Pharmaceuticals and consumer staples stocks, being essentials, are expected to do well during the ongoing pandemic.

But select stocks in power utilities, telecom, city gas distributors and hospitals could also benefit as they are likely to see a quick recovery after the lockdown ends, according to CLSA.

Here’s why CLSA expects these stocks to see a quick business normalisation: BHARTI AIRTELRecent prepaid tariff hikes will drive near- and medium-term earnings growth for the company.

Telecom is relatively insulated from the Covid crisis and the impending Trai decision on floor tariffs will be a big positive for Bharti Airtel, said CLSA. POWER GRID CORPORATIONPower Grid Corporation of India presents resilience in its core earnings due to India’s solid regulatory regime, while some of its growth could get shifted due to project delays as a result of the lockdown.

Power Grid is a highly defensive business and trades at a rather inexpensive price-toearnings ratio of eight times on FY20 estimates, said CLSA. NTPCNTPC is one of the few regulated entities to have double-digit regulated equity growth over FY20-FY23, said CLSA.

The stock can outperform in 2020 as it has robust renewable energy growth which should expand its return on equity by 190 bps over FY20-FY22, said CLSA. IGL, MGLIndraprastha Gas (IGL) and Mahanagar Gas (MGL) have seen a severe impact on CNG volumes from the collapse in road traffic.

Volumes should normalise within weeks of the end of lockdown.

The recent price change could boost margins and even partly negate the impact of the volume decline, the brokerage said. APOLLO HOSPITALSThe hospital chain has been impacted by travel restrictions.

Higher-yielding overseas patient volumes may take time to recover, but inter-state patient volumes may normalise relatively quickly once the lockdown ends.

Lower hospital revenue may be partly negated by betterthan-modelled growth in the pharmacy and diagnostics businesses, CLSA said. CROMPTON GREAVES CONSUMERRelatively resilient to the shutdown as 90% of its sales is nondiscretionary products.

Crompton Greaves Consumer Electricals is the market leader in fans and residential pumps segments, in which demand is likely to sharply bounce back following the end of the shutdown. Top largecap stocks7 Apr, 2020India is likely to go for 'staggered' exit post 21-day Covid-19 lockdown.

Experts believe that labour shortage will be a key problem post lockdown as contract workers have migrated back to villages and it will take time for things to settle.Industries where day-to-day capital requirements are minimal or players who are distributors of capital will bounce back faster, say Equirus Securities.The brokerage has listed 14 largecap stocks that can offer good returns over the next one year.

Bajaj Auto | Long | Price target: 2,752 | Target Date: Jun-217 Apr, 2020Covid-19 is likely to hurt income of the lower strata of society, which in turn would affect two-wheeler demand.

Down-trending is also likely in entry motorcycles, benefitting Bajaj Auto.

Bajaj Auto's adoption of electronic carburettors for BS-VI transition gives it room to offer discounts on BS-VI products to gain market share, else improve margins in entry segment motorcycles.

And financing penetration is likely to increase going ahead, wherein Bajaj Auto has an edge due to the Direct Cash Collection scheme of Bajaj Finance.

BPCL | Long | Price target: 464 | Target date: Jun'217 Apr, 2020Crude prices are expected to remain low until Opec+ reaches a unanimous conclusion for production cuts.

Lower crude prices bode well for Indian refiners with benefits in the form of lower fuel losses and reduced working capital requirements.

Gradual price cuts will ensure higher marketing margins, which will offset weaker refining margins and one-time inventory losses.

BPCL’s stock price has seen the steepest correction amongst all Indian refiners, thus ignoring the divestment trigger.

Britannia | Long | Price Target: 3,431 | Target Date: Sep'217 Apr, 2020Britannia has 100% of its portfolio in the foods segment where demand under current conditions remains strong, even as supply chain disruptions have emerged.

Industry interaction indicates that labour issues are likely to persist till Q1FY21 with more disruptions in casual labour now.

Dabur | Long | Price Target: 490 | Target Date: Sep'217 Apr, 2020Dabur’s supply in the current environment would be mainly in juices, Chyawanprash, and honey.

Equirus Securities expects Dabur’s personal care portfolio to be hit in the near term, which will impact revenues going into FY21.

The company is among the better plays in current conditions, thereby emerging stronger once things stabilize.