MARKET RESILIENCE IN A PILL:
Pharma’s formula for Q3 upgrades
Strap:
Pharmaceutical firms dominate the list of National Stock Exchange Nifty companies with the highest earnings upgrades after the announcement of the 2023–24 (FY24) October–December quarter (third quarter, or Q3) earnings.
On the other hand, information technology (IT), fast-moving consumer goods, and banking stocks dominate the list of downgrades.
HCLTech is an outlier in the IT pack with a 3.8 per cent earnings growth.
LTIMindtree, ITC, Hindustan Unilever, Axis Bank, and IndusInd Bank have seen their FY25 earnings estimates get downgraded by 3.4 per cent and 8.3 per cent.
Out of about 33 Nifty companies that have declared their earnings, eight have missed their profit estimates, nine have exceeded expectations, and 16 have met estimates.
Tata Steel, JSW Steel, and Bharat Petroleum Corporation posted the highest year-on-year growth in Q3FY24 profits, while Tech Mahindra, Wipro, and Infosys recorded a decline.
First Published: Feb 04 2024 | 9:17 PM IST