MORGAN STANLEY ON TATA CHEMICALS• Underweight with target price of Rs 843• Believe the share price will fall relative to the country index over the next 45 days• Estimate that there is about an 80% + probability for the scenario• TTCH should see subdued soda ash earnings in F2025• well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play• See soda ash margins reverting to below mid-cycle levels• Valuations are tracking near +1sd and appear rich MORGAN STANLEY ON TATA CHEMICALS• Underweight with target price of Rs 843• Believe the share price will fall relative to the country index over the next 45 days• Estimate that there is about an 80% + probability for the scenario• TTCH should see subdued soda ash earnings in F2025• well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play• See soda ash margins reverting to below mid-cycle levels• Valuations are tracking near +1sd and appear rich

by Raj Gaurav Rai