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We are optimistic on paint industry based on –
1. like-for-like volume growth in the near-term is likely to be more than 15% led by revival in metros and tier-I cities and strong momentum in tier II, III cities and villages,
2. projects business (10% of paint sales) has also revived with recovery in the real estate sector,
3. passenger vehicle production growth (up 14%) and two-wheeler production growth (up 13%) remained strong in January-February 2021.
4. smaller paint companies have selectively raised prices in the past two-three months. However, market-leading companies have not yet raised selling prices and
5. there is steep inflation of 10-50% across all major input prices
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