Manappuram Finance, IIFL Finance, other stocks rally up to 11% as gold prices soar after import duty hike

Prime Minister Narendra Modi urged citizens to reduce non-essential gold purchases, citing the need to stabilize the rupee and reduce imports. India's government implemented a hike in import duties on gold to address these concerns. This move is expected to decrease precious metal imports, support the rupee, and narrow the trade deficit. The rise in gold prices has positively impacted gold financing firms like Muthoot Finance, Manappuram Finance, and IIFL Finance as their loans are secured by gold.