Infy PAT is down sequentially to INR22B and revenue INR 96B despite the firm holding out on appointment letters ( which again surprises one assuming infosys is a proactive firm than a reactive one)
Though the Won and to some extent the SGD have come back from a month ago levels, the indian Rupee is all too willing to not return to 54 levels and run back on every day we extend the bearish correction in the indices. Infy margins will expand and in a couple of minutes it will be on the wires as a INR 96 B revenue tag finally becomes a small enough number for most to ignore. The management is likely to further reduce their Dollar growth targets and despite rupee depreciation of nearly 10% in the quarter TCS will report margin degrades from wage hikes (33bp) and cross currency movement(?) as the Euro plunged in the same period.
Biocon seems to have consolidated at german levels again in the mid break period of the rally at 240 and is likely to become a good pick going into its results within the week. autos seem to have corrected enough bu tthen there may be very few candidates losing their shirt in this mini week so everyone is a cynosure for the bears’ eyes.
Indian markets are however definitely beyond the IT outsourcing era so to expect a deeper correction except in IT for the new General Manager at GM to cut outsourcing at GM after doing the same at HP
- Late Morning Trading Strategies: July 07, 2012 (awardz.wordpress.com)
- Late Late Morning Trading Strategies – India July 11, 2012 (Results season preview) (awardz.wordpress.com)
- India Fixed Income Report – July 11, 2012 (awardz.wordpress.com)
- India closing report : Rupee Rally to continue, Stocks to jump to another gap opening (awardz.wordpress.com)
- Weakness in Commodities does not a Rupee trade make. (awardz.wordpress.com)