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Journalism of Courage
Dalal Street is looking for more triggers to sustain the bull run. Though the reporting season for the quarter ended September 2004 began on an optimistic note last week the market is searching for more support base.
The aggregate net profit of 137 companies during the second quarter ended September 2004 rose 44.3 per cent to Rs 1,831 crore on a 27.10 per cent rise in the sales to Rs 15,888 crore.
While the quarterly results of the frontline tech stocks have been encouraging, companies in old economy sectors such as cement, steel, petrochemicals, stand-alone refineries, shipping and automobiles are expected to post strong numbers. Some of these numbers will be announced next week.
Companies like Ingersoll Rand, Hexaware, IPCL, ABB, HCL Info, Colgate Palmolive, Polaris Software, Wockhardt, Bajaj Auto, Biocon, Gujarat Ambuja Cements, Reliance Energy, ICICI Bank, HDFC Bank, Castrol India, Corp Bank and Indian Oil are scheduled to announce quarterly results next week.
‘‘Overall, the corporate sector is expected to put up a good Q2 show on the back of strong domestic as well as international demand. But the market needs something stronger to send the Sensex above 6,000,’’ said a BSE dealer.
Quarterly results of oil refining-and-marketing companies are expected to be weak as these companies are losing heavily due to restriction on hike in prices of transportation fuels such as petrol and diesel at a time when global crude prices have hit the roof.
