Manufacturing Financial News

Tamil Nadu Chief Minister M K Stalin on Saturday laid the foundation stone for a new manufacturing facility of auto major Tata Motors here entailing investment of Rs 9,000 crore. The ground breaking ceremony was held at Panapakkam in this district, about 115 km from Chennai. The facility is expected to generate 5,000 new jobs. Besides the CM, senior DMK Ministers Durai Murugan, TRB Rajaa, Chief Secretary N Muruganandam, along with Tata Sons Ltd Chairman N Chandrasekaran participated in the ground breaking ceremony.

Many Canadians likely plug in their phone before going to bed to charge it during a period of the day when they don’t need it, but Montreal fire officials are urging people not to do so due to a potential fire risk.

Sattur region of Virudhunagar district in Tamil Nadu on Saturday. According to the officials from the Fire and Rescue Department, the factory is still ablaze and explosions are continuing to take place, due to which they aren't also able to get close enough to control the situation. No casualties have been reported in the fire incident so far.

Subscribe to enjoy similar stories. Mumbai: A surge of more than 50% in steel imports in FY25 has sent the alloy's prices crashing in India, setting off alarm bells for domestic manufacturers, even as they battle slowing local demand and march ahead with planned capacity expansion. According to data from market intelligence firm BigMint, prices of benchmark hot-rolled coils (HRC) of steel averaged ₹48,350 per tonne in September (from ₹57,900 in September 2023), falling below the ₹50,000-mark for the first time since November 2020, when sales hit rock bottom in the thick of the pandemic.

Subscribe to enjoy similar stories. New Delhi: For two decades, Ashok Mehta has been exporting textiles from his Suchi Industries Ltd. in Surat, Gujarat, generating a revenue of about ₹30 crore in FY23.

Chinese vendors from the supply chains of all forms of surveillance equipment in the aftermath of the recent coordinated pager explosions in Lebanon, multiple sources aware of the development told ET. The move is set to benefit local companies. «In light of the pager explosions, critical sourcing of certain components or parts of the supply chain will be looked at in a big way by the government,» one top industry source cited above told ET. «The government's policy on surveillance cameras is likely to come into effect on October 8. Once it comes out, all the Chinese players will be out of the picture, and Indian companies are likely to gain.» While the gazette notifications came out in March and April this year, sources said the government has accelerated its implementation and sharpened its focus on security after the Lebanon explosions. The government is set to fast-track the implementation of guidelines on CCTV cameras, which will allow players from «trusted locations» to sell in India.

Subscribe to enjoy similar stories. Hollywood in the 1970s and ’80s often imagined a world where technology is so evolved it is almost human, from “Star Wars," in which R2-D2 and C-3PO are not just tools but also friends to humans, to “The Terminator," in which an assassin-robot is disguised as a human. Science fiction is about to become reality.

Sam Altman, CEO of OpenAI, started pitching an audacious plan that he hoped would create the computing power his company needed to build more powerful artificial intelligence. In meetings with investors in the United Arab Emirates, computer chip makers in Asia and officials in Washington, he proposed that they unite on a multitrillion-dollar effort to erect new computer chip factories and data centers across the globe, including in the Middle East. Though some participants and regulators balked at parts of the plan, the talks have continued and expanded into Europe and Canada. OpenAI's blueprint for the world's technology future, which was described to The New York Times by nine people close to the company's discussions, would create countless data centers providing a global reservoir of computing power dedicated to building the next generation of AI.

KRN Heat Exchanger was subscribed 93 times so far on Day 3, driven by a massive demand from the non-institutional investors. As of 12:30 pm, the issue was subscribed by a whopping 256 times by the NIIs while the retail category had subscribed the issue by 73.6 times. Meanwhile, the portion reserved for the qualified institutional buyers (QIBs) was subscribed 8.26 times.

Phoenix Overseas will debut on the NSE SME platform on Friday. Ahead of the listing, the company's shares are trading with a GMP of Rs 15 in the grey market. This indicates a likely listing premium of 23%, compared with an issue price of Rs 64 at the upper end.

This is part of a series of interviews with the winners of The Economic Times Startup Awards 2024. For wearables and electronic devices brand Boult, which started off as an audio products maker before getting into a wider range of items, the top spot in terms of market share has eluded the company despite high growth. But the two founders — brothers Varun and Tarun Gupta — insist that being profitable takes precedence over market share. Boult’s ability to scale quickly — it is estimated to have posted Rs 800-850 crore in revenue in fiscal 2024 — without raising any external capital made it the winner in the ET Startup Awards Bootstrap Champ category this year.

Carlyle Group portfolio companies Sequent Scientific and Viyash Life Sciences are in advanced talks for a potential Rs 7,000-8,000 crore merger, according to people familiar with the matter. Boards of both companies are likely to discuss the possibility in the coming week, according to those cited. There is no certainty a transaction will materialise, they said. Sequent is listed and Viyash isn't. Viyash generated 1.5 times the operating profits of Sequent in FY24, said the people quoted above, adding that the two are exploring the merger due to possible back-end synergies. ET first reported the story online on Thursday.

manufacturing hub is fuelling warehousing demand from manufacturing-related sectors with multinationals setting up factories in the country. Demand from these sectors climbed to 25% of total domestic warehousing demand in the first half of calendar 2024 from 15% in 2019 led by factors like adoption of the China plus one strategy by multinationals and supportive Indian government policies such as the production linked incentive (PLI) scheme, which currently covers 14 sectors. During H1 2024, total leasing of warehousing space from manufacturing-related sectors reached 4.1 million sq ft, according to CBRE South Asia, a real estate consulting firm.

A settlement has been reached in a defamation lawsuit pitting an electronic voting machine manufacturer targeted by allies of former President Donald Trump against a conservative news outlet that aired accusations of vote manipulation in the 2020 election

Samsung's plant in Tamil Nadu is an isolated incident that can be resolved by intervention of the state government. GoI is ready to chip in to find a meeting ground between management and striking workers. MNCs that have manufacturing bases in India typically have cordial industrial relations with employees. This is partly due to the higher pay they offer, and employee benefits benchmarked to their international corporate strategy. Admittedly, attractiveness of local production is enhanced by wage cost arbitrage. But Indian workers have recourse to statutory protections. Occasional confrontations can be swiftly resolved through a combination of HR strategies and legal remedies.

Linc on Thursday announced two joint ventures (JV) — with Japan's Mitsubishi Pencil Company where it has a 49% shareholding and an equal ownership JV with Turkey's Silka Kirtasiye Imalat Sanayi Ve Ticaret Ltd Sirketi (SILKA), as per company's disclosures to the stock markets. Incidentally, Mitsubishi Pencil also holds a 13.45% stake in Linc. The promoter and promoter group owns 59.5% in the company

international trade settlement and digital payments, trade and investment in the Suez Canal Economic Zone (SCEZ), and transport and trade disputes as areas of focus, the government said Thursday after the sixth Session of India-Egypt Joint Trade Committee (JTC). New Delhi also said that necessary approvals for signing the MoU on cooperation between National Small Industries Corporation (NSIC) of India and MSME Development Agency (MSMEDA) of Egypt have been obtained. Pharmaceuticals and health sector, gems & jewelry, engineering goods, petroleum and mining, MSME Sector, customs matters, services sector, IT services, electronics manufacturing, apparel manufacturing, renewable energy – green hydrogen and

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Old newspaper boxes are being repurposed into containers that distribute Narcan, an emergency treatment to reverse drug overdoses

Raghuram Rajan said on Thursday. In an interview with PTI, Rajan further said the government's focus on production, whether it is goods or services is a good thing, but it is also important to do it the right way. Responding to a question on the Modi government's flagship initiative 'Make in India', he said, «I would say the intention is good. I think in some areas, we have done a lot, as I said, in infrastructure...we have done a lot that has been very useful». The Modi government's flagship initiative 'Make in India' was launched 10 years ago on September 25, 2014.

Sequent Scientific and Viyash Life Sciences are in talks for a potential merger worth Rs. 7000-8000 crore, according to people familiar with the matter. The former is listed and the latter unlisted. The two companies boards are likely to hold independent meetings to discuss the possibility of a deal in the coming weeks, according to the sources. There is no certainty a transaction will materialize, they said.