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This smallcap may become 5th largest FMCG co by FY21; shares soar over 12 per cent

Morgan Stanley initiated coverage on Future Consumer with ‘overweight’ rating and set a target price at Rs 95.|
Updated: Dec 08, 2017, 12.09 PM IST
NEW DELHI: Shares of smallcap firms surged up to 20 per cent in the morning trade on Friday with Shriram EPC surging the most (up 20.00 per cent), followed by Future Consumer (up 12.53 per cent), Sterling Tools (up 10.77 per cent), Bombay Dyeing & Manufacturing Company Ltd. (up 9.91 per cent) and Future Enterprises Ltd. (up 9.58 per cent).

Future Consumer spurted after Morgan Stanley initiated coverage on Future Consumer with ‘overweight’ rating and set a target price at Rs 95. The scrip was trading at Rs 66.05 in the morning trade. Market capitalisation of the company also surpassed Rs 12,000 crore in Friday’s trade. Technically, the stock is trading above all key-DMAs.

Morgan Stanley expects Future Consumer to be India’s 5th largest FMCG company by FY21.

However, Steel Exchange India (down 5.00 per cent ), Ricoh India (down 4.99 per cent), Indian Hume Pipe Company (down 4.18 per cent ), Jet Airways (India) (down 3.60 per cent ) and Seamec Ltd. (down 3.30 per cent ) were among top losers in the index at around 11.25 am (IST).

The S&P BSE SmallCap was trading 1.08 per cent up at 18226.04.

Benchmark NSE Nifty50 index was up 85.25 points at 10251.95.

Among the 50 stocks in Nifty index, 42 were trading in green, while 8 were in red.

Shares of YES Bank, Reliance Comm, Unitech, JP Associates, Future Cons Ent were among most traded securities on the National Stock Exchange on Friday.

BSE Sensex was up 262.54 points at 33211.75.

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