Street Cautious on Growth Expectation

Although negative news keep flowing from the US, on the domestic front the street seems to be getting cautious on growth expectations of FY09E from the India Inc. Looking at the advance tax figures, estimates for the FY08E were revised up marginally by many analysts. But the problem is the same enthusiasm has not been retained for the growth rate in FY09. Consequently, street expectations for earnings growth for FY09 have been revised down to just 19 per cent from the earlier level of 23 per cent.