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As FY22 commenced, the second Covid-19 wave swept across the country over April–May 2021, resulting in localised lockdowns and restrictions.
Nonetheless, the active Covid cases have already declined 88% from the peak in May 2021 and restrictions are gradually being eased since June-21.
The pace of vaccinations has also picked up- ~4 million vaccines have been administered daily in June-21, versus ~2 million in May-21; this is expected to improve further on increased availability.
Corporate commentary has turned positive once again from June-21.
Quarter-end updates from several corporates indicate a healthy revival in June-21 after a subdued April and May, while several high-frequency macro indicators have also recovered.
After FY21 ended with a solid 15% earnings per share growth for Nifty, we expect FY22 to commence with a bang and expect a further buildup over the remainder of FY22.
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