In Andaman and Nicobar Islands, which receive the first bout of rainfalls, monsoon arrived six days ahead of schedule while the coasts of Kerala saw their first showers on May 30, earliest since 2011.
Monsoon predictions have aligned with the MeT Department's forecast of 96 per cent of the average precipitation.
The onset of rains have set up India for higher farm output and robust economic growth.
The importance of the monsoon on agriculture can't be overstated. It accounts for 14 per cent of our GDP and over 50 per cent of arable land is dependent on precipitation for farming, according to a HDFC Securities report.
"With two of the three years of the current regime seeing deficient monsoons, a normal monsoon this year could improve the farmer and consumer confidence," said the report.
The report brings out three stocks that are most likely to benefit from the monsoon.
It adds that the companies will also benefit from increased demand for Indian equities from the domestic and foreign investors.
Here are the three stock picks this monsoon, according to HDFC Securities:
A subsidy of the Tata Chemicals, it is the second largest pesticides agro chemical company in India. The company is said to derive direct advantage from Indian agricultural growth.
Lower penetration of agro chemicals and a strong balance sheet rakes to its advantage.
Further, the Centre's agricultural centric budget, rural focus and under penetration of crop protection chemicals make a strong case for Rallis India's growth, says the report.
The company's revenue estimates is expected to shoot up to Rs 2,164 crore in FY19 from Rs 1,661 crore in FY17.
ALSO READ: How many mutual funds should you own?
Jain Irrigation Systems Limited
Agri-business company Jain Irrigations is engaged in manufacturing of plastic products, fruit or vegetable juices, concentrates squashes and powder.
Its segments include Hi-Tech Agri Input Products, Industrial Products and Non-conventional Energy.
Its overall revenue from operations increased 7 per cent year-on-year, registering positive growth projections in all its segments.
The company even bagged a Rs 569 crore contract from Karnataka Government for Poorigali Integrated Micro Irrigation Project.
The company has reduced its consolidated debt and its net debt stands at Rs 3609 crore.
HDFC Securities forecasts a 13 per cent revenue compounded annual growth rate over FY17- FY19 (estimate) led by recent acquisitions and growth from domestic revenues.
A flagship company of Murugappa Group, Coromandel is engaged in farm inputs with more than 150 products comprising of Fertilisers, Crop protection, Specialty Nutrients and Organic compost.
The company operates with a network of over 800 rural retail business in south India. It also have over 15 manufacturing units across the country.
The report says that it is best placed as it is driven by rising share of NPK fertilizers, growing non-subsidy business and backward integration for phosphoric acid.
According to its financials it is expected to post Rs 1,172 crore Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for FY19.