A month on month improvement for the month March may not be a very good indicator given the end of the year considerations. Many of these companies have seen a month on month improvement in the volumes.

Some of them have benefited out of the excise cuts post the vote on account over the last one to one-and-a-half months. This probably can build up further during the course of the next year. The market is trying to price that possibility. There is also a possibility of benign interest rates scenario going forward into FY15 and we belong to this camp as well.

If we can get a little bit of better economic momentum, these stocks have a little more room to move ahead. They generally have very good balance sheets most of them and not really very heavily leveraged. They have benefited out of a benign raw material price scenario.

We have not seen a large increase in either steel prices or base metal commodity prices. This will be in their favour. All in all, these factors are causing some of these names to show the strength that they have been displaying over the recent past.