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Aug 03, 2010:

Cognizant Technology Solutions (CTSH) shares have been trading up in pre-market trading around 8:30 AM EST, up around $7.02 after the company reported it expects third quarter earnings of approximately $0.59 per share, including stock-option expense, on revenue of at least $1.175 billion. As per Earnings Whisper "The current consensus earnings estimate is $0.54 per share on revenue of $1.06 billion for the quarter ending September 30, 2010. The company also said it now expects 2010 earnings of at least $2.26 per share on revenue of at least $4.46 billion. The company's previous guidance was earnings of at least $2.10 per share on revenue of $4.10 billion and the current consensus earnings estimate is $2.12 per share on revenue of $4.13 billion for the year ending December 31, 2010. "

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 China- World's largest Automotive Market

Aug 03, 2010: Zhejiang Geely Holding Group, a Chinese car manufacturer, has completed the acquisition

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Aug 3, 2010:

Prestige Group is expected to defer its planned IPO, now estimated at 1,200 cr possibly due to current market conditions. Meanwhile shares of DLF continue its downward trend amidst monetary tightening actions from the Central Bank. DLF has approximately 425 million square feet of development across its businesses, including developed, on-going and planned projects. All realty majors, who say their shares decline at least 25% in recent times appear to be focusing on large mega-infrastructure deals where favorable tax conditions are expected.

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Jet Airways and KingFisher amongst others should benefit from oil price stability after a volatile 2009.  Jet Airways glided into a net profit of  Rs 109.8 crores in the third quarter ending Dec 31, 2009 against a loss of Rs 238.2 crores during the similar 2008 period. Domestic airline traffic grew 38% while the international sector grew 24% amidst severe competition from foreign airlines and even partners.

Kingfisher has brought in US consultancy firm Seabury Aviation and Aerospace to attempt to stem the decline in profitability. Meanwhile Spice Jet, the publicly traded low-cost carrier,  joined Jet Airways in reporting a profit of Rs 105 crore in the Dec ‘09 quarter compared to a net loss a year ago.

Industrial and Commercial Bank of China (ICBC), the world's largest bank by market capitalization with a market capitalization at the end of 2009 around USD 268.982 billion, indicated that it was planning to stop loan rollovers for certain loans in an attempt to slow the demand for credit as per government initiated directives.

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Tata Motors

The Nano was well received at the recent Detroit Auto Show but all of the other major manufacturers have declared plans to introduce clean-lean-green small cars with prices that are as competitive as the Nano.

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Feb 6, 2010: Mexican telecommunications giant TELMEX (NYSE: TMX) posted a 67.7% increase in net profit in the fourth quarter of 2009 to 5.0bn pesos (US$383mn) compared to 2.98bn pesos a year ago. At the same time the company is reported to have cut off 1.2 million delinquent subscribers in a drastic move to slash costs. On Feb 4 the stock had dropped more than 5% after the market digested the quarterly results which showed revenues had declined 4% and EBITDA declined 11% for the final quarter.

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The market's overall downward trend since the beginning of the year has been tempered slightly with the SENSEX showing some stability at 15935.61 compared to 17558.73 on Jan 4, 2010 but GDP expectations of 7.2% for 2010 are causing concern about a fiscal stimulus slowdown with credit tightening expected. This is the Budget season and bearish sentiments prevail. The Food Price Index which touched 17.5% in January and set alarm bells off again needs to be watched closely.

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The Russian Auto market, currently the largest single country auto market in Europe, with an expected demand of 1.6 million cars projected for 2010 bears watching closely as it reveals underlying trends in consumer demand while the government is forecasting a  3% growth in GDP for this year.

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EMERFIN WATCH: The Cambridge Strategy  UK,  has been nominated as the best performing Currency Hedge Fund for 2009 by HedgeFundReview.com.

 About Cambridge Strategy:  An independent employee owned boutique that manages emerging market equities, currency alpha and overlay products. The firm was founded in late 2003 and its first portfolio was funded in April 2004. The Cambridge Strategy is owned by the three principals, two having worked together for a decade and bring a diverse and distinctive set of skills to the company. In 2007, the firm was nominated for currency manager of the year by Professional Pensions. In 2008 it was nominated by the Specialist and Alternative Investment Manager Awards.

Read more: FX Hedge Fund to watch