Religare Broker Research reports

Britannia Industries Ltd (BRIT) is India's leading packaged foods company. Britannia's product portfolio includes Biscuits, Bread, Cakes, Rusk, and Dairy products including cheese, beverages, milk and yoghurt.

Ambuja Cements Ltd (ACL), a part of the global conglomerate LafargeHolcim (63.1% holding in ACL), is one of the leading cement players in India. The company has a cement grinding capacity of 29.7 MTPA with five integrated cement manufacturing plants and clinkerisation capacity of 17.7 MTPA.

Maruti Suzuki India Ltd. (MSIL) is India's largest passenger vehicles company with a commanding market share of ~50% in domestic market with ~1.65 million vehicles sold in FY18.

Crompton Greaves Consumer Electricals (CGCE) is engaged in manufacturing and marketing of a wide range of consumer products ranging from fans, light sources and luminaires, pumps and household appliances such as geysers, mixer grinders, toasters and irons.

Going forward into October, volatility with a negative bias is expected to continue on account of the various domestic and global concerns at hand. The RBI Monetary Policy scheduled on October 5th is the next key event on investors' radar. We expect the RBI to hike rates by 25bps, despite the in-control inflation, as it focuses more on defending the depreciating INR. Nonetheless, its outlook on inflation and growth would be keenly watched by market participants in wake of the weakening currency, firming crude oil price and rising deficits. Market focus will also get diverted to the upcoming Q2 earnings season, wherein quarterly results outcomes are expected to dictate the trend of not just the respective stock prices but also the market in the near-term, especially the mid-cap and the small-cap space.

The Indian paints industry is estimated to grow at a healthy pace of 13% CAGR over the next two years to Rs 70,875 cr, led by Government's initiative towards promoting the growth of housing sector, rising disposable income and reduction in average repainting cycle.

Nifty futures has rolled around 63% vs 68% with respect to the last month, even the open interest for the new October contract is lesser by 72 lkh. Fresh long buildup in index can trigger follow-up buying. The range for Nifty might be at 10600-11200 and Banknifty at 24200-25600 for first fortnight of October series.

Voltas is India's largest air conditioning company and one of the world's premier engineering solutions providers and project specialists. It operates its business under three segments, namely i) Unitary Cooling Products, ii) Electro Mechanical Projects and iii) Engineering Products & Services.

The new pricing policy was announced by Ministory of Defence (MoD) wherein the PBT margins were reduced to 7.5% as against 12.5% earlier and is applicable on prospective orders given to Defence PSUs on a nominated basis. BEL's current order back log of ~Rs. 50,000 cr remains unaffected with the new pricing policy however, uncertainty over profitability would continue to loom over the company over the next 3-5 years.

Apollo Tyres (APTL) is one of the leading tyre manufacturing companies in India with products exported globally to over 100 countries. It has four manufacturing units in India and two units in Europe (Netherlands and Hungary) with total capacity of 1,872 MT per day.