The earnings season began with the results of Infosys, which delivered numbers that were above market expectations on the profitability and margin front. The management commentary was also buoyant, which saw the stock prices hit a new 52-week high. The company also revised its dollar revenue guidance upwards, which was a big positive. Check Infosys results here
The next set of earnings came from IndusInd Bank, which disappointed slightly on the Non performing asset front, while profits beat estimates.
Tata Consultancy Services numbers were a mixed bag. The profits beat estimates, but, the margins were a disappointment. The stock fell as much as 5.7 per cent on Friday, as analysts were going into the results with a very high set of expectations. Peers, HCL Tech and Wipro both beat street expectations on profitability and HCL shares surged to a new 52-week high.
Private sector lender, Yes Bank again reported a solid set of numbers with non performing assets almost coming in at negligible levels.
Heavyweight ITC's results were in line with estimates on most parameters, however, the stock failed to react positively as the stock is already valued at rich multiples. Read ITC results here
HDFC Bank, was yet another big wig which reported a good set of numbers along with Bajaj Auto. Reliance Industries beat street expectations with its gross refining margins better than most estimates.
Going into next week we have the results of Larsen and Toubro and ICICI Bank which will be closely watched. So far, the earnings have been ahead of expectations.