India's Economic Activity Continues to Expand, Flash PMIs Show [BNN Bloomberg (Canada)]
HSBC Holdings, plc. (HSBC)
US:NYSE Investor Relations:
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Source: BNN Bloomberg
India's economic activity continued to expand in April, driven by strength in both the services and manufacturing sectors, according to a flash survey by HSBC Holdings Plc. The services purchasing managers' index rose to 61.7 from 61.2 in March, while the manufacturing purchasing managers' index remained unchanged at 59.1. That drove the composite index to 62.2, the highest reading since June 2010. The indexes are based on preliminary survey results and the final PMI data will be published next week. A reading above 50 indicates expansion compared with the previous month, while a print below that indicates contraction in activity. Services growth accelerated in April as new orders rose in domestic and international markets, Pranjul Bhandari, chief India economist at HSBC, said in a statement. Manufacturing margins also showed improvement as firms were able to pass on higher prices to customers due to strong demand conditions, she said. “Overall future business outlook improve
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