Kansai Nerolac (KNL) recorded sales growth of 12% YoY to ~| 1174 crore (vs. I-direct estimate: | 1015 crore) led by strong volume growth of ~9% YoY (I-direct estimate). Industrial paint volume growth was supported by demand remaining intact in the passenger vehicle segments while continuous demand from tier II and tier III cities helped drive demand for decorative paint. Post demonetisation, the company has taken a price hike to the tune of ~2.5% YoY to pass on higher raw material prices...