Results galore on D-street

However beautiful the strategy, you should occasionally look at the results. Winston Churchill.

The opening is likely to be down yet again even as a whole host of Large-Cap and Mid-Cap companies are slated to announce their quarterly results today. All eyes are on the earnings of big daddy Reliance Industries, but those numbers will be out only after the market.



Meanwhile, Wipro has come out with its Q3 FY11 results and guidance for Q4. Prima facie, the numbers look a tad muted. The IT major has also announced a management shake-up. Current joint CEOs - Vivek Vaswani and Girish Paranjpe will step down from their positions while T.K. Kurien will take over as the new CEO. Watch out for the Wipro stock. It might be under some pressure amid tepid numbers and the surprising reshuffling at the top.

We told you few days back that volatility is here to stay and beware of wild intra-day gyrations. Thursday was yet another illustration of that. The key indices took a sudden "U" turn in late afternoon trading after being in red for most of the day. It appears to have been more a short-covering rally than genuine buying. One must be careful of these short-term spurts in a weak market. Also bear in mind that FIIs were net sellers yesterday of more than Rs 9bn (provisional).

Globally, US stocks recovered from session lows but ended in the red. European stocks also fell amid lingering worries about further tightening in China. Asian markets sank yesterday. China seems to be stable today though while others have extended losses.

Wipro Ltd. Q3 FY11 consolidated net profit at Rs 1,319 crores versus Rs 1,276 crores in the previous quarter, showing a rise of 3.4% QoQ. Consolidated revenues for the reporting quarter are at Rs 7,829 crores versus Rs 7,731 crores in Q2 FY11.

Global IT revenues for Q3 FY11 are up 5.6% sequentially at US$1.34bn. Wipro says IT services revenues are seen rising 3-5% QoQ in Q4 FY11 at US$1.38-1.41bn.

Results Today: BOI, Bank of Maharashtra, BHEL, Corporation Bank, Dewan Housing, Dish TV, Edelweiss, Greaves Cotton, HCC, IFCI, Indiabulls Financials, ITC, Kirloskar Oil, M&M Financial, NIIT, PNB, Polaris Software, Praj Industries, Punjab & Sind Bank, Raymond, Reliance Industries, Tech Mahindra and Wipro.

FIIs were net sellers of Rs 9.43bn in the cash segment on Thursday, according to the provisional NSE data. The domestic institutional institutions were net buyers at Rs 2.56bn. FIIs were net sellers of Rs 5.95bn in the F&O segment.

The foreign funds were net buyers of Rs 2.08bn in the cash segment on Wednesday, according to the SEBI web site.