Limited signs of improvement in capex spending and warning consumption in specific pockets is leading to not only poor expectations for the upcoming earnings season but also for the current fiscal, the report said.
The Ambit Capital analysts have downgraded most of their 2013-14 estimates and for the most part have sub-consensus estimates.
The key sectors where the analysts are downgrading 2013-14 estimates are automobiles, industrials and metals.
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