Morgan Stanley has double upgraded Tata Consumer Products to ‘overweight’ from ‘underweight’ raising the target price to Rs 886 versus its earlier target price of Rs 600.

The firm has also downgraded Nestle India to ‘underweight’ from ‘equalweight’ cutting the target price to Rs 15,712 versus its earlier target price of Rs 18,057.

Strong delivery on DIP strategy, improving profitability and recent de-rating has led the double upgrade on Tata Consumer.

The downgrade on Nestle is essentially on margin headwinds and the fact that the stock has run up quite a bit this year.

Watch the accompanying video of CNBC-TV18’s Nimesh Shah for more details.

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