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In March, the HSBC India Services Business Activity Index surged due to strong demand and new export orders, leading to a substantial increase in total sales and business activity in close to 14 years.
The headline index remains well in the expansion zone, but the latest reading is at a three-month low.
Manufacturing PMI rose from 55.3 in February to 56.4 in March at a three-month high boosted by faster expansions in new orders and output amid demand resilience and easing of cost pressures
While it is true that cement prices have not seen the anticipated recovery yet, the easing of cost inflation pressures offers respite and bodes well for the sector's operating performance
Power and fuel costs are expected to remain elevated in the near term due to concerns about global supply while price hikes may not be sufficient to cover elevated costs, thereby adversely impacting margins