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Stock impact report

In India's sizzling stock market, consumer stocks rise 18% but are laggards [Reuters]

WPP plc American Depositary Shares (WPP) 
US:NYSE Investor Relations: wpp.com/wpp/investor/financialnews
Company Research Source: Reuters
Stock prices of consumer firms selling soap, hair oil and refrigerators are seeing double-digit gains but are still lagging benchmark Indian stock indexes as low income growth and volatile inflation hurt demand for everyday goods. Meanwhile, luxury goods are flying off the shelves. The macro trends bear that out. Asia's third-largest economy is set for a 7.6% expansion in the financial year ending this month, but private consumption, which contributes 60% of economic growth, is expected to grow at just 3% - the slowest in two decades, excluding the COVID-19 pandemic years. The wealth gap has widened. The wealth concentrated in the richest 1% of the world's most populous nation is at its highest in six decades, research group World Inequality Lab said "There is a drastic shift in household income from lower to higher middle class and from higher to upper class that is the driving engine for the growth in the premium segment," said Vineet Arora, managing director at Singapore-bas Show less Read more
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