Nestle India's recently launched strategy of product innovation and deeper penetration in the rural areas bodes well for the stock of the firm, according to analysts, who see an up to 17 per cent upside for it from current levels. The shares of the FMCG major have underperformed the market with a 12 per cent decline on a year-to-date (YTD) basis. During this period, the Nifty has jumped 3 per cent while the Nifty FMCG index has dipped 5 per cent, as per ACE Equity data. Going ahead, however, the fortunes are expected to look up as Nestle, at its analyst meet, unveiled a strategy to aggressively pursue expansion in the rural areas, increase capacity and focus on new product launches.