This time Hindalco is the last guy in Nifty to declare results; and it will do so tomorrow. And many Nifty firms (Aurobindo, BPCL, CIL, L&T and NTPC) are declaring results today.
I will be able to publish it on May 31.
Separately I also intend to show the effect of change in the Nifty constituents, on Nifty EPS. Nifty constituents were changed with effect from March 31, 2017. BHEL and Idea Cellular were removed and Indian Oil Corporation and Indiabulls Housing Finance were added. (Source: Changes to Nifty with effect from March 31, 2017).
The former were faring poorly and the latter are on the ascendant. Now when a change is made on the last day of the quarter, we should actually be computing the earnings based on the as-yet-unchanged Nifty till March 30, 2017 and add a day's earnings with the changed Nifty for March 31, 2017. Knowing the latter will not make too much of a difference, we should practically be taking the old Nifty's earnings as earnings for the quarter.
But no one does that; because of their own motivations. One clear motivation is to show higher earnings for the Nifty, which will be achieved by replacing firms with falling earnings with rising ones. The older Nifty will show poorer earnings growth compared to the newer Nifty; but if we are not careful in discounting this we will think that Nifty earnings have grown much better than they actually have. Sometimes I wonder if that's the motivation for NSE itself to make the change from March 31, 2017, instead of April 01, 2017. The exact impact will be known after I compute them all tomorrow.
Computing Nifty EPS requires making additional assumptions. We know Nifty is say 9,500 or so but may not know how many fractional shares for each constituent. We can make some rough approximations, but I did not want to trade accuracy for that. Actually it should be easily available with someone who has a Bloomberg Terminal.