In the previous fortnight, few companies announced their earnings for the first quarter. While most of them were in line with market expectations, IT bellwether Infosys announced a negative guideline, which resulted in more than 8% loss in its stock on the day the earnings result was announced. However, Tata Consultancy Services offered hope to the market with a better-than-expected Q1 FY13 result.
Also, the government declared a better-than-expected May Index of Industrial Production (IIP) data of 2.4%, which was driven by 2.5% growth in manufacturing in May due to the base effect. Another important aspect in the May IIP was a mere 0.1% month-on-month growth in consumer non-durables, which is a cause of concern because growth in consumer non-durables reflects the basic consumption demand in the economy. Another negative aspect deduced from IIP numbers is that 10 out of the 22 industry groups showed a year-on-year decline in May.
The monetary policy review to be announced by the |
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