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₹7,600 crore (or $222 million) semiconductor facility in Sanand, Gujarat, as part of India's chip push. The Union Cabinet on February 29 approved the establishment of three semiconductor plants with a combined investment of ₹1.26 lakh crore. To encourage domestic manufacturing of semiconductors, the government is also offering incentives amounting to ₹76,000 crore.

Bharat Electronics Ltd. traded 1.02 per cent up at Rs 207.2 on Friday at around 10:25AM (IST), while the benchmark BSE Sensex advanced 706.74 points to 73207.04. As many as 386,296 shares changed hands on the counter with a total value of Rs 7.98 crore.

Narendra Modi on Friday said the upcoming semiconductor units will further strengthen India's «transformative journey» towards technological self-reliance. The Union Cabinet on Thursday approved proposals to set up three semiconductor plants, including a mega fab by Tata Group, at a cumulative investment of Rs 1.26 lakh crore, as India moves to position itself as a global powerhouse in chip manufacturing. Modi said on X, «With the Cabinet approval of three semiconductor units under the India Semiconductor Mission, we are further strengthening our transformative journey towards technological self-reliance. This will also ensure India emerges as a global hub in semiconductor manufacturing.»

Electronic Arts will reduce 5% of its workforce as part of a restructuring plan that also includes a reduction in real estate, the company said on Wednesday, as the video game industry struggles to grow amid high interest rates. The company, which makes gaming titles such as «Star Wars Jedi: Survivor», expects to incur about $125 million to $165 million in charges related to the move.

(Updated — February 29, 2024 11:21 AM EST)

Indian auto industry is set to invest up to $7 billion, or about Rs 58,000 crore, by FY28 to deepen localisation of advanced components from electric motors to automatic transmissions to reduce imports and capitalise on multinationals’ ‘China Plus One’ sourcing strategy. Automakers and their suppliers are likely to make this investment between FY24 and FY28, industry body Automotive Component Manufacturers Association (ACMA) said. These firms have already undertaken more than 500 localisation projects across 11 key component categories including drive transmissions and steering, engines, electricals and body chassis at an investment of over Rs 3,000 crore to reduce net imports by 5.8% (double the target of about 3%), or by Rs 7,018 crore, in the two years to FY22, as per the latest assessment on localisation programmes jointly conducted by ACMA and Society of Indian Automobile Manufacturers (SIAM).

The first private U.S. spacecraft to land on the moon broke a leg at touchdown before falling over

Best Buy reported lower fourth-quarter sales and net income as shoppers remain cautious about spending on gadgets

Tata Electronics’ proposal to set up a semiconductor chip fabrication unit in India, making it the country’s first pure-play foundry. The Rs 91,000-crore project will be set up in Gujarat’s Dholera district in partnership with Taiwanese Powerchip Semiconductor Manufacturing Corp (PSMC), Union communications and IT minister Ashwini Vaishnaw said in a press briefing on Thursday.

India on Thursday pitched for re-examination of the implications of the customs duties moratorium on e-commerce trade for developing and least developed member nations of the WTO. India is not in favour of further continuation of the moratorium of customs duties on e-commerce trade as it is impacting developing countries. The issue came up for discussion during a session of a work programme on e-commerce at the World Trade Organization's 13th Ministerial Conference, which entered its last day on Thursday.

NHAI) has extended the ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users. This means FASTag users will have another month to comply with know-your-customer (KYC) norms. NHAI had earlier proposed to implement the ‘One Vehicle, One FASTag’ initiative from March 1 and had urged the FASTag users to complete the KYCs by February 29. This is the second extension by NHAI to ensure no inconvenience is caused to Paytm FASTag users as they are already struggling to get new FASTags after the Reserve Bank of India said these will become non-functional after March 15.

Bharat Electronics Ltd. dropped 0.46 per cent to Rs 204.75 at 01:54PM (IST) in Thursday's trade. The counter hit a high of Rs 205.6 and low of Rs 199.8 so far during the session. The stock had closed at Rs 205.7 in the previous session. The counter had a total traded volume of 01:54PM shares so far with a turnover of Rs 20.63 crore on BSE. The stock traded at a price-to-earnings multiple of 41.87 and a price-to-book ratio of 5.14.

Mint. To do this, the industry is seeking a production-linked incentive (PLI) scheme for component manufacturing, even as Vachani believes that contract manufacturers should start looking at how to expand their market share in order to export devices globally. “It’s important to understand that even China’s domestic value addition in manufacturing is around 45%, because even China imports nearly all of its semiconductors for mobile manufacturing.

H1B visa process, 'green card' backlog and other issues related to the country's legal immigration system, the White House has said. The H1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise. «One of the steps, if we look at the H1B visa process, we have taken action to improve that and the process and backlog for lawful permanent residents (green card) who are eligible to become US citizens,» White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Wednesday. She was responding to questions about the feeling among a section of Indian Americans that the president is not putting as much effort on addressing the woes of legal immigrants as he is doing for illegal immigrants.

Tata Sons chairman N Chandrasekaran said on Wednesday that the conglomerate will announce its semiconductor chip fab «very soon,» and «it will be a very big investment.» The conglomerate has taken bets for the future — be it Air India or its electronics and semiconductor play, Chandrasekaran said while delivering the 20th Anantharamakrishnan memorial lecture on «India's Leadership in a Pivotal Decade» after being conferred with the MMA-Amalgamations Business Leadership Award 2023. He did not elaborate on plans for the semiconductor fab unit. ET had reported last week that the Tata group could be exploring partnerships with either one of two major Taiwanese chipmakers — Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group — for its proposed chip fabrication plant at Dholera in Gujarat.

BARCELONA : India should beef up the quantum of its $10 billion financial incentive scheme to attract semiconductor fabrication majors, said Rahul Patel, Qualcomm Technologies’ group general manager for connectivity, broadband and networking. Patel believes India is competing against developed nations like the US, Europe, Japan, and China, who are offering incentives worth tens of billions of dollars. “India is competing against developed nations.

mining and mineral sector. Besides these, Annual Capacity Building Plan for Geological Survey of India (GSI) will be released during the event. First round of critical mineral bids was called in November 2023. This was made possible after an amendment to the Mines and Minerals (Development and Regulation) Act earlier this fiscal. The centre also notified 24 minerals as being Critical and Strategic for the country, demand for which are usually met by imports. Critical minerals cater to the needs of sectors like renewable energy, defence, agriculture, pharmaceutical, high-tech electronics, telecommunications, transport, and creation of gigafactories among others. The amendment allowed the centre to grant mineral concession and prioritise auction of these resources. The revenue generated from these auctions shall accrue to the State Governments. Subsequently, royalty rates of critical minerals were rationalized to encourage more participation in auctions.

The news that Apple has shelved its autonomous car plan–Project Titan–has sent ripples across technology and automotive industries. The company has pumped untold resources into Titan for almost a decade. It is now apparently relocating some personnel in the Titan team to artificial intelligence research and development and probably letting the others go.

China’s dominance in electronics exports in some key markets as manufacturers diversify supply chains away from the world’s factory to other parts of Asia, a new study shows. The impact is most pronounced in the UK and US, where geopolitical tensions with China have increased in recent years. India’s electronics exports to the US as a ratio of China’s increased to 7.65% in November last year from 2.51% in November 2021, according to London-based Fathom Financial Consulting. In the UK, the share rose to 10% from 4.79%.

Tech Mahindra on Wednesday said it has signed a Memorandum of Understanding (MoU) at the Mobile World Congress (MWC) 2024 with Taiwanese electronics manufacturing major Pegatron to develop private 5G solutions for global enterprises. The company said the partnership between the organizations would explore «mutually beneficial opportunities» in the fast-growing private 5G space. It said it will leverage purpose-built private 5G product portfolio marketed under Pegatron's 5G business unit, coupled with Tech Mahindra's work in large-scale 5G transformations, to provide end-to-end 5G for Enterprise (5G4E) solutions for global enterprises and manufacturing customers.

One Vehicle, One FASTag" initiative to discourage users from using a single FASTag for multiple cars or associating multiple FASTags with a single vehicle. NHAI has asked people to update their FASTag before the February 29, 2024 deadline.