NUVAMA ON FMCG SECTOR ; FALLING CRUDE PRICES COULD BOOST MARGINS

• Crude oil down 12% in six days to a one-month low, providing margin tailwinds for consumer companies. • TOP FUNDAMENTAL BUYS: Pidilite, Marico, Tata Consumer & United Breweries. • TOP ANTI-CRUDE PLAYS: Asian Paints, Hindustan Unilever & Bajaj Consumer. • Strong pricing power may allow companies to retain cost savings for 2–3 quarters before passing on benefits. • Gross margin recovery likely to support higher spending on volume growth. • Strong Q2 results and improving margins support FMCG sector recovery. • Falling crude, margin expansion and volume recovery could drive further upside in consumer stocks.

NUVAMA WEALTH MANAGE LTD

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