 "ITC gains on Morgan Stanley upgrade")
Shares in ITC ltd have turned positive and are trading higher after Morgan Stanley upgraded the stock to "overweight" from "equal-weight" and increased the price target to Rs 400 rupees from Rs 360.
"ITC is a strong consensus buy - yet one of the worst-performing stocks in our coverage over the past 12 months - trailing the Sensex by 35%," the investment bank said in a note.
"After recent underperformance, we believe ITC stock is factoring in a cigarette volume decline in FY15," it said.
Shares in ITC were up 0.3% at Rs 316.85 at 12:27 p.m.