Weekly Round Up – Week 28

  • The results season for quarter ended June’16 begins. It looks like not-so-good FY17 beginning for IT majors with both Infosys and TCS reporting pressure on margins. While consolidated sales grew by modest 1.2% and 3% on sequential basis, net profit decline by 4.5% and 0.4%¬†respectively. On the other hand, Reliance Industries had a bumper quarter with profits rising by sharp 18% y-o-y, even though net revenue decline by 15% due to lower crude prices. (More on this, later)

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