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We expect stocks of fast-moving consumer goods companies to remain muted in the week ahead because of high valuations, even though most FMCG companies have reported results in line with market estimates. We see signs of a slowdown in volume sales going ahead. Most FMCG companies have reported their numbers, and they have been in line with market estimates, but there is visible slowdown in volumes, and most FMCG companies are trading 30 times their 2-year forward earnings, we do not see much upside from current levels. ITC's Jan-Mar net profit rose 19.4% on year to 19.28 bln rupees, as margins in its cigarette business expanded and as its fast-moving consumer goods business turned profitable. Net sales were up 19.2% at 81.80 bln rupees. Technical analysts see stocks of FMCG companies being range-bound.
