From Maruti to Asian Paints, India Inc earnings see further downgrades

Weak macros are taking a toll on corporate earnings. According to data compiled by Morgan Stanley, 25 of 40 companies with market capitalisation of over Rs 70,000 crore have seen their forward earnings per share (EPS) getting revised downwards in July. A dozen companies have seen their estimated earnings revised upwards, while earnings forecast has remained unchanged for the remaining three. Meanwhile, the forward earnings of the MSCI India index have seen downgrade revisions for at least a sixth year in a row.

Analysts say there is a possibility of further downgrades. “Consensus Nifty FY20 EPS is currently forecasting growth