IIP Data

IIP for February 2011 grew by 3.6% YoY –below consensus estimates of 5.1%

·  IIP for the month of February 2011 grew by 3.6% YoY (v/s 3.9% YoY revised growth for January 2011), slower compared with the consensus expectation of 5.1% YoY growth  

· Sequentially, the growth has contracted across segments, except for intermediate goods and consumer durables, where the growth has been largely flattish on a MoM basis

· Steep decline has been observed in the growth rates in mining and electricity segment

  Capital goods continued to report negative growth rate on the back of high base of previous year

· IIP growth for month of January 2011 has been revised upwards to 3.9% from 3.7% YoY growth earlier.