We maintain a BUY on Crompton and V-Guard, while upgrading Havells' rating from NEUTRAL to BUY. GST rates were revised in the 23rd GST council meeting for a host of consumer products from 28% to 18%. The new invoicing would start from 15-Nov-2017. In our coverage universe, key categories that benefited are Detergents, Shampoos, Beauty care, Fans, Cables & Wires, and Restaurants. We interacted with the mgt of various companies to understand the benefits of the revision in rates. The key benefits of this move would be (1) Affordability for consumers, as a large portion of the reduction in rates would be passed on to them, (2) Lower rates will incentivise players to shift from the unorganised to organised biz, (3) A push for premiumisation, since consumers can upgrade to premium segment, and (4) Pricing power for companies (lower tax impact on price hikes).