New Delhi, June 24 -- Adani Enterprises share price gained over 2% on Wednesday after Morgan Stanley initiated coverage on the stock with a bullish view, as it believes the company is well positioned to benefit from India's infrastructure and capex cycle. Adani Enterprises shares rallied as much as 2.38% to Rs.3,034.35 apiece on the BSE.

Morgan Stanley assigned an 'Overweight' rating on Adani Enterprises shares, with a target price of Rs.3,638 apiece, implying an upside potential of nearly 23% from Tuesday's closing price.

The brokerage firm described Adani Enterprises as 'India's premier incubator', with a market cap CAGR of 30% since its IPO in September 1994, outperforming the Nifty by 21 ppt.

"Adani Enterprises' model is self-reinf...