Manufacturing Financial News

₹1,830 crore. The companies had not responded to queries from Mint till press time. Vindhya Telelinks, an MP Birla Group company, was formed as a public-private joint venture between Universal Cables Ltd and the Madhya Pradesh State Industrial Development Corporation Ltd.

health risks in the biggest crackdown since 2016 when 344 FDCs were prohibited. FDCs are medicines that combine two or more drugs into a single dosage. The union health and family welfare ministry on Thursday issued a gazette notification, prohibiting manufacture, sale and distribution of these medicines based on the recommendation of an expert panel that evaluated 324 FDCs. «The review of these FDCs started in 2019 and then Covid happened. The companies were heard and, thereafter, the committee gave its report at the end of 2021, recommending banning 156 FDCs,» a member of the panel said on condition of anonymity. «This is the largest FDC ban since 2016,» he added.

electric vehicle manufacturing. The remaining 24 applications are in process. The approvals on Wednesday are likely to help the companies partially offset losses they are incurring in manufacturing EVs due to low volumes currently. Among the companies, Bajaj Auto is the sole automaker to get approvals for all the 13 applications filed for its electric scooter Chetak and three-wheelers. Mahindra & Mahindra got approvals for 16 out of 23 applications, Tata Motors 15 out of 27, Ola Electric four out of five, TVS Motor two out of five, and Eicher which applied for one didn't get an approval, according to an internal document showing the DVA (domestic value addition) application status.

Euro zone business activity showed surprising strength in August despite firms raising prices, a survey showed, potentially weakening expectations for two more rate cuts from the European Central Bank this year. However there were signs the upswing may be temporary, with readings flattered by a sharp rise in French services activity due to the Olympic Games. German business activity contracted for a second consecutive month and by more than expected.

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Stocks wavered as traders weighed the latest economic reports for clues on the outlook for Federal Reserve rates in the run-up to Jerome Powell’s speech Friday.

consumer goods (FMCG) company Dabur India Limited signed a Memorandum of Understanding (MoU) with the Government of Tamil Nadu to set up a consumer goods manufacturing facility in the state, it said in a statement on Thursday. The phase-1 investment is approved at Rs 135 crore, which will increase to Rs 400 crore over a five-year period, the maker of Vatika shampoo and Real juice said. Dabur chief executive Mohit Malhotra said in a statement: “This investment will allow us to better serve the growing demand for our products in South India and strengthen our market presence in the region.” He said the development would enable economic development in the state by creating jobs and working closely with local vendors and supplier partners. This will be the company's first unit in South India, it said. This location will help meet business and logistical requirements efficiently and offer significant advantage and growth opportunities, Malhotra added. It is expected to create around 250 direct job opportunities and thousands of indirect employment opportunities.

Italian Coast Guard announced on Thursday that the body of British tech magnate Mike Lynch is among those recovered from the wreckage of a superyacht off the coast of Sicily. The yacht, deemed unsinkable by its builders, was involved in a tragic incident where one woman, Lynch's daughter, remains missing. Lynch, who had recently celebrated his acquittal on fraud charges with his family and supporters, was among six people whose bodies were recovered by rescue crews following Monday’s disaster. The Bayesian, a 56-meter (184-foot) British-flagged yacht, sank in a storm early Monday while moored about a kilometer (half a mile) offshore. Civil protection officials suspect the vessel was struck by a tornado, or waterspout, which caused it to sink rapidly.

cement industry has lined up a capex of around Rs 1.25 lakh crore for FY25 to FY27 to meet the growing demand, said a report by rating agency CRISIL. During this period, the industry is expected to add 130 million tonne of cement grinding capacity, which is a fifth of the existing capacity. The investment will be driven by healthy demand outlook and the quest for market share, and the low capex intensity and strong balance sheets will keep the credit profiles of the companies stable, the report said. «The projected outlay will be 1.8 times the capex during the past three fiscals, yet the credit risk profiles of manufacturers will remain stable. This is owing to their continued low capex intensity and solid balance sheets with financial leverage sustaining below 1x on the back of strong profitability,» it said.

industrial real estate IndoSpace is planning to invest over Rs 580 crore to develop two new logistic parks spread over 76 acres in Karnataka as part of the commitment made by the company through a Memorandum of Understanding (MoU) signed with the state government. In 2022, IndoSpace entered into a seven-year pact with the government, with a commitment to invest Rs 3,000 crore in the state's warehousing and logistics industry. This investment, the largest ever by an industrial developer in Karnataka, is expected to create 14,000 new jobs. “These parks will have a total development potential of 1.8 million sq ft and are targeted at industries such as automobiles, engineering, electronics, and third-party logistics (3PL) operators. These parks will be developed in phases, and the work will commence this year with plans to make them operational over the next 2–3 years,” said Rajesh Jaggi, Vice Chairman, Real Estate, The Everstone Group.

upgradation of industrial training institutes (ITIs). Official sources told ET that the ministry of skill development and entrepreneurship (MSDE) will soon kickstart consultations with states and industry associations across potential sectors to firm up the new scheme which envisages a total investment of Rs 60,000 crore over five years to impart skills training in new-age courses to two million youth through 1000 revamped ITIs. The identified sectors include construction sector, green energy, textiles and garments, advanced manufacturing, heavy engineering, automobiles, process industry, electronics, and telecom where rigorous skills training will be imparted to create a pool of skilled workforce.

Indian Army has issued a tender for acquiring next-generation artillery guns to be designed, developed, and manufactured domestically. In the initial phase, the army requires 400 of these gun systems, with the demand expected to increase as older equipment is replaced. The procurement mandates that the guns be designed in India with more than 50% indigenous content based on the contract value. Private defence manufacturing companies that have invested significantly in developing artillery systems in recent years are keen on the Rs 7,000 crore acquisition of new Towed Gun Systems. Among the top contenders are Larsen & Toubro, Bharat Forge, and Tata Advanced Systems Ltd. Larsen & Toubro has already supplied K9 Vajra self-propelled artillery guns to the army. Bharat Forge and Tata Advanced Systems Ltd have developed the Advanced Towed Artillery Gun System (ATAGS) in collaboration with the Defence Research and Development Organisation (DRDO) and are currently competing for the army order. «The advanced 155mm/52 caliber guns will be lighter and more versatile than the current artillery guns, including the ATAGS,» according to the report.

A flood of Chinese products into Indonesia has hit local manufacturers hard, prompting the government to look for ways to placate domestic producers while avoiding angering the country's biggest trading partner

BC Jindal Group on Thursday announced its foray into India's renewable energy sector, with a plan to invest USD 2.5 billion in the next five years. With an existing portfolio of 1,200 MW thermal power generation in Angul, Odisha, BC Jindal Group has floated a dedicated entity to hold the renewable venture of the group, a statement said. The group plans to invest around USD 2.5 billion in the renewable energy sector in the next 5 years, the statement added. BC Jindal Group, India's leading conglomerate, with over Rs 18,000 crore turnover, will oversee the renewable power generation and solar cells and module manufacturing businesses.

Premier Energies has announced a price band of Rs 427-450 for its upcoming Rs 2,830 crore initial public offering (IPO) which will open on August 27. The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,291 crore and an Offer for Sale (OFS) of up to 3.42 crore shares by the selling shareholders, which is equivalent to nearly Rs 1,539 crore based on the upper band price of Rs 450.

New Delhi: The Drugs Controller General of India (DCGI) is considering issuing and renewing licences only to those pharmaceutical firms that can prove they follow good manufacturing practices. The move—the first such—assumes significance given the growing size of the Indian pharmaceutical industry, currently at $65 billion, and the crisis of confidence faced by it. Good Manufacturing Practices, or GMP, prescribed in Schedule M of the Drugs and Cosmetics Rules, 1945, set the standards for pharma companies on the quality of raw materials, methods, machines, processes, personnel, facility and environment, among other things.

inter-ministerial panel has cleared five-six investment proposals in the electronics manufacturing sector, which include some pure-play Chinese companies and others with connections to the neighbouring country, people familiar with the matter said. The development is significant as these are among the first such approvals in recent times given border tensions and the scrutiny that investments from China have been attracting in India. Prominent names that have recently got approval include Chinese electronics major Luxshare, which is also a vendor for Apple, and a joint venture (JV) between Bhagwati Products (Micromax) and Huaqin Technology, in which the Chinese company will own a minority stake. Other proposals cleared include some Taiwan-based firms listed in Hong Kong or having investments from there.

Aurobindo Pharma subsidiary Eugia Pharma Specialities, which manufactures sterile injectables, the US Food and Drug Administration (USFDA) has raised "data integrity" issues at the company's Unit-3 facility at Pashamylaram near Hyderabad in Telangana. The letter, issued on August 15, was later made public by the USFDA, which stated that there was failure to ensure the accuracy of data in records for both production and process simulations, i.e. media fills. Media fill is a microbiological test to help prevent contamination during drug production. «Your procedure requires testing of all (b)(4). While you documented testing of all of the (b)(4), your operators did not test all of the (b)(4) used during manufacturing of sterile injectable drug products,» the USFDA stated.

The Bank of Canada’s view that the worst is behind us was challenged recently by warning signs from two key sectors of the economy, say economists.

Premier Energies, India's second-largest integrated solar cell and solar module manufacturer, will open for subscription on August 27 and close on August 29. The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,291 crore and an offer for sale (OFS) of up to 3.42 crore shares by the selling shareholders.

Online fast-fashion giant Shein is suing its competitor Temu once again, accusing the China-founded shopping platform of stealing its designs, product images and engaging in other types of fraud