Tue, Nov 5, 2024 3:56 PM
Veefin make its 4th acquisition in 5 months, buys 50% in Singapore AI firm
A Flip by Avya Verma
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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Uber has been on a particularly wild ride over the past month. Tesla’s much-hyped “Robotaxi Day” on Oct. 10 turned out to be a bit of a bust for its investors given the canned demos and lack of details about the company’s plans. But that turned out well for Uber: Its stock had been under pressure for much of the year because of worries about the prospect of Tesla launching a fleet.
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