Net sales in manufacturing sector to dip

Mumbai: Manufacturing sector will witness a slump in the growth of the net sales from 37 percent to 26 percent in the December ended quarter. The profits of the sector are expected to deteriorate too, with sectors like steel, copper, aluminium, alkalies, edible oils, automobiles and auto components likely to witness fall in their net profits.

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As per findings of the Centre for Monitoring Indian Economy (CMIE), the slowdown in profit is triggered by the steep falls in the commodity prices. It is also expected that the manufacturing sector will continue to grapple with the problem of high raw material costs, while the sharp rise in the cost of borrowings amid the current liquidity crunch will hamper their profitability.

The report also added that like in September, the December quarter is also going to end in red because of the huge losses by the refineries.