Morgan Stanley sees Trent's new businesses contributing to its expanding topline. The stock was up around 2% to hit a new 52-week high of ₹7,595.10.

What The Brokerage Said: Morgan Stanley maintained an "overweight" call with a target price of ₹8,032, indicating around 8% upside from the previous closing price. 

The company is foraying into mass mass-priced beauty segment with Zudio Beauty. The beauty and personal care (BPC) sales for the company were already material in Westside and Zudio stores, the research firm noted. 

The brokerage said the BPC business had built scale over time as the customers have become more indulgent and impulsive, the research firm added. The importance of emerging categories has increased from 10% of the standalone revenue to 20%, Morgan Stanley added. 

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Trent had opened its first Zudio Beauty store in Bengaluru. 

As of June 30, Trent had over 890 stores. Westside had 228 stores in 86 cities while Zudio had 559 stores in  164 cities. 

Trent has recently gained entry into the Nifty 50 index on September 30.

Price Action: Shares of Trent rose 1.23% to ₹7,541.15 on Tuesday morning. 

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