Tata Consumer hits all-time high; CS initiates coverage with 'Outperform'

In May last year, Tata Group had decided to demerge the consumer business of Tata Chemicals and merge it with Tata Global Beverages.

Shares of Tata Consumer Products (TCL) rallied over 5.5 per cent to hit an all-time high of Rs 436 on the BSE on Wednesday after the global brokerage firm Credit Suisse initiated the coverage on the stock with an "outperform" rating. The target price has been set at Rs 490. 

At 01:30 pm, the stock was trading over 5 per cent higher at Rs 434.85 apiece on the BSE. In comparison, the benchmark S&P BSE Sensex was trading flat at 36,660.70 levels, down 0.04 per cent. Shares of Tata Consumer have been rising since last five sessions. 

"TCL is beginning