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The Q4FY16 results of some companies were higher than Street expectations, indicating a revival in the earnings cycle. Furthermore, India’s eight core industries output expanded 6.4% YoY in March 2016, the fastest growth in the last 16 months. The outperformance was mainly led by cement, electricity and fertilisers output. Barring crude oil and natural gas, most other segments recorded satisfactory growth in March. Among all segments, fertilisers, cement and electricity clearly outperform other segments by recording output growth of ~23%, ~12% and ~11%, respectively. It gives enough reasons to the industry to believe that a stable recovery of industrial production is on the cards.
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Index of Industrial production data is coming good till the time. In February 2016, IIP data rebounded 2 percent YOY. Few sectors are out performing in the race. Fertilizers and cement industry is looking competitive at current levels. After the weather forecast done by Skymet, with the hope of above average rain, agriculture stocks already have started performing. Most of the stocks already have gained nearly 10-15% since the forecast disclosed. Looking at the manufacturing and production department, which have outperformed in last quarter and still marching handsome, adding some positive in the Indian Economy which ultimately stabilize the inflation and will boost the GDP growth.