- Four of India’s five biggest technology companies joined their global peers in beating earnings forecasts amid rising tech demand, spurring the biggest earnings upgrades for the sector since 2013
- Consumer staples producers posted the biggest leap in earnings, with Britannia Industries Ltd. posting 117% growth on an adjusted basis
- Most banks reported declines in profits as they continued to bolster buffers against the pandemic. Profit at State Bank of India, the nation’s largest, was helped by sale of stake in its insurance unit
- Communication services, consumer discretionary and industrials posted the steepest declines on an adjusted basis
- Automakers took a hit. Top carmaker Maruti Suzuki India Ltd. posted its first quarterly loss on record as the lockdown stopped people from visiting showrooms
- Analysts expect software exporters and drugmakers to continue to report strong earnings for the year ending in March, backed by solid demand and cost-savings from remote-working arrangements
- Rural economies are recovering rapidly because of the government’s initiatives to boost incomes in the villages, said Deven Choksey, who oversees investment and research as managing director at KRChoksey Investment Managers Pvt
- Most companies got “significant cost advantages because of working from home and that cost saving is going to be a permanent feature going forward”
- Based on both earnings growth expectations and valuations, “we like banks, capital goods, cement, electric utilities, gas utilities, technology, oil marketing companies and telecom sectors,” said Rusmik Oza, head of fundamental research at Kotak Securities Ltd.
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