Reliance Communications' first quarter net
profit is seen rising 22.8 percent sequentially to Rs 280 crore but
revenue may dip 1 percent to Rs 5,644 crore as its subscriber
additions remained weak compared to peers. The telecom operator will
announce its earnings on August 14. Analysts expect volume growth of
around 2 percent compared to Idea Cellular's 5.8 percent in June
quarter. Key factors to watch out for would be its commentary on the
progress of sale of non-core assets (towers etc.) to deleverage the
balance sheet and merger with Sistema. It has debt of USD 6 billion
at the of March quarter. 10:30 am July WPI poll: The real kicker has
already come from the consumer price index (CPI) data which was much
better than what the street was working with and hence there is
heightened expectations that may be the Reserve Bank of India (RBI)
could move even before the policy date of September 29. Now, in terms
of the wholesale price index (WPI) data, it is expected to increase
in terms of deflation this time to 2.76 percent minus versus minus
2.4 percent and the range again is quite wide. It is minus 2.3 all
the way to 3.46 percent minus. In terms of core as well non-core WPI
which also gives the trend in terms what manufacturing is doing at
this point in time, what businesses are doing at this point is
expected to decline 1.1 percent versus a decline of 0.9 percent. It
is interesting because despite it giving an indication of
manufacturing one of the key reasons why WPI or core inflation is
declining is also because of lower global commodity price. Don't
miss: Devalued yuan biggest threat to global economy, says Marc Faber
The market is going steady as the Sensex is up 140.10 points or 0.5
percent at 27689.63. The Nifty is up 46.65 points or 0.6 percent at
8402.50. About 1050 shares have advanced, 800 shares declined, and
105 shares are unchanged. Bharti Airtel is up over 2 percent while
Sun Pharma, Cipla, Lupin and Vedanta are top gainers in the Sensex.
Among the losers are Axis Bank, GAIL, HUL, Tata Motors and Tata
Steel. Oil prices looked set for their seventh weekly fall in Asia
today, with US crude tumbling to fresh six-year lows as investors
worried a global supply glut is set to last. Oil is traded in the US
currency and any uptick in the dollar will make the commodity more
expensive, hurting demand. Some analysts expect the US Federal
Reserve to hike interest rates as early as next month, but others say
China's sudden move to devalue the yuan this week could prompt the
Fed to delay a rise.
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