Market Beeps - Markets seen opening as per Infosys Q4 earnings; IIP data eyed
UAE Exchange Etrade
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Greetings from UAE Exchange.
Domestic investors are likely to focus on the fourth quarter earnings of Infosys which is expected to be announced before market opening today. The key factor to be looked into will be the guidance of the IT services provider for growth prospects.
According to quarterly Bloomberg brokers’ consensus estimate, Infosys, one of the biggest software exporter in India, may report a consolidated net profit of Rs 2,304 crore for the fourth quarter of last financial year 2012-13 (FY13).
Meanwhile, in last Q3 (October-December) quarter, Infosys beat estimates when it reported a net profit of Rs 2,369 crore. The company had unexpectedly raised its sales forecast for the year ending March 31 to at least $7.45 billion, including $104 million in additional revenue following its acquisition of Switzerland-based consultancy Lodestone Holdings on September 10, 2012.
Global risk appetite was firm after import data from China signaled rising domestic demand to drive the world's second-largest economy.
Asian shares traded positive in opening deals as Jobless claims fell far more than expected in the latest week.
Overnight, US stocks surged for fourth straight day.
The Dow Jones industrial average closed up 62.90 points, or 0.42 percent, at 14,865.14. The Standard & Poor's 500 Index rose 5.64 points, or 0.36 percent, at 1,593.37. The Nasdaq Composite Index gained 2.90 points, or 0.09 percent, at 3,300.16.
Stocks in News:
Aditya Birla , an AV Birla group company, is in the midst of a business restructuring exercise and is looking at high-growth areas like financial services, fashion retailing and urea for investment of close to Rs 8,000 crore.
Sterlite Technologies said it has bagged orders worth Rs 630 crore in the fourth quarter of 2012-13 fiscal, including telecom contracts from clients in Afghanistan and the US
Market Beeps of the day attached.