Latest news with #HSBCIndiaServices
Hans India
5 days ago
- Business
- Hans India
All-time high hiring in services sector in May
New Delhi: India's services sector activity kept up its high pace of growth in May, driven by a strong demand for exports, which also saw hiring of staff by firms surge to an all-time high during the month, according to the latest HDBC survey. Registering 58.8 in May, the seasonally adjusted HSBC India Services PM Business Activity Index – based on a single question asking how the level of business activity compares with the situation the month before – was broadly in line with April's reading of 58.7 (PMI) and therefore signalled another sharp rate of expansion. Growth was reportedly underpinned by healthy demand conditions, new client wins and greater staffing capacity, the survey states. Notably, companies observed a near-record improvement in international demand for their services during May. Over the course of the survey's 19-and-a-half-year history, faster increases in new export orders were only recorded in May and June 2024. When citing sources of growth, firms mentioned Asia, Europe and North America in particular, the survey said. Similar to the trend for output, new orders rose at a sharp pace that was largely aligned with those registered from February to April. To accommodate for ongoing expansions in new business intakes, service providers continued to recruit additional staff, the survey added.
The Print
5 days ago
- Business
- The Print
Rupee falls 26 paise to close at 85.87 against US dollar
At the interbank foreign exchange, the domestic unit opened at 85.69 and moved between the high of 85.69 and a low of 86.05 against the greenback during the day. Forex traders said the local unit remained under pressure on geopolitical tensions between Russia-Ukraine and elevated crude oil prices. Mumbai, Jun 4 (PTI) The rupee depreciated for the second consecutive session and settled for the day lower by 26 paise at 85.87 against the US dollar on Wednesday, largely driven by strong dollar demand from importers. The unit closed the session at 85.87 against the dollar, registering a loss of 26 paise from its previous close. On Tuesday, the rupee depreciated 22 paise to settle at 85.61 against the US dollar. The local unit registered the second consecutive session of fall and has lost 48 paise over the greenback. 'The Indian rupee extended its depreciation for a second consecutive day, emerging as the weakest performer among Asian currencies. This decline was driven by strong dollar demand from importers, a lack of intervention, and weaker-than-expected PMI figures,' said Dilip Parmar, Senior Research Analyst, HDFC Securities. On the domestic macroeconomic front, the Indian services growth broadly steadied in May and was underpinned by healthy demand conditions, new client wins and greater staffing capacity. The seasonally adjusted HSBC India Services PMI Business Activity Index was at 58.8 in May, marginally up from April's 58.7. Market participants are now keenly awaiting the outcome of the Reserve Bank of India's monetary policy meeting for direction trade. The Reserve Bank's rate-setting panel started its three-day brainstorming on monetary policy on Wednesday and the outcome is scheduled to be announced on June 6. Experts are of the view that the RBI may reduce the repo rate by 25 bps on Friday and another similar cut in the next policy. SBI research expects the central bank to go in for a 'jumbo' rate cut of 50 bps in June itself. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.15 per cent at 99.07. Brent crude, the global oil benchmark, rose 0.24 per cent to USD 65.79 per barrel in futures trade. 'Technically, the spot USDINR has broken out upwards, forming a bullish chart pattern. The bias for the pair has turned positive, suggesting a further appreciation towards 86.50 in the coming days, with support now established at 85.30,' Parmar added. In the domestic equity market, the 30-share BSE Sensex surged 260.74 points, or 0.32 per cent, to close at 80,998.25, while the Nifty rallied 77.70 points, or 0.32 per cent, to 24,620.20. Foreign institutional investors (FIIs) purchased equities worth Rs 1,076.18 crore on a net basis on Wednesday, according to exchange data. PTI DRR TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
6 days ago
- Business
- Time of India
Services growth in May stays robust on global demand
NEW DELHI: Activity in service sector remained robust in May as demand from overseas was the strongest in nearly two decades of data collection. There was also a record rise in employment in sector, a survey showed. Registering 58.8 in May, the HSBC India Services PMI Business Activity Index was largely in line with April's reading of 58.7 and signalled another sharp rate of expansion. The 50-point mark separates expansion from contraction in the survey, which is compiled from responses to a question sent to 400 service sector firms. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Print
6 days ago
- Business
- The Print
Indian services growth broadly steadied in May amid healthy demand conditions
In the Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction. The seasonally adjusted HSBC India Services PMI Business Activity Index was at 58.8 in May, marginally up from April's 58.7 and signalled another sharp rate of expansion. New Delhi, Jun 4 (PTI) The Indian services growth broadly steadied in May and was underpinned by healthy demand conditions, new client wins and greater staffing capacity, a monthly report said on Wednesday. 'India registered a 58.8 services PMI in May 2025, broadly in line with the steady readings from recent months. Strong international demand continued to fuel services activity, as evidenced by the new export business index's uptick from April,' said Pranjul Bhandari, Chief India Economist at HSBC. As per the survey, new orders rose at a sharp pace largely driven by advertising, demand strength and repeat orders from existing clients. Companies also observed a near-record improvement in international demand for their services during May with faster increases in new export orders recorded in Asia, Europe and North America in particular. 'To keep up with swelling demand, India's service providers heavily increased staff recruitment. Indeed, the employment index rose to the highest reading ever recorded by this survey,' Bhandari said. Almost 16 per cent of panel members reported higher payroll numbers, while 1 per cent indicated a fall. 'The resulting overall rate of job creation was the strongest in the history of the survey,' the survey said. The increase in workforce numbers, coupled with overtime payments, added to firms' cost burdens. Some companies also cited greater outlays on cooking oil, material and meat. Meanwhile, price gauges showed an intensification of input cost and output charge inflation, with rates of increase edging above their historical averages in each case. There was a recovery in business sentiment during May and the upgraded forecasts stemmed from expectations that greater staffing capacity, expanded clientele and marketing initiatives will support activity growth in the year ahead. Meanwhile, the HSBC India Composite PMI Output Index came in at 59.3 in May, down only marginally from 59.7 in April, signalling a further sharp upturn in aggregate activity. The downward movement in the headline index reflected softer growth of factory production, as services activity rose at a quicker pace. Ongoing improvements in demand for Indian goods and services led to survey-record increases in jobs across the two sectors. Hence, aggregate employment expanded at an unprecedented pace. The HSBC India Services PMI is compiled by S&P Global from responses to questionnaires sent to a panel of around 400 service sector companies. The sectors covered include consumer (excluding retail), transport, information, communication, finance, insurance, real estate and business services. PTI DRR ANU ANU This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Hindu
6 days ago
- Business
- The Hindu
Strong export orders drive May services PMI to three-month high of 58.8
India's services sector activity rose marginally to a three-month high in May 2025, driven by strong exports, according to a private sector survey. The HSBC India Services PMI® Business Activity Index for May came in at 58.8, up from 58.7 in April. The reading for May marks the second consecutive month of increased activity. A reading above 50 denotes an expansion in activity, while one below 50 implies a contraction. Also read | India-Pakistan conflict, inflation drag May PMI to three-month low of 57.6 'A key area of strength was exports, with survey participants reporting one of the strongest improvements in international demand in 19-and-a-half years of data collection,' the report said. The report further said that May's survey also revealed a record increase in employment, as services firms continued to adjust their operating capacities in line with ongoing increases in sales. 'To keep up with swelling demand, India's service providers heavily increased staff recruitment,' Pranjul Bhandari, Chief India Economist at HSBC said. 'Indeed, the employment index rose to the highest reading ever recorded by this survey. Meanwhile, price pressures continued to intensify with input prices and charged prices both rising last month.' The uptick in services activity comes at a time when the May PMI for manufacturing fell to a three-month low, dragged down by the India-Pakistan conflict and cost inflation.
