HSBC ON CONSUMER / FMCG SECTOR

• FMCG stocks corrected despite growth pickup after GST cuts, due to high valuations and potential commodity price spikes. • HSBC expects growth to normalise, with no visible near-term catalyst. • PREFERENCE ORDER: Marico, Tata Consumer, Honasa, HUL, Britannia, Nestlé India, Dabur, ITC and Colgate. HSBC ON HONASA ; UPGRADE TO BUY FROM NEUTRAL | TP ₹554 (EARLIER ₹423) HSBC ON BRITANNIA ; BUY | TP ₹5,480 (EARLIER ₹6,670) HSBC ON HUL ; BUY | TP ₹2,210 (EARLIER ₹2,440)

Mirae Asset Mutual Fund

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