The Hindu Business Line : Who is looking at corporate results?

Most June quarter results are out and it’s a sad story. What IIP numbers showed at the start of the year, inflation numbers stressed in the mid…is being reinforced by India Inc’s results. Jogin, Dakshinamoorthy, Sridevi and Khan were a worried lot. Growth has definitely slowed? Operating profits surely seem to indicate that! Then, are the Sensex targets based on lofty profits achievable? Forex losses hit hard and so did debt. Any hopes of a quick turnaround are too optimistic. The number of loss-making companies at the net level in the June quarter is 249! Market Chat today debates this topic and looks at what lies ahead…

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Jog: Some technical guys r calling bottom!

Sri: Looking @ results am nt sure!

Dax: Sales hv grown but profits r less

Kay: Dnt worry; it happens. Kinda cycle

Jog: Do u think RBI knws dis…recall those rate hikes

Dax: Cud be. Realty may nt be hit as badly as thot.

Jog: Still…should we buy DLF @ 520?

Sri: If u think ppl will always buy homes...

Jog: The pvt steel industry may hike prices.

Kay: If inputs r priced higher, den steel hs to catch up

Dax: Coal for one!

Kay: Can govt control inflation like dis? No.

Dax: Leave all this macro gyaan. Lets b specific.

Sri: 3G policy will benefit GSM telecom players more.

Jog: Bharti looks a gud buy. Lot of calls for it.

Kay: Why hs Rcomm fallen on Friday. 13% is a lot.

Dax: Any idea of Austral Coke IPO? I bid for Nutek too

Sri: If da pricing is okay, den stk will perform well

Jog: Hav u hrd experts say oil will be at $90 soon!

Kay: Amazing hw their views chng. Earlier it was $200

Dax: FIIs sold close to Rs 1850 cr in July.

Will dey come back?

Sri: Emerging mkts fund data says dat

India is getting sm bk

Kay: China also. They r dumping Taiwan, Russia. +ve!

Dax: Some brokerages r saying rally will last till 15500

Sri: Any outlook on Nifty? Read it may be stuck in range

Dax: Near-term trend currently uppast 4500, say tech!

Kay: Nymex crude short-term trend is down.

Watch dat also.

Dax: Gold prices r weakening.

Mumbai spot gold at 12495

Jog: Can go up again. S African output may

fall due to safety

Dax: Dat means stks may again find less buyers.

Jog: U knw hw to trade in forex? Dats da only thing left

Kay: Indian exports rose by 23% in Jun.

I think $ helped.

Sri: Any clue from F&O rollovers

Kay: Nifty saw a marginal drop in rollover at 65%

Jog: Could be positive, as shorts were not rolled over!

Kay: After trust vote win could v see any reform

Jog: Finance Minister sounds optimistic on that

Kay: Don’t expect any big-bang reforms

Jog: Is SEBI investigating FIIs data?

Dax: Sss. SMS are flowing across brokerages

Kay: That regulator is investigating

borrrowing & shorting by done by FIIs in recent times

Jog: Soon we can expect tight norms to check that!

Sri: What hedge funds are doing?

Jog: Heard that some hedge fnd are still on sell side

Kay: Keep spirits high till Friday (logs off)

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Kum with inputs from Bad and Lee

Blog at http://MarketChat.blogspot.com