Morgan Stanley has raised Grasim Industries to 'Overweight' and added the stock to its list of top picks. The brokerage increased its price target to ₹3,500 from ₹2,975, implying a 29% upside from the stock's last closing price of ₹2,708.50. The brokerage expects holding company discounts to continue moderating as the paints business scales, improving visibility on the standalone business.