Friday will turn out to be another one of those dayswhen flat markets and a strong rupee have taken down most optimists but markets are fresh and perky or no one will miss this week despite the trials and tribulations of Europe and a certain Master of Ceremonies there.
Mahindra Satyam results bring back a whiffof pre Manmohan markets with the fuel of Satyam’s OPM of 22% and the other slate is much the same, Foreign banks on cycle refusing to agree to WOS presumably in the mint lead because of tax incidence, hile most new banks agree to remaining under 20 branches in retail instead of expanding India franchises. A preponderrence of CIB business and bad debts in telecom at survivors HSBC and Stanchart is probably instructive for these Europaean , Australian and even US players, living in India much like a rep office operated agency business.
Rupee Dollar has made another peak even as other Asians continue receding because of their earlier mingling with European fortunes and now their clean exit from that dependence instead of india’s mix and match go everywhere policies which mean the rupee thrashing is fair game.
Time for this market to leave for its heavenly abode or the rat to go underground..