Tata chemicals - target 441

Buy on Tata Chemicals with a target price of Rs 441. "The Q1FY09 results for Tata Chemicals (consolidated) were above our expectations in term of net sales. Net sales increased by 93% (YoY) and 50% (QoQ) to Rs 21,923.5 million against our expectations of Rs 14,353.6 million. The revenues show robust performance due to higher revenues reported on standalone basis of Rs 12,073.7 million as against our expectations of Rs 8,377.6 million."