New Delhi, June 6 (IANS) The latest measures by the government and the Reserve Bank of India (RBI) to boost rupee and foreign capital could improve the balance of payments (BoP) by more than $30 billion in the short run, by both narrowing the current account deficit (CAD) and raising capital inflows, according to HSBC.Ahead of the June policy meeting, markets were focused on two fronts: rupee support measures and the policy rate decision. “We think the RBI took a split approach, going ‘all i…
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New Delhi, June 5 (IANS) The Reserve Bank of India is set to announce its monetary policy decision on Friday after the three-day Monetary Policy Committee meeting — chaired by Governor Sanjay Malhotra — with experts widely expecting the repo rate to remain unchanged amid geopolitical tensions and rising crude oil prices.The policy decision comes against the backdrop of escalating geopolitical tensions in West Asia, which have pushed up crude oil prices.Experts largely anticipate a status quo o…
New Delhi, June 3 (IANS) India’s services PMI rose to 59.8 in May, from 58.8 in April, amid strengthening demand for freight, digital solutions, e-commerce, entertainment and IT, which boosted new business growth, the HSBC India Services PMI data showed on Wednesday.As a result, companies lifted activity to a greater extent and continued to add to payroll numbers.Although cost pressures remained historically high across India’s service economy, they receded to their lowest in four months, whic…
New Delhi, June 3 (IANS) The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) begins its three-day policy meeting on Wednesday, with experts widely expecting the central bank to maintain status quo on interest rates amid volatile global conditions, driven by ongoing tensions in West Asia. The policy decision will be announced on Friday by Governor Sanjay Malhotra.The June review comes amid sustained geopolitical tensions and volatile global crude and gas prices, which have complic…
New Delhi, June 2 (IANS) India’s electric vehicle (EV) market registered an increase in demand during May this year, as higher fuel prices pushed more buyers towards battery-powered alternatives, according to reports by Nomura and HSBC.According to Nomura, EV sales in May reached 6.4 per cent of passenger vehicle sales, compared with 4 per cent in FY26, while electric two-wheelers accounted for 8.9 per cent of sales, up from around 6.5 per cent last year. The brokerage said that demand sentiment…
New Delhi, June 2 (IANS) The Reserve Bank of India is expected to keep policy rates unchanged in the upcoming Monetary Policy Committee meeting, although its communication may turn more hawkish as rising oil prices and a weaker rupee complicate the inflation outlook, according to an economist at HSBC.Pranjul Bhandari, HSBC’s chief India economist and macro strategist, projects a gradual tightening with about two rate hikes beginning in the fourth quarter of 2026 rather than an aggressive tight…
New Delhi, June 1 (IANS) India’s manufacturing PMI rose to 55.0 in May, above the readings of 54.7 in April and the flash figure of 54.3 due to quicker increases in buying levels, new orders and output compared to April, with stockpiling gaining strength as a result, the HSBC Flash India PMI data showed on Monday.May data showed that growth across India’s manufacturing industry came in stronger than the ‘flash’ estimates released around 10 days ago. Meanwhile, purchasing prices rose at the sec…
New Delhi, May 26 (IANS) OpenAI CEO Sam Altman on Tuesday said the rapid rise of artificial intelligence is unlikely to trigger the kind of global jobs apocalypse that many feared, admitting that his earlier concerns about massive white-collar job losses may have been overstated.Speaking at a conference hosted by Commonwealth Bank of Australia in Sydney, Altman said he had initially expected AI to eliminate a far greater number of entry-level white-collar jobs after the launch of ChatGPT in 2022…
New Delhi, May 21 (IANS) Growth across India’s private sector economy saw a marginal contraction in May amid the geo-political tensions, with HSBC Flash India PMI Composite Output Index standing at 58.1, compared to 58.2 in April, which signalled another marked expansion in private sector activity, it was announced on Thursday.Underlying data showed that a pick-up in growth across the service economy was offset by a weaker increase in factory production.After retreating in April, input price inf…
New Delhi, May 12 (IANS) Indian IT stocks took a deep plunge on Tuesday, dragging the Nifty IT index down 3.73 per cent to its lowest level since May 2023 after OpenAI said it would launch a new company with $4 billion initial investment to help organisations build and deploy artificial intelligence.A weak earnings outlook for the sector from analysts also impacted the sentiments with Nifty IT index extending losses for a second session.It became the top sectoral loser on the National Stock Exch…