Investors were initially cheered on Wednesday, sending the shares over Rs313 in early trading, but they are heading back down to Rs306, where they started the day.
Let’s pick it apart. Continue reading »
Indian markets have been upbeat of late. Investors appear to have put concerns over liquidity and EM currencies behind them, while many expect a stable government to emerge after this year’s general election.
As the country’s earnings season begins on Friday the upbeat mood is expected to continue, with analysts at Bank of America Merrill Lynch expecting profits to rise 22 per cent year-on-year for Sensex listed companies on a consolidated basis. Continue reading »
Second quarter numbers from India’s largest bank by assets, State Bank of India (SBI), were announced on Wednesday – and despite weak profits the markets are still cheering.
As the economy slows and companies suffer, the focus for India’s public sector banks is firmly on asset quality. Continue reading »
Shares in Apollo Tyres opened up more than 3 per cent on Tuesday at Rs76.90, adding to a gain of 4 per cent on Monday.
The stock is enjoying a nice run this week, having lost some 15 per cent since June 12, when the Indian group announced plans to acquire Cooper Tire and Rubber in a $2.5bn deal set to be the largest takeover of a US group for India. Continue reading »
Cut out Jaguar Land Rover, the luxury British carmaker Tata Motors acquired back in 2008, and the Indian group is unrecognisable.
In the three months to September, Tata Motors made a loss after tax of Rs8bn ($128m) on a standalone basis – down from a profit of Rs8.7bn in the same period last year. Continue reading »
Shares in Jet Airways fell as much as 6.4 per cent on Thursday morning before making a partial recovery, after the group reported its worst quarterly figures on record, according to Thomson Reuters.
The group posted a net loss of Rs8.9bn ($145m) in the quarter ended in September, almost nine times its loss a year earlier, just as Etihad Airways prepares to take a 24 per cent stake in the airline. Continue reading »
Following on from Infosys and Tata Consultancy Services (TCS), HCL Technologies – the fourth largest of India’s IT services and outsourcing groups by sales – reported better that expected results on Thursday.
It seems spending on IT services is rising once again, suggesting that India’s outsourcing industry may be at a turning point. Continue reading »
In the past month, shares in Infosys have risen 21.1 per cent and Tata Consultancy Services has rallied 22.7 per cent. Meanwhile, shares in Wipro, India’s third largest IT company, have gained a relatively meagre 9.8 per cent.
The company’s results, out on Friday, followed positive figures from India’s other two IT giants. And comments from management suggest Wipro is ready to play catch-up. Continue reading »
After the Bernanke boost, it’s Infosys’s turn. India’s benchmark Nifty index opened up 1.1 per cent at 6,000.50 on Friday, having gained 2 per cent in the previous session on rumblings from the Federal Reserve, as Infosys set the earnings season off to a good start.
Buy now, pay later – a common retail policy. That looks like the explanation behind Chilean retailer Cencosud’s 63 per cent fall in first quarter net profits.
The purchase in question was the $2.6bn acquisition of Carrefour in Colombia, which beyondbrics noted at the time raised questions about the price tag involved, for which it took out a $2.5bn loan with J.P. Morgan Chase. Continue reading »
No wonder then that government-controlled Banco do Brasil is turning to the international debt markets for help. Continue reading »
The shoe industry in Brazil has been going through a difficult moment but not for all manufacturers. It is not hard to figure which one has been doing well. Just walk down the street in São Paulo and see what type of shoes people are wearing – those cool ones made from rubber are likely to be from Brazilian manufacturer Grendene’s “Jelly” range. The remainder? Probably Chinese. Continue reading »
As news broke Tuesday that the Mexican government was postponing its long awaited banking-reform bill for political reasons, the country’s biggest domestically-owned bank was preparing to report a tidy 27 per cent rise in first-quarter profits.
Banorte, Mexico’s third-biggest lender and the largest domestic bank in a sector dominated by foreign names, said that profits climbed between January and the end of March to 3.1bn pesos ($253m). It didn’t give the peso figure for the comparable quarter of 2012. Continue reading »
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