New Delhi, Oct. 27 -- Milky Mist Dairy Food shares were locked in the 5% upper circuit at Rs.298.75 apiece on the BSE on Tuesday, 27 October, taking the stock's gains to 113% over its initial public offering (IPO) price in just over two months.

Against this backdrop, Nuvama Institutional Equities has initiated coverage on Milky Mist Dairy Food with a 'Buy' rating and a target price of Rs.330, citing the company's strong growth outlook, premium value-added dairy portfolio and improving cash flows as it transitions from a phase of heavy capital expenditure to a period of stronger returns.

Nuvama believes the stock could continue to command a premium valuation, supported by its growth profile and focus on value-added dairy products (VADP)....