Below-normal monsoon won't derail rural demand, says Nomura's Mihir Shah

Nomura's Mihir Shah expects a below-normal monsoon to have a muted impact on rural demand, citing healthy reservoir levels and improved irrigation. El Nino's influence is likely limited until later in the season, with urban demand also showing signs of a pickup that is narrowing the rural-urban gap. ITC faces near-term challenges from tax hikes, while Asian Paints remains a top pick.