INDIAN INDURY EXPRESSES GROWTH CONCERNS AS HALF OF NIFTY50 COMPANIES MISS PROFIT PROJECTIONS

Mumbai, November 11, 2024 - 10:03 IST

A broad-based slowdown in the Indian economy has been signaled by a majority of companies listed on the National Stock Exchange (NSE) and BSE, as they have reported lower-than-expected net profits for the quarter ended September.

According to data from Bloomberg, out of the 41 firms in the Nifty Index that have announced their earnings for the third quarter, 22 have missed profit estimates. Furthermore, 10 out of these 22 companies also reported revenue figures below expectations.

However, not all was gloomy news for investors. Among the 18 companies that exceeded profit projections, six posted revenue figures below forecasts.

The underperformance from key industry player indicates a downturn in economic growth, which could have negative implications on market sentiment and investor confidence.

"This is a sign of broad-based slowdown across the Indian economy," said [Analyst Name], Head of Research at [Research Firm]. "We expect to see more companies miss their profit projections for upcoming quarters as well."

The sharp decline has already had an impact on the stock markets. The broader Nifty50 benchmark index fell by 200-point in early trade, with top laggards including Reliance Industries, Hindustan Unilever, and Tata Motors.

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