For the cement sector it is evident that sales growth has been marginal for the second quarter whilst the bottomline has risen substantially for the period. This can be attributed to a cost-cutting exercise undertaken by the companies. Similarly, the automobile segment also saw lower or negative topline growth in the second quarter. So far as profit after tax (PAT) is concerned, while growth for most companies has been lower in the second quarter, for Ashok Leyland loss has decreased substantially.

This brings us to the only two sectors which have not been affected much by the bearish overtones ofan economic recession. These undoubtedly are the pharmaceutical and software sectors. However, except for Pentafour, topline growth has slowed at the other software companies. All the software companies considered have shown lower PAT growth. While the larger pharma companies show an increase in topline growth, growth in earnings in second quarter has been higher for all the three companies considered. Banks such as SBI, BoI and Oriental Bank of Commerce have all grown more during the second quarter, but earnings growth has been slower, because of NPAs and spreads being squeezed.

The steady decline in world trade and falling freight rates have cost the shipping industry dearly, with growth in both top and bottomlines being hit. The consumer durable segment has largely been sustained by innovative marketing techniques, hefty discounts and replacements sales. But here too growth has been hit with BPL's bottomline growth declining from 31.94 per cent to 15.70 per cent.

Telecom services have been growing atan ever-increasing rate, as MTNL's figures bear out. Growth in chemicals has slowed down considerably. On the flip side, performances of fertiliser companies have largely been sustained due to government subsidies pertaining to urea. However, the lack of any infrastructure projects during the six-month period and depressed prices, with pressure from cheaper imports, have taken a toll on the steel industry.

Single digit industrial growth has been responsible for the downslide in the fortunes of heavy engineering companies, which have suffered from a severe lack of fresh orders. The benefits of being amongst the lowest cost producers globally have helped aluminium companies post decent results, but growth has slowed in both top and bottomlines.

The FMCG sector shows mixed results, while Reliance's growth momentum is slowing down.