Asian Paints (APL) posted a good set of numbers amid a challenging demand environment due to demonetisation. Sales growth at 3% YoY (vs. I-direct estimate: -13%) was driven by volume growth of ~4% YoY due to 1) launch of various trade schemes in November December 2016 2) change in product mix. The domestic business recorded flattish sales growth of 0.8% YoY while the overseas subsidiary recorded sales growth of ~13% YoY to | 719 crore. Further, demand of industrial paint (automotive and powder coating)...