As the earnings season comes to a close, there have been a whole host of earnings downgrades across corporates in the third quarter of FY23.

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In the case of Nifty 50, 56 percent of the companies have seen earnings downgrades - that is 28 companies, 5 companies have seen no change, 6 companies have seen minor upgrades, and 11 companies have seen upgrades.

Banks and financial services dominate the list of upgrades, followed by FMCG and auto.

While downgrades are widespread and include stocks like Divi’s Laboratories, Tata Steel, Kotak Bank, Bharti Airtel, and Apollo Hospitals.

If one looks at the Nifty 200 stocks, then there have been downgrades for 57 percent of the companies, that is 113 out of 200 companies. 9 companies have seen no change, 19 have seen minor upgrades and 59 companies have seen upgrades.

Also Read: Earnings Review: India Inc delivered more misses than hits in December 2022 quarter

Again banking and financial services dominate the upgrades list in Nifty 200 with stocks like LIC, Bank of India, Canara Bank, Bajaj Finserv, and IDFC First Bank making the cut.

On the downside, stocks like Zomato, Nykaa, Crompton, Whirlpool, Dixon Technologies, ABFRL, Page Industries, United Breweries, Laurus Labs, Gland Pharma, Lupin, Info Edge, and Jubilant Foodworks, all have seen downgrades.