L
LequteMan
Guest
Indian firms with sizable investments in Nigeria are being affected by the recent devaluation of the Naira by the Central Bank of Nigeria. According to ThisDay, Naira devaluation is hurting the share prices of the companies:
“The currency devaluation would be inflationary and affect consumer demand in Nigeria and the Indian companies that export to the African country,” an analyst at Mumbai-based brokerage Sharekhan, Nikhil Deshpande.said.
Prominent Indian companies which likely to feel the pain are Bharti Airtel Limited, India’s largest mobile phone company, which made a big foray into Africa in 2010, and Bajaj Auto Limited, which makes two and three-wheel motorcycles and exports to Nigeria.
Bharti stock had fallen by four per cent in the last two trading sessions to 385.85 rupees a share, while Bajaj shares fell by three per cent to a two-week low of 2,570 rupees on Wednesday. The stock recovered Thursday tracking other auto companies, to end at 2,648.80 rupees.
Both companies had moved into Africa within the last five years in a bid to capitalise on the growing demand from the continent’s consumers.
click here to read more
#Nigeria #Naira
“The currency devaluation would be inflationary and affect consumer demand in Nigeria and the Indian companies that export to the African country,” an analyst at Mumbai-based brokerage Sharekhan, Nikhil Deshpande.said.
Prominent Indian companies which likely to feel the pain are Bharti Airtel Limited, India’s largest mobile phone company, which made a big foray into Africa in 2010, and Bajaj Auto Limited, which makes two and three-wheel motorcycles and exports to Nigeria.
Bharti stock had fallen by four per cent in the last two trading sessions to 385.85 rupees a share, while Bajaj shares fell by three per cent to a two-week low of 2,570 rupees on Wednesday. The stock recovered Thursday tracking other auto companies, to end at 2,648.80 rupees.
Both companies had moved into Africa within the last five years in a bid to capitalise on the growing demand from the continent’s consumers.
click here to read more
#Nigeria #Naira
