added the stock to its "conviction buy list," citing valuations and growth potential among other factors.
Shares in companies owned by foreign promoters also rallied for a second day after the central bank said on Friday it would allow non-residents to buy stocks of listed domestic firms through the foreign direct investment route.
ABB India Ltd rose 3.2 percent, adding to Tuesday's 17.43 percent gain, while Siemens Ltd gained 8 percent, totalling a gain of 16.3 percent in two days.
However, Tata Motors Ltd declined 2.5 percent as a near-10 percent rise on Tuesday was seen as overdone.
Tata Motors said later that global wholesale vehicle sales fell by 16 percent in August, hit by a drop in passenger vehicle sales at India's largest automaker by revenue.
Cairn India Ltd fell 2.6 percent as Brent crude futures declined more than 4 percent in the previous two days as fears of an imminent strike against Syria eased.
($1 = 63.9575 Indian rupees)