Tata Chemicals (TTCH)'s consolidated EBITDA came in below our estimates largely dragged down by North America (NA) and Europe due to the absence of operating leverage and one-time costs. In the last six months, TTCH has rallied ~126%, whereas the Nifty has appreciated by ~20%. This outperformance is largely attributable to its plans to enter into the Energy Science biz. (EV cell manufacturing) GOI has announced the PLI incentive for the EV Battery business, but plans are yet to be finalized (highlighted by the mgmt. during the 4QFY21 call)....