There is an obvious disconnect now between corporate results, which were poor in many sectors and stock market moves which seem to be headed into outer space. The BS Research Bureau recently looked at the results of 2,264 companies (including financials and energy). The combined net profit for these firms was up 20.3 per cent year-on-year (yoy). At first glance, this is excellent. However, there was a major base effect. The same sample showed 20.3 per cent y-o-y drop in profits during Q4, FY16 (January-March 2016) compared to Q4 FY15. The sample was also skewed by the fact that January-March
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