During this market mayhem, when the benchmarks are down over 22 percent in just 1 month as investors move to safe havens after the intensity of coronavirus pandemic rises; Yes Securities has come out with a list of top ten picks.

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Yes Securities' top ten picks include ABB India, Birla Corporation, Colgate, Godrej Industries, HDFC Bank, KNR Construction, PNC Infratech, Polycab India, Reliance Industries, Tata Consumer.

Here's the rationale behind its top picks:

ABB India

Long-term prospects for ABB India remain intact befitting from government push to smart cities, water, ports, renewables, and other infrastructure projects. The company's offerings for efficiency improvement and digitalization will also help the company perform better in the future said the brokerage.

Birla Corporation

The company has brought down raw material costs in Chanderia plant by Rs 175-200/te through improved mining efficiencies and curbed purchase of outside clinker/limestone. Consequently, the costs/te of standalone cement business (BCL) was flat over FY14-FY19 despite a 7-12 percent annual increase in fly ash, slag and gypsum cost.

Colgate-Palmolive

The brokerage expects the margin to fare better in FY22 backed by select price hikes, better mix and a modest increase in Ad spends. After the market share loss of around 5 percent in the last 4 years, market share loss has been arrested and can perhaps move higher in the next 3-4 years after moderation in the growth of naturals toothpaste sub-segment normalizes.

Godrej Industries

Godrej Industries is trading at a 55 percent discount to its stake/investment in 3 companies - Godrej Properties, Godrej Consumer Products, and Godrej Agrovet. However, the adjusted discount comes out to be 60 percent considering its investments and its other core businesses’ valuation.

HDFC Bank

HDFC has witnessed resilient loan growth delivery amid anemic system-wide growth. The brokerage expects NIM to gradually improve henceforth with strengthening pricing power for both credit and deposits, and shift in incremental loan mix towards retail. Core fee growth has also been resilient with impressive velocity in retail fee stream, such as payments/cards, loans/liabilities related and third-party distribution, the brokerage added.

KNR Constructions

The brokerage expects 14 percent revenue CAGR during FY19-22E. Operating Margin is likely to normalize at 18 percent and it believes with asset monetization under way KNR would be well placed to bid for upcoming projects across roads and irrigation segment.

PNC Infratech

While valuations are at a premium compared to some of its peers, the

growth visibility for FY21/22 is strong, the brokerage noted. Additionally, with decent balance sheet, PNC is very well placed to bid for upcoming projects.

Polycab India

Polycab turned net cash during the year on the back of the release of

working capital, strong operating performance, and fresh capital infusion. Strong earnings growth, robust balance sheet, healthy return ratios and increasing share of B2C business makes Polycab attractive at current valuations of 18.1x FY20E

Reliance Industries

During FY19-22E, the expect RIL to witness an earnings CAGR of

20 percent. RoE is also likely to improve by 200 bps. The company's retail business has witnessed very strong momentum in the past few years led by significant expansion in stores and an even stronger like for like growth across segments.

Tata Consumer Products

Tata Consumer is on its way to becoming a diversified FMCG

company with the addition of strong foods portfolio from Tata

Chemicals (salt, pulses, spices) to its already strong tea, coffee and water portfolio both in India and internationally. The new management team led by Sunil D’Souza is expected to improve execution and drive the organic and inorganic growth agenda, explained the brokerage.