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Thursday,22-May-2025
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Rupee just whisker away from 80 per dollar

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 The week opened for Indian rupee on a weak note against the US dollar with the latter hardening against it.

The rupee hit Rs 79.99 during the intra-day trade and closed at Rs 79.97 against the dollar.

“USD-INR spot closed 9 paise higher 79.97, a whisker away from all time high near 79.99. Today rupee brushed aside all positive cues by way of strong equities and weaker dollar index. Strong demand for oil marketing companies kept the pressure on. Over the near term, bias continues to be upward. We expect the pair to trade within a range of 79.60 and 80.30 on spot,” Anindya Banerjee, Vice President, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd, said.

Business

Business activity in India surges to 13-month high in May: HSBC Composite PMI

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New Delhi, May 22: The HSBC Flash India Composite Output Index – which measures the month-on-month change in the combined output of India’s manufacturing and service sectors – on Thursday reported robust business activity in May in the country, climbing to a 13-month high of 61.2, compared with 59.7 in the previous month.

At 61.2 in May, the HSBC Index showcased a sharp rate of expansion in private sector activity.

“The increase was the most pronounced since April 2024. There was a mild loss of growth momentum in the manufacturing industry but service providers reported the fastest rise in output in 14 months,” according to a HSBC Flash India PMI note.

The HSBC Flash India Manufacturing PMI was little changed from April’s reading of 58.2. At 58.3 in May, the latest figure was consistent with a sharp improvement in the health of the sector.

Private sector growth in India moved up a gear during May, boosted by an acceleration in the service economy.

Strong influxes of new business, both from domestic and international markets, induced quicker expansions in business activity and employment.

There was also an improvement in business confidence for the first time since January, said the HSBC.

“India’s flash PMI indicate another month of strong economic performance. Growth in production and new orders among manufacturing firms remains robust, despite a marginal cooling from the rates of increase observed in April,” said Pranjul Bhandari, Chief India Economist at HSBC.

Notably, there is a firm pick-up in the employment, especially in the service sector, suggesting healthy job creation accompanies the expansion of both India’s manufacturing and service sectors, Bhandari added.

While goods producers indicated the slowest increase in output for three months during May, service providers reported the fastest rise since March 2024.

At the composite level, the latest upturn was the quickest in just over a year. Monitored companies attributed growth to buoyant demand, investment in technology and expanded capacities, according to the note.

“Underlying data indicated that ongoing job creation enabled companies to stay on top of their workloads in May. Not only did employment continued to increase, but growth also hit a fresh series record (since December 2005). Anecdotal evidence showed that full- and part-time staff had been recruited on permanent and temporary bases,” said the HSBC report.

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National

After Kolkata mysterious drone-like objects spotted in skies of Bengal’s Sagar Island

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Kolkata, May 22 : After Kolkata, mysterious movements of drone-like illuminated objects have been spotted in the skies of Sagar Island in the South 24 Parganas district of West Bengal.

Sagar Island, located at the confluence of the River Ganges, is famous for the iconic Kapil Muni Ashram and the annual Gangasagar Mela there.

Eyewitnesses told the police and the media persons that at around 12.30 p.m., illuminated objects with colours like red, green and yellow were spotted in the skies of Sagar Islands.

As per the latest information available, such mysterious movements of illuminated objects were also spotted in the skies of Sagar Island-adjacent Mousuni Island, Fraserganj and Namkhana.

The local residents of Sagar Island, after noting the illuminated objects in the sky, immediately contacted the local police station. However, none of the eyewitnesses were able to specify the exact number of the flying objects.

The district police superintendent of Sundarban District Police, Koteswar Rao, claimed that an investigation has already been started in the matter.

The mysterious light movements were spotted for around 10 to 15 minutes. The movements, according to eyewitnesses, were from the southern side to the northern side of the Sagar Islands.

Similar movements of drone-like illuminated objects were spotted in the skies of Kolkata during the intervening night of Tuesday and Wednesday. Both the Kolkata Police and the Eastern Command of the Indian Army had taken note of these.

In that case, the mysterious movements of light were first spotted by some on-duty cops in some police stations in the city, who immediately informed the Kolkata Police headquarters and subsequently the office of the Eastern Command.

The light movements surfaced from the sides of Maheshtala and Behala in the southern outskirts of Kolkata. They remained visible in the skies over central Kolkata for around 10 to 15 minutes, following which a couple of them vanished on the northern side and some on the eastern side of the city.

There were confusing inputs regarding the exact number of light movements.

Later, the office of the Eastern Command of the Indian Army issued a statement confirming receipt of information about “suspected drones” being spotted in the city skies on Tuesday late at night. “Reports of drone sightings over Kolkata have been received and are currently under investigation. Efforts are underway to ascertain the veracity of this event. Further information will be shared as facts are established. In the interim, the media is urged to refrain from speculation,” the Wednesday statement read.

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Business

Adani Electricity empowers its ‘Power Warriors’ with advanced mobile thermal imaging tools

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Mumbai, May 22: As Mumbai’s energy demand grows rapidly, Adani Electricity has taken a major step toward enhancing power reliability by equipping its frontline teams — “Power Warriors” — with advanced mobile infrared (IR) imaging tools.

These compact, smartphone-enabled devices are transforming how power infrastructure is monitored and maintained across the city.

Mumbai’s fast-paced redevelopment and climate shifts place growing pressure on power assets like transformers, switchgear, and distribution panels.

To stay ahead of potential faults, Adani Electricity has rolled out mobile thermal imaging devices that allow on-the-spot detection of equipment stress or overheating—often before any outward sign of failure appears.

“Our field teams can now identify and address developing issues during their first site visit — preventing power interruptions before they happen,” said the company.

With this innovation, the teams can detect and act on faults instantly and there is no need for return visits or delays.

Potential failures are caught early, ensuring power remains stable even during peak loads. Consumers experience fewer unplanned outages and faster resolution of service issues. Field decisions are data-driven, visual, and shared in real-time across teams.

An Adani Electricity spokesperson said, “This shift marks a transition from reactive maintenance to a predictive model. The new IR tools are being fully integrated into Adani Electricity’s digital operations platform”.

“Soon, every thermal image captured in the field will trigger intelligent workflows, using AI and machine learning to flag issues, allocate resources, and track trends across the grid. This creates a virtuous loop — smarter diagnostics, faster interventions, and stronger system resilience,” the spokesperson added.

Adani Electricity’s vision is to deliver a power supply that’s not just reliable but anticipates challenges before they reach your doorstep.

By giving field teams cutting-edge tools to act faster and smarter, we’re reinforcing our promise to every Mumbaikar — a city that stays switched on, no matter what, the company said.

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