Industrial Recession

Some days back when the IIP numbers for August 2008 came in at 1.1%, one of the economist in GOI (Government of India) said that it is an industrial recession. It seems that stock prices of Industrial Companies are reflecting that. See the table below:

Stock	Price	Earnings Last Year	P/E
Amara Raja	51	17	3
Ashapura Minechem	44	20	2.2
Asian Electronics	29	29	1
Bartronics	100	17	6
EMCO	51	11	5
Graphite India	36	9	4
HDIL	125	70	2
JK Lakshmi Cement	28	37	0.7
KEI Industries	20	7	3
Lakshmi Machine Works	640	200	3.2
Tata Steel	250	90	2.5

The list covers most of the industrial sectors from batteries to mining to steel to transformers to power cables to housing to cement to textiles. I am not saying this companies are worth buying at this point of time, some of them will go bankrupt in the next 2 years. I don't know which ones.