Jyotivardhan Jaipuria, Bank of America Merrill Lynch says with elections the key focus for markets, earnings may not be a big market moving event.
Jyotivardhan Jaipuria, Bank of America Merrill Lynch: With elections the key focus for markets, earnings may not be a big market moving event. The good news is that headline profit growth at 13 percent will reflect the recovery seen in past two quarters. The bad news is that profit growth continues to be very concentrated. Analysts are building a strong 16.7 percent earnings growth for FY15. We believe this will get downgraded to around 11 percent with Sensex EPS likely to be around Rs 1500 versus our current estimate of Rs 1575.
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Adrian Mowat, JP Morgan: There are two stages to the emerging markets rally. The current stage is a reduction in risk premiums as fears on funding current account deficits recede. Stage two is margin improvement and topline surprise. The rally in India and Indonesia was driven by increased confidence in the ability to finance their current account deficits. The next stage is pricing in political change. We are bullish on domestic cyclicals in India.
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