Breaking News

You are here » Indian-Commodity  :  Economy  :  Manufacturing sector maintains its pace of sales growth in Q2FY19: RBI

27-Dec2018

Manufacturing sector maintains its pace of sales growth in Q2FY19: RBI

Reserve Bank of India (RBI) in its latest report has said that Manufacturing sector, particularly textile and iron and steel segments, maintained its pace of sales growth in the second quarter of current financial year (Q2FY19) as compared to the year-ago period.  RBI said that companies in manufacturing sector posted a net profit of Rs 47,100 crore in the reported quarter, up 29.4% from the same period last year. The data was based on abridged financial results of 1,734 companies in the manufacturing sector.

It father stated that the manufacturing sector sales growth was mainly supported by robust demand conditions in chemical and chemical products, iron and steel, and petroleum products industries coupled with significant improvement recorded by textile industry. Meanwhile, the information technology (IT) sector recorded further improvement in sales growth over the year-ago period. The profit of IT sector, based on data of 172 firms, was Rs 17,700 crore in the second quarter of current financial year, up 5.8% over the July-September period of 2017-18.

However, it showed heavy moderation was seen in the sales growth of motor vehicles and other transport equipment, driven in part by a large adverse base effect, and pharmaceutical and medicine industries. On expenditure front, It underlined manufacturing companies continued to face rising input cost (cost of raw materials, staff cost) pressures. In case of IT sector, staff costs accelerated in tandem with the improvement in sales growth.


Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......