Economy Industrial Production slips to 1.9% in Sep 2011 n Emkay

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Economy

Industrial Production slips to 1.9% in Sep 2011

n     IIP grew by a meager 1.9% in Sep-11, significantly lower than the market expectation of ~3.5% led by just 2.1%yoy growth in manufacturing. Mining output declined by steep 5.6% yoy

n     Capital goods data continues to remain volatile with 6.8%yoy decline in September 2011, as against 4.1% yoy growth in August 2011

n     Consumer goods pick up slightly, with growth inching up to 3.5%. Higher demand ahead of festive season drive consumer durable growth to 8.7%; Non durables however falls 1.3% yoy

n     We expect lower IIP growth rate to continue as is reflected in significant deceleration in growth of intermediate goods production