Q3 Results Season: Jefferies gives a thumbs up to infra, power firms; over 70 companies' earnings estimates raised

Jefferies December Quarter Review: December quarter results for most companies are out. And it's the time when analysts can gauge: What were the trigger points during the quarter, and what went wrong?; which sectors turned heads and which went unnoticed; which companies were the shining stars and which were the fading comets. In the same vein, brokerage Jefferies also made a list of stock upgrades and downgrades in the December quarter.

Analysing that the December quarter results were good, Jefferies made more upgrades than downgrades in the quarter under review. 

Upgraded stocks in Jefferies' December quarter list

Jefferies upgraded the infrastructure, power, auto, energy, pharmaceuticals, and cement stocks during the December quarter.

The brokerage says companies from these sectors have grown their earnings by more than 25 per cent in the quarter under review.

Profits of energy and metal companies increased by more than 65 per cent in Q3, as per the brokerage firm.

Downgraded stocks in Jefferies' December quarter list

Jefferies downgraded industrials, chemicals, and most consumer discretionary company stocks in the December quarter.

Jefferies analysts also increased earnings estimates of 49 per cent of the 162 companies in the quarter under review.

Earlier, most of the earnings were upgraded in September 2021.

The brokerage also downgraded Nifty's FY24 earnings by nearly 1 per cent.

Jefferies also upgraded FY24 earnings for the Nifty Midcap index by 0.8 per cent.