Core sector growth up 6.4 percent, fertiliser, steel drive nos

  Electricity and cement output shot up in March driving core sector growth by 6.4 percent -- a well-timed surprise that sits well with the positive earnings season we have had so far. In February, the rise was 5.7 percent.
The core sector growth was at its highest level since November 2014. Electricity output was up 11.3 percent for March against 9.2 percent in February. Similarly, cement production rose 11.9 percent against 13.9 percent on a month-on-month basis.

The Index of Industrial Production (IIP) tracks the output of eight core industries.

The rise was significant in fertiliser production which stood at 22.9 percent against 16.3 percent.  Regarding fertiliser numbers, Aditi Nayar, Senior Economist of ICRA, said the high number could be a result of pre-monsoon sentiment.

Steel industry got a boost from the government's decision to impose a minimum import price, she added.