Allied Blenders & Distillers shares rose by 5% to Rs 339 on November 29, marking the fifth consecutive day of gains. This increase follows ICICI Securities' initiation of coverage on the stock with a 'buy' recommendation and a projected price target of Rs 400 per share, indicating a potential upside of 24% from the previous close of Rs 323 on the NSE.

Despite a recent decline of nearly 10% in the past three months, analysts remain optimistic about the company's focus on expanding its presence in the premium and prestige liquor segments. ICICI Securities expects that improvements to the product portfolio will drive double-digit volume growth in the Prestige & Above category, as well as profitable growth in the mass premium segment.