Manufacturing Financial News

Tamil Nadu Chief Minister MK Stalin on Friday said that the state has secured MOUs (memorandum of understanding), worth Rs 850 crores with US-based companies Lincoln Electric, Vishay Precision, and Visteon. In a post on the social media platform «X», the Tamil Nadu CM said, «In the land of opportunities, every new dawn ignites fresh hopes. We've secured MoUs worth Rs850 crores with Lincoln Electric, Vishay Precision, and Visteon, bringing us one step closer to realising our vision. Through relentless effort and determination, we continue to turn our dreams into reality.» On Thursday, Tamil Nadu secured a Rs 2000 crore Memorandum of Understanding (MoU) with Trilliant to establish a manufacturing unit as well as create their Development and Global Support Centre in the state.

Qualcomm has explored the possibility of acquiring portions of Intel's design business to boost the company's product portfolio, according to two sources familiar with the matter. The mobile chipmaker has examined acquiring different pieces of Intel, which is struggling to generate cash and looking to shed business units and sell off other assets, the people said. Intel's client PC design business is of significant interest to Qualcomm executives, one of the sources said, but they are looking at all of the company's design units.

Indigo Paints fell by 5.7% to a low of Rs 1,452.10 on the BSE during early trading today. This decline followed a block deal estimated at Rs 179.2 crore, representing 2.5% of the company's equity, at Rs 1,493 per share. Reportedly, 1.2 crore shares were traded in the transaction, with Peak XV Partners Investments (formerly Sequoia India) likely being the seller.

Tanvee Gupta Jain, UBS Chief India Economist. In an interview with ETMarkets, Tanvee said: “The potential growth I estimate is somewhere between 6.5% to 7%. What we’re seeing is that India’s potential growth is benefiting from digitalization adoption, increased services exports, and now a manufacturing push” Edited excerpts:

Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The World Bank upgraded its FY25 GDP forecast for India and Adani group is looking to acquire multiple FMCG businesses. Meanwhile, GST on health and life insurance premia could be discussed at the GST council meeting on Monday.

India has started producing blockbuster clavulanic acid for the first time in what could reduce its dependence on China for APIs. Mumbai-based Kinvan has started producing clavulanic acid that goes into making Augmentin, used to treat various bacterial infections, people in the know told ET. Industry sources say the company has started producing small batches and will begin full scale production of 300 metric tons towards end of this year. Kinvan will invest ₹447.17 crore to build 300 mt capacity plant to produce clavulanic acid.

Indian exporters are putting together traceability proofs such as geolocation coordinates of plots of land and details of their entire supply chain as they gear up to comply with the European Union's new regulation on deforestation. The EU Deforestation Regulation (EUDR) requires firms to ensure that products exported to the EU have been grown on land which has not been deforested after December 31, 2020. The regulation has implications for India's coffee, cocoa, soya, wood products, rubber and its products and leather goods exports. It prescribes fines up to 4% of a firm's annual turnover in the EU and confiscation of products and revenues gained from a transaction for non-compliance.

Nitin Gadkari on Thursday said there is no need to provide subsidies to electric vehicle makers as cost of production has come down and consumers are now opting for electric vehicles (EVs) or CNG vehicles on their own. Speaking at an event, Gadkari said initially costs of manufacturing electric vehicles were high, but as demand has increased, production costs have dropped, making further subsidies unnecessary. «Consumers are now choosing electric and compressed natural gas (CNG) vehicles on their own and I do not think we need to provide much subsidy for electric vehicles,» the minister said, pointing out the lower rate of GST on electric vehicles (5%) compared to petrol and diesel vehicles (28%). «In my opinion, manufacturing of electric vehicles no longer needs to be subsidised by the government,» he said, adding the demand for subsidies isn't justified anymore.

industrial development, with the National Industrial Corridor Development Programme (NICDP) playing a critical role. Aligned with the vision of a «Viksit Bharat,» this ambitious initiative aims to establish a grand necklace of industrial smart cities along the backbone of the Golden Quadrilateral.

U.S. health inspectors are still struggling to address a massive backlog of pharmaceutical plants that went uninspected during disruptions caused by COVID-19

Treasury Secretary Janet Yellen is warning voters in the battleground state of North Carolina that they could lose jobs if Republicans weaken a signature Biden administration law that encourages investments in manufacturing and clean energy

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

Meesho on Thursday said it has hired 8.5 lakh seasonal staff within its seller and logistics network ahead of the festival season, mostly from tier-3 and tier-4 regions. This marks a 70 per cent increase from its seasonal hiring last year, according to a company statement. «This festive season, we are particularly thrilled to have enabled 8.5 lakh seasonal jobs, especially in tier-3 and beyond cities. Empowering SMBs, local manufacturers and logistics providers to scale their business is resulting in meaningful economic opportunities that is driving financial inclusion in these regions,» said Sourabh Pandey, CXO, Fulfilment and Experience, Meesho. Meesho's sellers have hired 5 lakh seasonal workers as part of their requirements for the festive season, the statement said.

TORONTO — The group of authors in contention for this year’s $100,000 Giller Prize has been whittled down to 12, but one name is notably absent from the list: Bank of Nova Scotia.

Brace Port Logistics is likely to finalize the share allotment today. Investors can check the status of the Boss Packaging Solutions IPO allotment by logging into the official website of the registrar, Kfin Technologies. Follow the step-by-step process mentioned below to check the status of allotment.

Regional Connectivity Scheme (RCS)-UDAN, Union Minister of Civil Aviation Ram Mohan Naidu Kinjarapu has said the Centre «wants» to extend it for another 10 years. The central government had launched the UDAN (Ude Desh ka Aam Nagrik) scheme on October 21, 2016, to make air travel affordable for the people. "..We have observed the huge success that the RCS UDAN scheme has achieved. So, we want to extend it for another 10 years and see what gaps are there and try to address them...Right now, we have 157 (airports), in the plan of Viksit Bharat for 2047, we are planning to improve these 157 airports to 400 airports — including waterdrome airports, heliports and everything," said Naidu on Wednesday.

Vedanta Limited on Wednesday said its display glass business is expected to grow 10-fold, following the consolidation of its holding in AvanStrate Inc. Vedanta Ltd, in May this year, announced the acquisition of an additional 46.57 per cent stake in AvanStrate Inc, taking its total holding in the Japanese display glass manufacturer to about 98 per cent. ASI is now fully managed and controlled by Vedanta Limited and free from any external debt, according to a release. «Vedanta Limited announced that the display glass business is set to grow 10x after consolidating its holding in AvanStrate Inc. (ASI), a Japanese display glass manufacturer, to 98 per cent, following the acquisition of 46.57 per cent equity from Hoya Corporation,» the release said.

Canada’s dismal economic productivity is a crisis, and the Trudeau government’s “solution” of creating a new federal working group to investigate its cause, announced recently by Treasury Board President Anita Anand, is a joke. That is the view, not just of Conservative MPs and libertarian columnists, but also of an iPolitics article Anand herself posted on social media to share the news she was creating this working group.

Share prices around the world slumped on Wednesday after an overnight drop in US markets led by Nvidia. Stock markets from London to Frankfurt and Tokyo all traded in the red as concerns grew of global growth weakening after a subdued US manufacturing report.

China's emergence as the manufacturing centre of the world is largely a consequence of American policy, because if you look at the top 30 companies in the United States of America, 95% to 98% of the manufacturing is outsourced to China, India's G20 Sherpa Amitabh Kant said here on Wednesday. Both the Chips Act and the Inflation Reduction Act of USA are protectionist in character. «It's important because if you want to shift towards net zero, it will be almost impossible to do it without India. And the reason for that is that green hydrogen manufacturing firm from India today is costing $4.5 per kilogram, whereas in the US, it will cost about $7-7.5 per kilogram. The extent of subsidisation will be enormous,» Kant said at an interaction with US G20 & G7 Sherpa and Deputy NSA Daleep Singh on India-USA Economic Partnership organised by the Observer Research Foundation. «If you want the world to move towards clean energy, reach the target of net zero, you want production of the lowest cost possible. And therefore, the size and scale of manufacturing from India, which India has demonstrated through procurement of LED bulbs, the prices for procurement of large scale buses, electric buses, prices for you, it needs the size and scale of a country like India to radically bring down the price to $1 per kilogram by 2030 and that capacity to do it only India has. And that's why, if you want the world to achieve success in net zero, you need to work with partners like India.»

Nitin Gadkari on Wednesday said two-wheeler manufacturers should provide helmet to the purchaser of the vehicle at a discount or reasonable rate as many people die in road accidents just for not wearing helmets. Addressing an event here, Gadkari said 50,029 people lost their lives in accidents in the country in 2022 when they were not wearing helmets. «I am thinking of requesting two-wheeler manufacturers… if they can give some reasonable discount on helmets to the purchaser of the vehicle then we can save the life of the people,» he said. The road transport and highways minister also stressed on the need to plan the parking arrangement for school buses.