Consumer Appliances: Weak season offers entry point.Our top picks in Appliances: Havells and V-Guard We have been strong believers of HUL and Britannia to outperform, as category leaders will drive category growth during turbulent market conditions (demon and GST). We remain structurally positive for HUL and Britannia, however on account of limited upside we downgrade HUL and Britannia to NEUTRAL. We prefer mid-cap staples as consumption dynamics and trade conditions are now beginning to normalize which will support pick-up in performance. We have rolled forward our target price for our coverage universe to Jun-20 EPS (earlier Mar-20). Our top picks in FMCG: Emami and Marico