Economic growth in India continued to strengthen in February, according to the HSBC Flash India PMI, with further accelerations evident in both the manufacturing and service sectors. This is the first time India has stepped into the spotlight with the release of its Flash Purchasing Managers’ Index (PMI). The headline HSBC Flash India Composite PMI Output Index a seasonally adjusted index that measures the month-on-month change in the combined output of India’s manufacturing and service sectors rose from a final reading of 61.2 in January to 61.5 in February. The latest figure was consistent with a sharp rate of expansion that was the strongest since mid-2023. Growth improved in both the manufacturing (five-month high) and services (seven-month high) economies, with survey participants attributing the upturn to buoyant demand conditions, investment in technology, efficiency gains, expanded clientele and favourable sales developments, the report stated. New orders across India’s …
Posts in category Business Standard
NBCC jumps after signing MoU with HUDCO (22-02-2024)
NBCC (India) rallied 4.52% to Rs 145.60 after the company has entered into Memorandum of Understanding (MoU) with HUDCO.
Grauer & Weil hits new high on bonus issue plan; zooms 50% thus far in CY24 (22-02-2024)
The board of directors of the company is scheduled to meet on Monday, February 26, 2024, to consider Issue of bonus shares to the shareholders of the company.
Graphite India Ltd leads gainers in ‘A’ group (22-02-2024)
Mishra Dhatu Nigam Ltd, HEG Ltd, ABB India Ltd and MTAR Technologies Ltd are among the other gainers in the BSE’s ‘A’ group today, 22 February 2024.
Moody’s affirms ratings of Axis Bank with ‘stable’ outlook (22-02-2024)
Axis Bank said that Moody’s Investors Service has affirmed the bank’s ‘Baa3’ long-term deposit ratings and the bank’s ‘baa3’ baseline credit assessment (BCA) and adjusted BCA.
J Kumar Infra declines as CFO Madan Biyani resigns (22-02-2024)
J Kumar Infraprojects fell 1.14% to Rs 657.35 after the firm informed that its chief financial officer (CFO), Madan Biyani has resigned from his position with effect from 21 February 2024 due to other personal commitments.
Home First Finance gains after IRDAI approves corporate agent license (22-02-2024)
Home First Finance Company India advanced 2.52% to Rs 933.25 after the company informed that the Insurance Regulatory and Development Authority of India (IRDAI) has approved and granted the corporate agent (composite) license.
CARE Ratings reaffirms rating of Credo Brands with ‘stable’ outlook (22-02-2024)
Credo Brands Marketing said that the credit rating agency CARE Ratings has reaffirmed the company’s long-term rating at ‘CARE A+; Stable’.
Volumes spurt at Eureka Forbes Ltd counter (22-02-2024)
Eureka Forbes Ltd notched up volume of 214.63 lakh shares by 10:47 IST on BSE, a 95.45 fold spurt over two-week average daily volume of 2.25 lakh shares
Dollar Index Steadying Below 104 Mark; FOMC Minutes Dismiss Near-Term Possibility Of Rate Cut (22-02-2024)
The dollar index is steadying below 104 mark on Thursday even as FOMC minutes dismisses near-term rate cuts and are keen on keeping rates at restrictive levels. FOMC minutes showed policymakers were concerned about the risks of cutting interest rates too soon. Members agreed that they did not expect that it would be appropriate to reduce the target range until they have gained greater confidence that inflation is moving sustainably toward 2 percent. The dollar index that measures the greenback against a basket of currencies were quoting at 103.83, down 0.08% on the day. Moreover, member of the Federal Reserve Board of Governors Michelle Bowman insisted on Wednesday that this is “certainly not” the most appropriate time to start cutting interest rates and change into a less restrictive monetary policy. Thus, the dollar index is likely to revive gains after the current pause. Among basket currencies, EURUSD and GBPUSD are benefiting from dollar weakness and are quoting at $1.0841 and .