Oct. 17 (Bloomberg) -- Tata Consultancy Services Ltd., India’s largest software exporter, is among the companies that will report earnings this week for the quarter ended Sept. 30.
The Mumbai-based company’s profit rose 16.7 percent to 25.2 billion rupees, according to a median estimate of 28 analyst estimates compiled by Bloomberg. Indian code writers may be regaining contracts in the U.S. that they lost in the wake of the 2008 financial crisis. A Forrester Inc. report on Sept. 16 said U.S. business and government spending on IT goods and services, will increase 6.4 percent to an estimated $802 billion in 2012. Housing Development Finance Corp.’s figures are also due today.
Other companies that are scheduled to share their quarterly performance this week include Hero Motocorp Ltd., Jindal Steel & Power Ltd. and Jet Airways India Ltd. tomorrow; HDFC Bank Ltd. on Oct. 19; Bajaj Auto Ltd. and Cairn India Ltd. on Oct. 20; and Larsen & Toubro Ltd. and JSW Steel Ltd. on Oct. 21.
The commerce ministry will release food inflation data for the week ended Oct. 8 on Oct. 20. An index measuring wholesale prices of agricultural products rose 9.32 percent in the week ended Oct. 1 from a year earlier, sustaining pressure on the central bank to maintain its tight monetary policy. The Reserve Bank of India has raised its benchmark repurchase rate 12 times starting March 2010 to rein in inflation.
The BSE India Sensitive Index advanced 5.2 percent last week, the best performance since the five-day period ended Sept. 4, on optimism corporate earnings will weather a global economic slowdown. Jindal Steel & Power, a maker of sponge iron and cement, was the biggest gainer on the index.
India’s 10-year bonds fell in Mumbai on concern inflation near a 13-month high and increased debt sales will damp demand for debt. The yields on the 7.8 percent notes due April 2021 rose 20 basis points, or 0.2 percentage point, last week to 8.78 percent, according to the central bank’s trading system. That is the highest level for 10-year securities since August 2008.
The rupee strengthened 0.3 percent last week to 49.02 a dollar as a jump in stocks increased prospects for inflows.
--Editors: Sam Nagarajan, Arijit Ghosh
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