bombay Stock Exchange (BSE) after global brokerage firm Morgan Stanley upgraded the stock with Buy rating.
Morgan Stanley initiated coverage of Havells India Ltd with an "overweight" rating and a price target of Rs 878, citing that the company deserves to trade at a premium to its historical valuations given consistently high domestic earnings and return ratios.
Buoyed by stock upgrade, shares of company gained as much as 6.00 per cent and touched 52-week high to trade at Rs 793.80 a piece on the BSE.
In a similar fashion, shares of the company spurted 5.78 per cent to Rs 789.85 a piece on National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 19,459.34, up 134.70 points or 0.70 per cent at 10:05 hours.