India Strategy - More States Announce Restrictions; Corporate Commentaries In Q4 Turn Cautious: Motilal Oswal
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Motilal Oswal Report
The Covid-19 second wave has led to the imposition of restrictions across various states and union territories.
Over the weekend, several states such as Uttar Pradesh, Tamil Nadu, Karnataka, and Kerala as well as Delhi imposed / extended restrictions to curb the spread of the virus.
More than 15 states in India have a positivity rate of more than 20%, taking the overall India positivity rate to over 22%.
Due to the widespread nature of the pandemic, India is likely to continue to face restrictions for some more time – until substantial decline is seen in the positivity rate and active cases.
Management commentaries from the on-going Q4 FY21 earnings season clearly indicate that demand would moderate, especially post the second half of April; this is expected to continue in May 2021.
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