Companies & Sectors
Manufacturing sector grows in January: PMI
New Delhi : India's manufacturing activity registered acceleration in January, Nikkei's Purchasing Managers Index (PMI) data showed on Monday.
 
As per the monthly Purchasing Managers Index (PMI) survey conducted by Nikkei and market intelligence firm Markit, India's PMI rose from 49.1 in December to 51.1 in January.
 
A reading below 50 in the PMI index indicates a contraction.
 
“The opening month of 2016 saw a rebound in new business -- from both domestic and external clients -- leading manufacturers in India to scale up output following a short-lived downturn recorded in December,” Markit economist Pollyanna De Lima said in the PMI report.
 
“Whereas the trends in the growth rates are relatively weak in comparison with the long-run series averages, January’s PMI data paint a brighter picture of the Indian economy,” De Lima said.
 
Rising inflows of new business from domestic and export clients benefited manufacturers along with the resumption of output of some firms which were impacted by December floods.
 
Though PMI moved back above the 50-mark in January, the rate of expansion was just moderate but signalled the sharpest rise in the last four months.
 
Total new business and levels of production registered mild increases following contraction in December 2015.
 
In the beginning of 2016, consumer goods sub-sector remained the principal growth engine witnessing substantial expansions in new orders and output, while investment goods producers experienced decline in new orders and output.
 
In each of the past 28 months, incoming new oversees orders have risen. The trend continued in the month under review, with strengthened exports orders in January.
 
In addition, last month saw employment increase in the Indian manufacturing sector across consumer, intermediate and investment goods categories linking expanded payroll numbers to rise in production requirements.
 
“However, January’s increase in employment was insufficient to reduce the pressure on manufacturers’ capacity,” the report noted.
 
For the last three months in a row, backlogs of work at factories further accumulated to reach the highest since March 2015.
 
Indications of price pressures remained on the upside in January. Higher demand for raw materials resulted in cost escalations with both input and output charges rising in the month under review. 
 
However, input cost eased slightly and remained below the long-run survey average.
 
Reaching a 14-month high, factory gate prices increased for the fourth successive month in January. 
 
Respondents attributed the rise in charges as a way to pass on the increase in purchasing costs.
 
Due to rise in the level of input buying activity, January witnessed a modest rise in stocks of purchases and contrastingly inventories of finished goods products again fell.
 
On the central bank’s monetary policy, De Lima said: “Although the RBI (Reserve Bank of India) is likely to continue its monetary policy loosening cycle in 2016."
 
"February’s meeting will probably see the repo rate remain unchanged at 6.75 percent as the central bank will remain wary of inflationary pressures building in the country.”
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Now, HSC failures will not lose academic year in Maharashtra
Mumbai : In a major progressive policy, the Maharashtra government has decided to permit failures in HSC (Class XII) exams to reappear in July so that they don't lose a valuable academic year, Education Minister Vinod Tawde said here on Monday.
 
Until now, such students were permitted to take the exams only in October and the results were declared by December, effectively compelling them to take up further studies only after they had lost an academic year.
 
"The HSC exams are usually held in February-March every year and the re-examinations for the unsuccessful candidates are taken around September-October. However, after they clear the re-exams, they cannot get admission to any college or professional courses mid-way in the academic year," Tawde said.
 
The new policy will ensure that such students don't forfeit an academic year and if they pass the re-exam, they can continue their further studies without a break, the minister added.
 
In 2015, a similar policy was implemented for SSC (Class X) failures which has proved to be a boon for the student community, explained an official, adding that Maharashtra was the first state in the country to implement this policy.
 
The regular SSC exams were conducted in March and the re-exams for the failures were held in July-August and the results were declared within three weeks in which 57,517 students were declared successful.
 
This ensured that they could continued their junior college or other vocational and professional courses without a gap and facilitated their social inclusion and prevented a blot on their educational record.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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10 Pune collegians drown in Arabian Sea near Mumbai
Raigad (Maharashtra) : At least 10 college students, including three girls, have drowned in the Arabian Sea at Murud Beach in Raigad district, around 150 km south of Mumbai, police said here on Monday.
 
The students were part of a group of around 130 from Pune's A. Inamdar College and had come to the picturesque Murud beach for a picnic, Superintendent of Police Suvez Haque said.
 
So far, of an estimated 20-22 students who had gone into the sea, four girls have been rescued till late afternoon and a search continues for the others.
 
College Principal P.A. Inamdar told mediapersons that the senior students, studying computer science, had gone on a college-sponsored annual picnic accompanied by five staff members and other support staff.
 
"We are shocked by this tragedy. We are making all efforts to help the students and their families with the help of the local villagers and police. A team of our trustees has already left Pune for Raigad for rendering further assistance," Inamdar said.
 
According to available information, the number of casualties may go up as some more students were reporting missing in the water.
 
Rescue operations are underway in full swing by locals and the Raigad police with help from nearby police stations.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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