CNBC-TV18’s Executive Editor, Udayan Mukherjee - Yes Bank will be very interesting because the management has come on records a couple of times and said there will be nothing to hide in this current quarter, so we expect strong numbers from Yes bank. The stock rallied in anticipation of that, and they should not come in with any kind of nasty surprises.

Over the next many months whether earnings slow down a bit because of the problems associated with the foreign exchange market. That is entirely possible. Will they disclose after having come on record, so specifically some kind of provisions? I doubt it very much, even if they have to, they will probably do it with the audited accounts later at least to save face so. I don’t expect nasty surprises from Yes bank. If the good numbers are delivered then I think it might just shore up sentiments in the other private sector banks that at least they will not come up with howlers at the end of this quarter. So from a sentiment perspective, Yes Bank’s numbers are quite important today.
 
We have had a good run in IT. Today, as small one, Mastek will come in with numbers, don’t expect any fireworks in the numbers. They should deliver 5%-6% kind of a quarterly growth and just about hold their quarterly guidance. But the point about Mastek has been that it’s just one of the completely cheap stocks out there, that doesn’t mean that it starts outperforming hugely.

But from a valuation point of view, this year they will probably do Rs 38 of earnings, next year Rs 45 earnings. If we just take the next year 2009, the stock at Rs 300 odd, is trading at 7 PE, I don’t even think you will find even after the correction, too many stocks which are trading at 7 PE in the market which are growing earnings at 15%-20%. So it is fairly cheap stock. Can it get cheaper or continue to frustrate with sideways movement? Sure it could, but just to keep at the back of your mind, how much valuations have got crunched already in some of these midcap IT stocks and Mastek’s a good case in point. I don’t think you should see too many surprises from the two results today, Yes bank and Mastek.