Initiating coverage on Tata Consumer Products Limited (TCPL) earlier named Tata Global Beverages with a Buy rating and PT of Rs. 484. TCPL will become strong play with integration of Tata Chemicals' consumer business; share of consistently-performing India business in revenue to rise to 61% from 48%, margins too can rise 60-80 bps in the near term. Appointment of consumer expert Mr. Sunil D'Souza as MD & CEO improves earnings visibility; consolidated revenue and earnings (including TCL's consumer business) to clock CAGR of 10% and 20% over FY2020-23E....