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ICICI Direct Report
We expect a positive impact of higher crude oil prices (10% increase QoQ) on realisations of most chemical players, which should mitigate margin pressure (raw materials tracking crude prices).
This, in a way, could provide better spread and, thus, a better operational performance for most players.
Prices are also tracking the recent power curbs in China (aggravated in September).
This could provide additional impetus for better realisation growth for a majority of the players.
We also expect volume growth on the back of restoration of demand from sectors such as construction, auto, textile etc. together with resilience from sectors such as pharma and agrochemicals which should provide better growth momentum as compared to previous quarters.
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