Commenting on the current market situation, Amar Ambani, Head of Research, IIFL said, “The coming week being a truncated one will be choppy; a number of larger companies will also announce their earnings. We expect HDFC Bank to deliver a resilient performance for Q2 FY16 with loan growth at 21%, stable NIM and benign asset quality trends. The NII and PAT are estimated to increase by a healthy 18% yoy and 20% yoy respectively. HCL Tech will likely report a weak quarter with tepid dollar revenue growth of 0.8% qoq and operating margin contracting by 50bps qoq. Hero Motocorp Q2 FY16 results are likely to be weak with a PAT decline of 10% yoy on the back of decline in sales volumes. On the other hand Bajaj Auto is expected to see a sharp yoy jump in PAT on the back of margin gains driven by rupee depreciation.”
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