The HSBC/Markit purchasing managers index for the services industry inched up to 47.1 in October from 44.6 in September, the fourth successive monthly contraction of service sector output across India.
HSBC on Monday lowered India's GDP forecast for the current financial year to 4 per cent from 5.5 per cent earlier saying economic uncertainty is likely to weigh on the growth forecast in the coming months.
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The HSBC Emerging Markets Index, a monthly indicator derived from the PMI surveys, sank to 50.6 in June from 51.3 in May, signalling the weakest increase in output since May, 2009.
Swiss police in February searched HSBC offices in Geneva as part of its probe.
Reliance Industries' (RIL's) oil-to-chemicals (O2C) business is likely to remain under pressure for the remaining of the current financial year, according to analysts and company executives. "Management guides for softness for the next couple of quarters in both retail and O2C businesses," analysts at BOB Capital Markets noted in an after-results report on RIL. For the July-September quarter (Q2) of 2024-25 (FY25), RIL's O2C business reported a 5.1 per cent year-on-year increase in revenue to Rs 1.55 trillion.
According to global financial services major, despite its recent slowdown, India's economic promise remains substantial, with the growing population and nascent domestic middle class generating a growing market for consumption goods.
Financial services giant HSBC on Tuesday opened its fifth group service centre in India, to provide superior services to its customers worldwide.
India's manufacturing sector growth improved in November, registering the fastest pace in five months, driven by a strong pick up in new orders and improved purchasing activity, an HSBC survey said on Monday.
BRIC economies improved slightly on the previous quarter.
Global bank HSBC has launched a new money transfer service for Indians living in the Gulf in a bid to boost its share of the multi-billion dollar India remittance pie.
The current account balance is the single most important indicator to assess an economy's health.
It had entered the segment by pumping in over $290 million.
The report published online said the redundancies, which are being announced to staff today, would affect all areas of the country, hitting employees in back office units that service HSBC's retail and small business customers. The current layoffs are in addition to the "500 redundancies signalled in December", it added.
The HSBC India Manufacturing Purchasing Managers' Index (PMI) - a measure of factory production - improved slightly to 55 in June, from 54.8 in May.
HSBC's downward revision is in line with similar kind of revisions by a host of other think-tanks, research houses, investment banks and other agencies like the UN, Morgan Stanley, Goldman Sachs, Merrill Lynch, Stanchart and Citi.
A top court in the UK has ruled in favour of an Indian businessman that he can continue his claim of damages for $330 million against HSBC, which had refused to transfer money in his account to another bank on suspicion of money laundering.
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, according to a report released on Thursday.
Hongkong and Shanghai Banking Corporation (HSBC) is exploring opportunities beyond metro cities to expand its commercial banking business in India.
Mahanagar Telephone Nigam Ltd has appointed HSBC as advisor for the process of synergising the public sector undertaking's operations with BSNL, as proposed by the department of telecom.
The Hongkong and Shanghai Banking Corporation Ltd on Thursday announced several top-level executive moves and new assignments for its India operations.
India's manufacturing sector growth slowed marginally in February, although strong domestic orders were likely to support output expansion in the coming months, an HSBC survey has said.
HSBC is in advanced talks to buy assets of two troubled financial groups -- ING and RBS in Asia in a move to expand its base in the region.
The services sector growth in India rose to a six-month high in January as new business expanded at a faster pace amid buoyant demand from domestic and external clients, a monthly survey said on Monday. The seasonally adjusted HSBC India Services PMI Business Activity Index rose to 61.8 in January, up from 59 in December, pointing to the sharpest rate of expansion in six months.
The Reserve Bank of India is likely to cut policy rates by 0.25 per cent and keep the cash reserve ratio unchanged at its policy review next week, on the back of slower-than-expected growth and more encouraging inflation readings, says a report by HSBC.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
The bank is expected to report a pre-tax profit of $21 bn.
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
Reliance Industries Ltd, India's most valuable company, is back on a growth path after six months of challenges as it posted better than expected earnings in the December quarter, brokerages said.
India's manufacturing sector growth climbed to a four-month high in January as a sharper upturn in new orders boosted output growth amid mild cost inflation, a monthly survey said on Thursday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) recovered from an 18-month low of 54.9 in December to 56.5 in January. The latest reading highlighted the strongest improvement in the health of the sector since last September.
Foreign lender HSBC has decided to slash 193 jobs in its Indian consumer assets business segment after reviewing its portfolio in the backdrop of the prevailing economic conditions, the bank said.
While public sector banks have managed to maintain a growth of over 25 per cent during the year up to February, private and foreign banks have seen their growth in loan books shrink to single-digit rates on a year-on-year basis, as against over 20 per cent at the end of September, when the credit crisis intensified.
The Hongkong and Shanghai Banking Corporation has announced that its open offer for acquiring additional 20 per cent in UTI Bank at Rs 90 per share.
The I-T department has also filed 77 prosecution cases.
RBI interest rate decision, macroeconomic data and global trends would guide markets' movement this week, analysts said. Besides, trading activity of foreign investors and the last batch of Q1 earnings announcements would also guide trends in equities. HSBC PMI (Purchasing Managers' Index) for the services sector is scheduled to be announced on Monday.
Domestic macroeconomic data announcements, global trends and trading activity of foreign investors would guide market sentiments this week, analysts said. After a record rally, markets may face volatile trends this week amid elevated valuations and investors would also keep a track of global oil benchmark Brent crude and rupee-dollar movement for further cues. "Potential volatility in the stock market is anticipated this week. Elevated valuations remain a concern, with investors now focusing on monsoon progress and its impact on the rural economy.
Daniel Wager, who helped investigate HSBC for the federal agency, joined the HSBC's anti-money laundering team last November as a senior vice-president.
Sector-wise, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth.
The American Gambits scored a crucial victory against the Ganges Grandmasters in the opening round of day four of the Tech Mahindra Global Chess League on Sunday. Hikaru Nakamura and Elisabeth Paehtz lead the winning charge for the American Gambits.
