On account of the spread of Covid-19 on a global scale, we have seen Government of India announcing a lockdown across the country for 21 days with effect from March 24, 2020. However, the lockdown could continue for much more than 21 days. This lockdown would result in shortage of workers to factories in addition to many of our FMCG coverage companies shutting down some of their manufacturing facilities for discretionary products in addition to supply chain disruptions. However, we believe demand for daily use items such as staples, soaps, toothpaste, milk, sanitisers, grocery would...