Our top picks in FMCG: ITC, Marico and DaburOur top picks in Consumer Appliances: Havells, V-Guard, Crompton FMCG & Appliance universe in 2HFY18 is expected to recover primarily aided with a low base, recovering trade channels and buoyant consumer offtake (Urban & Rural). Our checks with channels and companies management suggest healthy recovery in the business. Trade channels (including Wholesale and CSD) have begun to normalize, witnessed a minor blip post GST rate revision (Nov17) for few products.