Manufacturing Financial News

Rajasthan will undertake land reforms to improve its availability for green field manufacturing units, state Principal Secretary (Industries), Ajitabh Sharma told ET. Sharma said the state had received fresh proposals for renewable energy equipment and petrochemical manufacturing and investment commitments of over Rs 5.2 lakh crore ahead of the Rising Rajasthan Investment Summit. “We are coming out with policies for supporting the development of private industrial parks,” he said, adding that the state is now readying a Private Land Aggregation bill.

The companies, in a filing disclosed Thursday, have asked the Commerce Department to apply the duties right away, amid a surge in imports from Vietnam and Thailand. An existing trade case already poses the risk of anti-dumping and countervailing duties, but the new filing raises the prospect of duties being imposed even before a final decision in the case. If imports have surged during a trade investigation, the government can determine that “critical circumstances” exist — a finding that paves the way for such retroactive tariffs. Companies importing panels and cells would need to post cash deposits while awaiting a final decision in the trade case.

Applied Materials forecast fourth-quarter revenue above Wall Street estimates on Thursday, anticipating a surge in AI-fueled demand for its chip-making equipment. Booming demand for AI-powered chips has increased the need for sophisticated and expensive wafer fabrication equipment that is essential for chip manufacturing, benefiting companies such as Applied Materials. The company competes with other major suppliers of WFE including Lam Research, Dutch firm ASML and KLA Corp.

The Biden administration says Medicare recipients will save about $1.5 billion dollars on medications to for diabetes, heart disease, types of arthritis and other ailments under new prices negotiated with drug companies that will take effect in 2026

Optiemus Infracom is looking to raise around Rs400 crore to expand its manufacturing business and enhance its brand image ahead of a planned foray into making and selling screen protectors and mobile phone cover glass under a licence from US-based Corning. The company, in a stock exchange filing, said the fund-raise will be done through preferential allotment of 75 lakh convertible warrants, convertible in one or more tranches into equity shares of RS 10 each, within 18 months into equity shares. The funds are going to be used in expanding the company's manufacturing business and for marketing spends. The company is planning to expand its manufacturing business to make laptops and notebooks under the IT hardware production-linked incentive scheme, according to industry executives who are aware of the matter. It is currently in talks with a global brand and is expected to start manufacturing for them in the next 3-6 months.

MUMBAI : In the midst of covid lockdowns a few top executives of ChrysCapital, a private equity firm headquartered in New Delhi, decided to make a trip to Pune. That city about 150 km to Mumbai’s south is home to an unassuming entrepreneur who over the past decade and half has founded three startup unicorns. That includes Brainbees Solutions Pvt.

BSA made its debut in India on Thursday with the launch of 652-cc Gold Star 650 model at a starting price of Rs 2.99 lakh (ex-showroom Delhi). One of the oldest motorcycle companies in the world, Birmingham Small Arms Company (BSA), was acquired by the Mahindra group's premium motorcycles arm Classic Legends in 2016. Classic Legends sells Jawa and Yezdi motorcycles in the country. The BSA Gold Star 650, which made a comeback in the UK in 2021, is currently being sold in Europe, Turkey, New Zealand, and the Philippines.

US court has slapped Vedanta Group-backed optic fibre manufacturer Sterlite Technologies (STL) with damages of $96 million (around ₹806 crore) for trade-related rights infringements involving American rival Prysmian. STL, in a statement, said it will «aggressively» challenge the verdict. The company, in which mining group Vedanta led by Anil Agarwal holds a 25% stake posted a loss of ₹82 crore in the first quarter of fiscal 2025, on revenue of ₹1,140 crore. After a three-year battle, a South Carolina jury, on August 9, found that Sterlite was in illegal possession of Prysmian's trade secrets including customers, new products and manufacturing expansion plans.

Bavarian Nordic said Thursday it was ready to produce up to 10 million doses of its vaccine targeting mpox by 2025 after the World Health Organization declared a surge in the virus in Africa a global public health emergency. Alarmed by a rise in cases in the Democratic Republic of Congo and the spread of mpox to nearby countries, WHO experts said Wednesday that the «situation constitutes a public health emergency of international concern». «We have additional manufacturing capacity of two million doses for 2024 and (a total of) 10 million doses by 2025,» Rolf Sass Sorensen, vice-president of Bavarian Nordic, told AFP.

Krutrim, the artificial intelligence startup of Ola founder Bhavish Aggarwal, said on Thursday that it would launch its first AI chip, Bodhi 1, by 2026 and a superior Bodi 2 two years later. Krutrim’s chips will be custom-built for handling complex AI workloads, Aggarwal said. «They will enable development of faster and more efficient AI systems.» The Bengaluru-based company is working on four chips: Bodhi 1, Bodhi 2, Sarv 1 and Ojas. On Thursday, it announced partnerships with global semiconductor company Arm and Untether AI for the development of CPU and AI chips, platforms and systems.

Sonata Software, a mid-tier IT company, has lost 18% in August so far after the company’s subdued June quarter performance due to delay in large deals. While it is likely to face challenges in the current quarter as well, Sonata expects to post better numbers in the second half of the current fiscal year given a strong order book. Given the slower momentum in the first half of the year, analysts have reduced the estimated earnings growth rate for the full year.

Ola group of companies made a slew of product announcements, including electric bikes, quick commerce dark stores and computing chips, during their annual event “Sankalp” on Thursday. Listed electric scooter maker Ola Electric announced its first-ever range of electric motorcycles, called the Roadster. The Roadster has been launched in three different variations — Roadster Pro, Roadster and Roadster X — at introductory prices of between Rs 74,999 to Rs 2,49,999. All three models are open for registration. The cheaper Roadster X and Roadster models, with battery power ranging between 2.5 KwH (kilowatt hour) and 6 Kwh, will begin deliveries in the final quarter of the fiscal year 2025. The premium Roadster Pro, with 8 KwH and 16 KwH variants, will be available from Diwali 2025, i.e. around November 2025, founder Bhavish Aggarwal said.

A startup developing a high-tech battery that is seen as a potential game-changer in the booming industry plans to invest $1.4 billion to build its first big plant in North Carolina, according to people familiar with the matter. Natron Energy is one of the few U.S. companies focusing on sodium, an abundant mineral that can produce batteries that are cheaper and safer than the lithium-based batteries that power electric vehicles.

No consumer durable purchase is a more powerful marker of upward mobility than car ownership. Air conditioners, washing machines, etc, tend to be utility purchases. The car one owns, in contrast, is not just far more publicly visible, it is a status symbol in India.

HONOLULU (AP) — Wallace “Wally” Amos, the creator of the cookie empire that took his name and made it famous and who went on to become a children’s literacy advocate, has died. He was 88.

The share allotment of Saraswati Saree Depot IPO is likely to be finalised tomorrow. Investors will get shares on a lottery basis and the whole process was supervised by the registrar. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made.

Aatmanirbharta' (self-reliance) in defence and gradually emerging as a global manufacturing hub of military equipment due to measures taken by the government in the last few years, Prime Minister Narendra Modi said on Thursday. In his Independence Day speech from the ramparts of the Red Fort, Modi said there was a time when the majority of the defence budget was used to procure military hardware from abroad, but his government focused on indigenous defence production. «We are becoming self-reliant in the defence sector. Today, we have our own identity in defence manufacturing. India is emerging as a defence manufacturing hub,» he said. The prime minister complimented the defence ministry and the armed forces for taking a series of decisions, including the notification of a number of positive indigenisation lists under which over thousands of items are being procured from the Indian industry in line with designated timelines. According to the defence ministry, a total of 5,600 items have been identified for domestic manufacturing.

Interarch Building Products will open for subscription on August 19. The issue closes on August 21. Through the public offer, the company plans to raise around Rs 600 crore. Here are 10 things to know about the Interarch Building Products IPO before subscribing to the issue. 1) What is the business overview of Interarch Building Products?

Nanotronics is a science and technology company that manufactures real things, not just ideas. Think of factories and you tend to think of mass and mess: crowds of people doing low-paid work amidst noise and pollution. Nanotronics is the opposite: There are only a handful of people around and everything is neat and tidy — and pin-drop quite (except, presumably, when the Steinway is played). Nanotronics specializes in applying AI to the manufacturing process in order to eliminate defects and reduce waste. The company designs and produces machines that can detect miniscule variations in products and processes. This means that it depends on having researchers and technicians working side by side. It also produces what it calls “Cubefabs,” modular chip manufacturing facilities that Nanotronics then ships around the world. “We like to build things in city centers,” says Williams.

Foxconn on Wednesday reported a six percent jump in net profit for the second quarter of the year, driven by strong growth in demand for artificial intelligence servers. Also known by its official name Hon Hai Precision Industry, the firm is the world's largest contract electronics manufacturer and assembles devices for major tech companies, most notably Apple's iPhones. It said Wednesday that net profit for April-June rose to NT$35.05 billion (US$1.08 billion) from NT$33 billion the same period last year.

Independence Day, highlighted that India is moving towards self-reliance by improving domestic manufacturing and has even started exporting to other countries. PM Modi emphasized that India has become self-reliant in mobile phone manufacturing and is now exporting to other countries. «There was a time when we imported mobile phones, but today we have built a mobile phone manufacturing ecosystem, and now we have started exporting mobile phones to the world,» said PM Modi. Regarding the defence sector, PM Modi stated that India is becoming self-reliant in defence manufacturing.