Latest News
-
Tech Mahindra Q4 Results: Cons PAT Declines 41% YoY To Rs 661 Crore; Exits FY24 In Red -
1:5 Split Soon: Multibagger PSU Bank To Consider Dividend Too, Buy For TP Rs 650: Motilal Oswal -
Gold Price In US: Yellow Metal Rates Hold Steady Amidst Easing Middle East Tensions; GDP Data Awaited -
Multibagger Energy Stock To Reward Shareholders With 3 Bonus Shares, Hits 52-Week High -
Massive Rs 33/Sh Dividend By Larsen's IT Stock, 1650% Payout Soon; LTTS Earns Profit Of Rs 341 Crore In Q4 -
Rs 7.50/Share Dividend: Adani Group Cement Company Reports Strong Q4 Results; Profit Surges 2x YoY -
Closing Bell: Market Rebounds To End With Gains For 5th Straight Day; Sensex & Nifty Soar Led By Banks -
Gold Prices Ayodhya: In Ram-Janma-Bhumi, 24carat Falls By Rs 380 In 10-Grams, Drops By Rs 3,800 In 100-gram -
Penny Stock Hits 2nd Upper Circuit After Declaring Earnings, Gains 14% In 1-Week -
Rs 8.50/Share Dividend Recommended: Nestle India Reports 27% YoY Jump In Profit
India's private sector output expands for first time since June 2013
"The seasonally adjusted HSBC India Composite Output Index posted 50.3 (January: 49.6), indicating a fractional rate of expansion. The latest growth was centred on the manufacturing sector," a release from Markit pertaining to the HSBC Composite Index showed.
Adjusted for seasonal influences, the headline HSBC Services Business Activity Index rose from 48.3 in the previous month to 48.8 in February. This was consistent with a slight rate of contraction, and one that was the slowest in the current eight-month period of reduction. Where output declined, this was linked by survey respondents to lower levels of incoming new work and economic instability across the country. Sector data indicated that four of the six monitored categories recorded falling business activity, with the fastest decrease noted in Financial Intermediation.
Commenting on the India Services PMI survey, Leif Eskesen, Chief Economist for India & ASEAN at HSBC said:
"Service sector activity continued to stabilize, but the PMI reading remains below the water line and point to weak growth conditions. While inflation for input prices eased a bit, it picked up for prices charged as businesses passed on higher costs to clients. Despite the weak growth backdrop, the RBI will have to keep its inflation guards up to address lingering inflation pressures. Moreover, fiscal policy tightening to meet the deficit target will hold back government spending. This suggests that growth will remain subdued in coming months."
The headline HSBC Services Business Activity Index rose from 48.3 in the previous month to 48.8 in February. This was consistent with a slight rate of contraction, and one that was the slowest in the current eight-month period of reduction. Where output declined, this was linked by survey respondents to lower levels of incoming new work and economic instability across the country.
GoodReturns.in
