<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Engro Foods Limited:</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Competition in UHT segment led to shrinking volumes: Though
improved economic outlook post incessant power supply would reflect positively
on the segments, we believe this does not capture the entire scenario of the
dairy segment. Higher margins of yesteryears have attracted new competition
while there has been substitution back to the loose milk market as well. We
believe, the latter is ought to do with lower disposable income (increased
consumer financing) and negative customer perception.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Increased competition amid restricted growth in UHT segment
would make it har...
