Morgan Stanley on Chemicals

Aarti Industries – Upgrade to Equal-weight from Underweight; Hike TP to Rs 471 from Rs 366 PI Industries – Downgrade to Underweight from Overweight; Cut TP to Rs 2030 from Rs 3883 Navin Fluorine – Maintain Underweight; Hike TP to Rs 6853 from Rs 5720 Tata Chemical – Maintain Underweight; Cut TP to Rs 529 from Rs 566 SRF – Maintain Underweight; Hike TP to Rs 2260 from Rs 2209 Deepak Nitrite – Maintain Overweight; Hike TP to Rs 1889 from Rs 1869

J.G.CHEMICALS LIMITED

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