After witnessing a tepid earnings growth for the last few years,
markets were looking forward to a return to robust earnings jump in
2H FY17. The optimism stemmed from consumption-focused sectors riding
on cash infusion in the economy due to the VII Pay Commission award
to Central government employees and OROP to defence personnel
(serving & retired) as well as a boost to rural consumption after
a near-normal monsoon leading to bumper kharif harvest after two
successive years of drought. The currency crunch in the wake of
demonetisation and adjustments warranted due to shocks to supply
chains and necessity to incorporate tweaks in the mode of conducting
business would delay the demand recovery by atleast a quarter, he
says.
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