SHAREKHAN SPECIAL
We remain confident that the FMCG market as a whole will continue its growth traction, however the performance of individual companies has to be keenly watched and will be dependent upon some critical factors. Thus, for HUL, we believe the volume growth remains the key monitorable. For ITC, the performance of its non-cigarette FMCG business and taxation status of cigarettes in the budget that will be announced by the new government after the impeding Lok Sabha elections remain the key. For Marico, it will be the volume growth in the domestic market and the overall performance of its international business, while for Tata Tea the surging prices of bulk tea ( the raw material), its strategy to protect margins and achieve volume growth remain the key monitorable. For Q4FY2009 we expect HUL, ITC and Marico to put up a good show on operational front.
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