The stock of cigarette to hotels conglomerate ITC has gained around 19 per cent thus far in March, far outperforming its peers like Hindustan Unilever, which has lost 10 per cent during this period.

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Peers such as Godrej Consumer Products, Britannia, Nestle India, Dabur India and Marico too, have lost 7 per cent to 11 per cent in March. While the Nifty FMCG index has mostly been flat, the Nifty50 lost over 2 per cent month-till-date (MTD).

The fall in most FMCG stocks, analysts said, is on account of rising raw material prices that gained ground on the back of the Russia-Ukraine war. Over the last quarter, prices of commodities like palm oil, crude oil and skimmed milk powder are up 23 – 42 per cent.

Crude-linked derivatives currently witnessing single digits inflation are likely to catch up with a lag of two-three months.