Chemicals: Momentum to continue We believe, Vinati Organics and Alkyl Amines are likely to be the best performers under our chemicals coverage. Lubrizol's exit from the ATBS market is a key positive for Vinati Organics (Vinati is expected to increase market share from 45% to 65% in ATBS). Alkyl Amines is expected to benefit from the commencement of commercial sales from its recently commissioned Methyl Amine plant in Dahej(30,000 TPA capacity). Alkyl Amines has planned a capex of Rs 3.0bn over the next 3 years providing an implicit opportunity of Rs 4.5bn on the topline.Balaji Amines has aggressive capex plans of ~Rs 3.0 bn for its Mega project in Solapur whose benefits could be visible from FY21E. Navin Fluorine's cGMP CRAMS facility in Dewas is likely to start contributing to its topline by the end of FY19.The situation in China continues to benefit Indian chemical manufacturers. We like Alkyl Amines and Vinati Organics given their presence in niche chemistries, focus on strong SHE practices and mid-term growth visibility. Oil & Gas: Subdued Quarter RIL: We expect GRM of USD 9/bbl vs USD 9.5/bbl in 2Q. The company is to report stable standalone PAT of Rs 88.15bn. Sequential fall in GRM will be mitigated by higher petchem production and forex gains. IGL/MGL: We expect a 12/9% YoY volume growth for IGL/MGL. We have estimated an EBITDA/scm of Rs 5.7/scm (+27bps YoY, +2bps QoQ) for IGL and Rs 7.9/scm (-4.6bps YoY, -21bps QoQ) for MGL. PLNG/GAIL: We expect 5% YoY and 2% QoQ decrease in volumes to 212tbtu...