Thu, Feb 1, 2024 1:24 PM
Industrial stocks correct after Rs 11.11 lakh crore capex allocation
A Flip by Shubhangi Gupta
Pharmaceutical firm Mankind Pharma Ltd on Tuesday (November 5) reported a 30.4% year-on-year (YoY) jump in net profit at ₹653.5 crore for the second quarter that ended September 30, 2024.The drug major had posted a net profit of ₹501 crore in the year-ago period, Mankind said in a regulatory filing. Revenue from operations increased 13.6% to ₹3,076.5 crore against ₹2,708.1 crore.
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Manappuram Finance reported an unexpected growth in second-quarter profit on November 5, as strong performance in its mainstay gold loan segment offset higher provisions. The gold loan financier's consolidated net profit rose 2% from last year to Rs 571 crore for the three months ended September 30.Analysts were expecting a profit of Rs 531 crore as per data compiled by LSEG, a decline of 4.8%.
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Nomura brokerage reports that India's festive consumption growth rate halved to 15% this year, down from 32% in 2023 and 88% in 2022, due to weak demand in metros and industrial areas, although rural areas and tier-2 and tier-3 cities saw steady demand. Nomura predicts a "cyclical growth slowdown" in the economy, with downside risks to its 6.7% real GDP growth estimate.
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