Key Q3 results in focus

The results season has begun on a weak note, with IT bellwether Infosys cutting its earnings and revenue growth guidance in dollar terms for the year ending March 2012 (FY 2012). Analysts expect weak Q3 December 2011 results due to lower volume growth in a slowing economy, higher raw material costs and higher interest charges. The focus will be on guidance from the company managements on outlook for the remaining part of the year and for the next year.

TCS and HCL Tech unveil quarterly results on Tuesday, 17 January 2012. Jindal Steel & Power announces Q3 results on Wednesday, 18 January 2012. HDFC Bank, Hero MotoCorp and Bajaj Auto unveil Q3 results on Thursday, 19 January 2012. Reliance Industries, Wipro, ITC, Axis Bank, Jet Airways (India) and Hindustan Zinc unveil Q3 results on Friday 20 January 2012. JSW Steel reports its Q3 standalone results on Friday, 20 January 2012. UltraTech Cement, Asian Paints, Zee Entertainment Enterprises and Godrej Consumer Products unveil Q3 results on Saturday, 21 January 2012.



On the macro front, stronger-than-expected growth in industrial production in November 2011 has raised doubts about the timing and pace at which the Reserve Bank of India would likely ease its monetary policy. Industrial output rose 5.9% in November 2011, compared with a revised contraction of 4.74% in October 2011, data released by the government on 12 January 2012, showed. Manufacturing output, which constitutes about 76% of the industrial production, grew an annual 6.6% in November 2011. Industrial production had contracted in October 2011, snapping consistent growth for the preceding 29 months in a row.

Data on inflation for December 2011 on Monday, 16 January 2012, could provide cues on the central bank's likely policy stance at the third quarter review of Monetary Policy 2011-12 scheduled on 24 January 2012. Inflation based on wholesale price index (WPI) is seen easing to 7.4% in December 2011 from 9.1% rise in November 2011, as per the median estimate of a poll of economists carried out by Capital Market.