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New orders, production in India continue to rise sharply: IHS Markit ANI | Updated: Apr 05, 2021 11:34 IST
New Delhi [India], April 5 (ANI): Manufacturing sector conditions in India continued to improve sharply in March despite some loss of growth momentum, according to the latest IHS MarkitManufacturing PMI released on Monday.
Firms scaled up production and input buying in line with another upturn in sales but employment decreased due to coronavirus disease (Covid-19) restrictions and a lack of pressure on capacity.
On the price front, the rate of input cost inflation was among the strongest seen over the past three years. However, selling prices increased only moderately as companies limited their adjustments to retain a competitive edge and boost sales.
New orders, production in India continue to rise sharply
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Loss of growth momentum due to a surge in Covid-19 cases as well as high input cost pressure decelerated pace of new orders and production for India s manufacturing sector in March.
Accordingly, IHS Markit India Manufacturing PMI report said that firms scaled up production and input buying in line with another upturn in sales, but employment decreased due to the pandemic curbs and a lack of pressure on capacity.
On the price front, the rate of input cost inflation was among the strongest seen over the past three years cited the report. However, selling prices increased only moderately as companies limited their adjustments to retain a competitive edge and boost sales.
The domestic equity benchmarks ended with significant cuts on Monday, led by weakness in banks and financial shares. After the hitting the day s low of 14,459.50 in mid-morning trade, the Nifty pared losses and closed above the 14,600 mark. IT and metal stocks bucked the broader selloff. A spike in domestic coronavirus cases and fresh curbs imposed by the state government dented investors sentiment.
As per provisional closing data, the barometer index, the S&P BSE Sensex, slumped 870.51 points or 1.74% to 49,159.32. The Nifty 50 index tumbled 229.55 points or 1.54% to 14,637.80.
In broader market, the S&P BSE Mid-Cap index slipped 1.13% while the S&P BSE Small-Cap index declined 1.08%.
India s manufacturing activity hits 7-month low amid pandemic: Survey
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Last Updated: Apr 05, 2021, 12:29 PM IST
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Synopsis
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers Index (PMI) fell from 57.5 in February to a seven-month low of 55.4 in March.
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NEW DELHI: India s manufacturing sector activities lost further growth momentum and fell to a seven-month low in March as demand was constrained by the escalation of the COVID-19 pandemic, a monthly survey said on Monday.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers Index (PMI) fell from 57.5 in February to a seven-month low of 55.4 in March.
However, the latest reading was indicative of a substantial improvement in the health of the sector that outpaced the long-run series average, it said.
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