(Eds: Removing '%' from headline)Mumbai, Dec 26 (PTI) Manufacturing activity showedmoderate growth with annual SBI Composite Index rising to 53.1in December compared to 53 in the previous month.The SBI Composite Index has mainly two indices - SBIMonthly Composite Index and SBI Yearly Composite Index.The month-on-month index declined to 50.6, showing lowgrowth in the month compared to 51.2 in November. Thisindicates a possible slowdown in IIP growth in the next coupleof months."We, however, believe even though the momentum mayhave slowed down the outlook for some of the sectors appearslargely positive," SBI Research said today.One such sector is the fertilizer sector. Thefinancials of the 26 fertilizer companies reported animprovement in operations in terms of operational and post-taxgrowth in the first half of the fiscal.The bottom line of the sector grew by 34 per cent,while the top line grew by only 2 per cent, it said.The new project announcement in the fertilizer sectoris showing an upward trend with 13 projects in FY14 to 34projects in FY17 entailing an investment of Rs 23,614 crore inFY17 from Rs 10,172 crore in FY14.This indicates some renewed interest in the sector, the report said.

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