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MumbaiNew Delhi,: earnings holding up despite downbeat expectations.
Axis Bank and Infosys have posted earnings that exceeding expectations, while on Wednesday HDFC Bank also posted smart results. “RIL’s earnings are expected to also be better than expected, despite the bad quarter when refining margins fell and prices of petrochemicals dipped,” says Ravindra Chajed, an analyst with a broking firm.
Overseas brokerage houses also have raised their India weights. “We have upgraded India to an overweight. With India now trading at a discount to Asia ex-Japan, earnings expectations slashed, and a tremendous amount of monetary stimulus in the pipeline, the case for India has improved dramatically recently,” says Macquaire Research.
“IT services, cement, consumer staples, media, refining, pharmaceuticals, sugar, and telecoms could surprise on the upside even as growth slows in 2009,” says a Morgan Stanley report. Others like HSBC Holdings and JP Morgan Chase have also released similar reports. ...
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