Connect with us

Business

India’s services sector returns to growth in December: PMI

Avatar

Published

🕒

on

IST

New Delhi: The Indian services sector returned to marginal growth in December as new orders broadly stabilised, says a monthly survey. Even as there was a turnaround, business activity growth in December was slight and remained well below the average recorded for the survey history as a whole.
The seasonally adjusted Business Activity Index improved to 50.9 in December from 48.5 in November, signalling a renewed increase in business activity. In PMI lexicon, a print above 50 means expansion and a score below that denotes contraction.
“India’s service economy showed signs of recovery as it returned to marginal expansion in December. That said, it remained on a weak growth trajectory amid reports that the Goods and Services Tax (GST) was still hindering efforts to secure new clients,” said Aashna Dodhia, Economist at IHS Markit, and the author of the report.
Meanwhile, production growth at Indian manufacturers quickened to the fastest in five years in December and accordingly, the headline seasonally adjusted Nikkei India Composite PMI Output Index rose from 50.3 in November to 53.0 in December, the highest since October 2016.
“Still, the best overall performance of the economy was recorded since October 2016, endorsing the standpoint that the economy is recovering from the implementation of the twin shocks of demonetisation and GST,” Dodhia said.
In terms of job creation both sectors — manufacturing and services — outstripped historical averages signalling a continued revival of the labour market. On the prices front, GST continued to exert upward pressure on manufacturers’ cost burdens in December.
Overall, input cost inflation quickened to the sharpest since April and subsequently, firms raised their average selling prices at the fastest pace in 10 months, the report said.


Advertisement
Loading...
Comments

Business

MPC to meet six times during 2019-20: RBI

Agencies

Published

on

Mumbai: The Monetary Policy Committee (MPC), which decides on key interest rates, will meet six times during the next financial year, the Reserve Bank of India (RBI) said.

The first meeting of the six-member MPC to decide on the first bi-monthly monetary policy statement for 2019-20 will be held from April 2 to 4.

The policy will be announced on April 4. Headed by RBI Governor Shaktikanta Das, the committee also includes two representatives from the central bank and three external members.

 

The external members are Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics Director Pami Dua and Indian Institute of Management-Ahmedabad professor Ravindra H Dholakia.

According to the schedule provided by the RBI, the second meeting of the MPC in the next fiscal will be held on June 3, 4 and 6; third meeting (August 5-7); fourth meeting (October 1, 3 and 4); fifth meeting (December 3-5) and sixth meeting (February 4-6, 2020).

Continue Reading

Business

SBI raises Rs 1,251 crore by issuing Basel III-compliant bonds

Agencies

Published

on

New Delhi: The country’s largest lender State Bank of India (SBI) said it has raised Rs 1,251.30 crore by issuing Basel III-compliant bonds.

“The Committee of Directors for Capital Raising at its meeting held today on 22 March 2019 deliberated and accorded approval to allot 12,513 non-convertible, taxable, perpetual, subordinated, unsecured Basel lll-compliant additional tier-I bonds, for inclusion in additional tier-I capital of the bank…aggregating to Rs 1,251.30 crore,” SBI said in a regulatory filing.

The bonds with a face value of Rs 10 lakh each bears a coupon rate of 9.45 per cent per anum payable annually with call option after 5 years or any anniversary date thereafter, it said. The bonds were subscribed on Friday, it added.

 

State Bank of India (SBI) also said the central board of the bank at its meeting held has accorded its approval for extension of validity period for raising equity capital of up to Rs 20,000 crore from market by way of follow-on public offer, qualified institutional placement, preferential allotment, rights issue or any other mode or a combination of these till March 31, 2020.

Continue Reading

Business

Sebi fines 4 entities Rs 27 lakh for fraudulent trading in BSE stock options

Agencies

Published

on

New Delhi: Markets regulator Sebi imposed a total penalty of Rs 27 lakh on four entities for indulging in fraudulent trade in illiquid stock options segment of BSE.

Umapati Oil Mill and Ginning Factory, Yudhbir Chhibbar, Kasturbhai Mayabhai Pvt Ltd and Vimladevi Shyamsunder Khetan are the four entities, according to Sebi’s separate orders.

fter observing a large-scale reversal of trades in the BSE’s illiquid stock options segment, Sebi conducted a probe from April 2014 to September 2015.

 

Following the probe, the regulator found that the trades executed by the entities were not genuine as they were reversed within few seconds with same counter parties with significant difference in price, resulting in profit to the entities.

Securities and Exchange Board of India (Sebi) said it was a deliberate attempt to deal in such a fashion and not a mere coincidence.

The trades executed by the entities were not genuine and created an appearance of artificial trading volumes, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) regulations, Sebi noted.

Accordingly, a fine of Rs 8.7 lakh and Rs 8.4 lakh were imposed on Yudhbir Chhibbar and Vimladevi, respectively while a penalty of Rs 5 lakh each was levied on Umapati Oil Mill and Kasturbhai Mayabhai Pvt Ltd, totalling Rs 27.1 lakh.

In a separate order, Sebi imposed a total fine of Rs 6 lakh on four promoters of Artech Power Products for delayed disclosures to exchanges regarding their change in the shareholding in the company.

Ranjith Vijayan, I V Vijayan, Repsy Vijayan and Resmi Vijayan are the four promoters, according to Sebi’s order.

The promoters have deprived the vital information to the public by non-disclosure /delayed disclosure as mandated by the Takeover Regulations, Sebi noted.

Continue Reading

Latest News

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 1,001,166 other subscribers

Archives

March 2019
M T W T F S S
« Feb    
 123
45678910
11121314151617
18192021222324
25262728293031
Advertisement