Morgan Stanley downgrades Jubilant Foodworks

Jubilant Foodworks falls 2.1% after Morgan Stanley downgrades the stock to "equal-weight" from "overweight", following recent out-performance in the shares and an absence of near-term catalysts.

The investment bank says the Indian operator of Domino's Pizza will face increased competition in the delivery business from Pizza Hut.

Morgan Stanley also recommends investors book profits given Jubilant had surged 78% as of Friday's close compared with a 23% increase in the Nifty.