India's industrial production grew 8.2% in October 2012 as against market expectations of 4.5% growth.
Dipen Shah, Head of Private Client Group Research, Kotak Securities, said, "IIP for October came way above expectations, mainly aided by strong uptick in manufacturing sector which grew by 9.6% as against a 1.5% contraction during previous quarter. Although a large part of this positive surprise can be attributed to the low base last year due to festivals falling in different months, it does give signal of bottoming out of IIP. However, this high rate of growth is not expected to be sustainable in near future. The IIP number failed to excite the markets as they likely focused on the impact of this data on RBI`s interest rate decision next week. We believe that, the RBI will not reduce rates at the mid-quarter policy review next week."
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