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Markets | Sensex cos’ profits may fall 9.7%: Sharekhan

Markets | Sensex cos’ profits may fall 9.7%: Sharekhan
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First Published: Wed, Jul 08 2009. 10 26 PM IST
Updated: Wed, Jul 08 2009. 10 26 PM IST
Mumbai: India’s Sensex companies may report a combined 9.7% decline in earnings in the three months ended June led by property and pharmaceutical stocks, according to Sharekhan Ltd.
The decline in profit at the 30 companies on the benchmark Bombay Stock Exchange sensitive index, or Sensex, compares with a 9.4% drop in the previous three months, the Mumbai- based brokerage said in a report on Wednesday.
The real estate, metal and pharma sectors would act as a major drag on the Sensex’s earnings while capital goods and banking sectors are likely to be positive contributors, the brokerage said.
Infosys Technologies Ltd, India’s second largest computer services provider, is the first Sensex company to report earnings for the quarter on 10 July. The decline in Sensex companies’ combined earnings would be 0.9% if real estate and metal companies are excluded, Sharekhan said.
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First Published: Wed, Jul 08 2009. 10 26 PM IST