As anticipated, the Indian market did manage to recover from last week's severe jolt.

A
worldwide rally in equities on the back of some sterling results in the US coupled with IMD's
forecast of a normal monsoon were the key drivers. Earnings will continue to be in focus for
quite some time to come as the annual earnings are spread over three months. Volatility will
remain high due to the F&O expiry on April 28. The market has turned choppy in the past few
sessions and could remain so in the near term as corporates announce their results. At the
same time, inflation continues to be sticky, stoking fear of another 25 bps rate hike by the
RBI on May 3. World markets are closed on Friday on account of the Good Friday holiday.
Trading in several world markets will remain shut on Monday owing to extended Easter
holidays. TCS and Reliance Industries came out with their results on the last trading day of
the week.

TCS reported revenues in line with Street estimates. Revenues were at US$2244m (+4.7% qoq, +33.1%
yoy). EBIT margins at 28% (-5bps qoq, +51bps yoy) were in line with consensus numbers. Net income of
Rs24bn (+3.1% qoq, +24.4% yoy) were slightly ahead of street estimates.

TCS is currently running at high utilization rates of 82.4% (excluding trainees), but believes it can maintain the
utilization rates in the range of 82-84% for full year FY12. 3) Telecom revenues remain weak for TCS and
declined -3.3% qoq. Management expects telecom to continue tolag in FY12e.

mixed set of numbers for quarter-ended March 2011 from reliance. The company's Q4 net
profit was up 14% at Rs 5376 crore versus Rs 4710 crore, year-on-year (YoY). While its Q4
net sales were up 26.23% Rs 72,674 crore versus Rs 57,570 crore, YoY.

Street estimated 16.8% growth in its fourth quarter net profit of Rs 5,500 crore while
sales were seen up by 19% to Rs 68,500 crore.

 Its Q4 EPS stood at Rs 16.4.

 Its quarter-on-quarter basis GRM stood at USD 9.2 versus USD 9 per barrel.
 Its EBITDA margins were at 13.54% versus 15.86% YoY.
 Its other income was up at Rs 917 crore versus Rs 615 crore, YoY.
 Its Petchem revenue were up at Rs 18,194 crore versus Rs 15,448 crore, YoY.
 Its refining revenue were up at Rs 62,704 crore versus Rs 51,250 crore, YoY.
 Its oil & gas revenue were down at Rs 4,104 crore versus Rs 4,318 crore, YoY.
 Its Petchem EBIT margins was at 14.43% verus 14.38%, YoY.
 Its refining EBIT margins at 4% versus 3.8%, YoY.

The company has decided to pay dividend of Rs 8 per share.

FY11

The company's FY11 net profit was up 24.94% at Rs 20,286 crore versus Rs 16,236 crore.

Its FY11 revenues were up 29% at Rs 2,48,170 crore versus Rs 1,92,461 crore.

GRM for FY11 stood at USD 8.4 per barrel.