Varun Manmohan Kapur
Their already high market shares got a further fillip as suppliers, distributors, financiers, customers all resorted to ‘safer’ and ‘trusted’ brands. Apart from growth, this enhanced market share provided a cushion against lock-downs, lowering demand during the pandemic, says Varun Manmohan Kapur . This thesis is visible in the outsized returns over the last one year (during which there were 2 lock-downs) generated by these large private players with high market shares in their respective business segments (equity returns mentioned below exclude dividends): Bajaj Finance – 95% L&T – 79% Asian Paints – 74% Pidilite Industries – 71% Titan Industries – 63%