Manufacturing Financial News

Prime Minister Narendra Modi today delivered his longest Independence Day speech to date, lasting a remarkable 98 minutes, from the historic Red Fort. This extended address, surpassing his previous record of 96 minutes in 2016, reinforces Modi’s reputation for delivering lengthy and impactful speeches on this significant national occasion. Modi's average Independence Day speech duration is 82 minutes, making his addresses notably longer than those of any other Indian Prime Minister. His shortest speech, delivered in 2017, lasted around 56 minutes. During the 78th Independence Day celebrations, Modi not only set a new record for the longest speech but also achieved the milestone of delivering the third-longest speech ever from the Red Fort, according to Press Trust of India. His inaugural Independence Day speech in 2014 was 65 minutes long, followed by an 88-minute address in 2015. In 2018, Modi spoke for 83 minutes, and his 2019 speech extended to nearly 92 minutes. The following year, in 2020, his address lasted 90 minutes, while in 2021 it was 88 minutes. Last year’s speech also reached 90 minutes.

Narendra Modi on Thursday said many global companies want to invest in India and asked the state governments to compete among themselves to attract them. Addressing the nation from the ramparts of the Red Fort on the 78th Independence Day here, Modi said most of the people he met in his third term wanted to invest in India. «It's a golden opportunity» to make India a hub of global manufacturing, he said, and called upon state governments to make polices to attract investment, while ensuring good governance and law and order. Modi also said the country needs to work on "Design In India" and «Design for the World».

scooter maker Ola Electric on Wednesday reported a 32% jump in revenue for the first quarter of fiscal year 2025 to ₹1,644 crore, while net loss widened to ₹347 crore, from a loss of ₹267 crore a year ago. The firm's automotive division saw total income jump 34% to ₹1,722 crore, while loss after tax for the segment widened to ₹233 crore, from a loss of ₹189 crore a year ago. Its battery division reported an income of ₹5 crore for the quarter, with a loss after tax of ₹37 crore.

Kamala Harris is gaining ground in the Rust Belt. The states that were once the US manufacturing centers, employing a large part of the population in manufacturing jobs, voted heavily in favor of Donald Trump in 2016. But, Axios has reported that Kamala Harris has closed the gap in the region comprising Illinois, Indiana, Michigan, Missouri, New York, Ohio, Pennsylvania, West Virginia, and Wisconsin. Harris's increased popularity is in contrast to FiveThirtyEight's national average when Joe Biden trailed Donald Trump by 2.4 percentage points in Michigan, 2.3 percentage points in Wisconsin, and 4.4 percentage points in Pennsylvania.

US Government is currently on the brink of going on an all-out war against Google, due to the antitrust case that involved a landmark ruling by a federal court, which claimed that the major tech corporation tried to monopolize the online search market by handing payouts to device manufacturers like Samsung and Apple, in a bid to make Google Search the default search engine on the respective manufactured devices.

Motilal Oswal has initiated coverage on Gravita India with a buy rating, and a target price of Rs 2,350, signalling a 30% upside potential, stating that the company is favored by strong industry tailwinds. “We believe that with strong industry tailwinds, favorable regulatory policies, the availability of additional hedging mechanisms, and the absence of significant supply chain disruption, Gravita can ramp up the utilization materially (driving ~30% sales volume CAGR over FY24-27E)," ,” said Motilal Oswal in its report.

Gensol Engineering and Matrix Gas & Renewables has bagged a 237 MW electrolyser manufacturing plant project, a statement said on Wednesday. The project was secured through a competitive bidding process invited by Solar Energy Corporation of India (SECI), Gensol Engineering said, adding that the project will be set up as part of the government's production linked incentive (PLI). «Gensol Engineering in collaboration with Matrix Gas & Renewables announced that it has emerged as a winning bidder for 237 MW annual capacity under the PLI scheme for setting up electrolyser manufacturing plant,» it said. With the latest win, the Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a 63 MW project awarded earlier in an SECI tender.

₹117 crore in penalties to the government. The penalties were imposed after the ministry of heavy industries found that Okinawa allegedly violated domestic manufacturing criteria under the FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme. The second edition of the scheme that’s designed to promote the adoption of electric vehicles in India concluded in March.

Passenger vehicle sales in July stood at 3,41,510 units, according to data released by the Society of Indian Automobile Manufacturers (SIAM) on Wednesday. Three-wheeler sales in the same month were 59,073 units, while two-wheeler sales totalled 14,41,694 units, the data showed. In June, total passenger vehicle sales were recorded at 3,37,757 units, compared to 3,27,788 units in June 2023.

Bhargav Buddhadev, Fund Manager, Ambit Asset Management, warns that few sectors within capex-oriented themes could see selling pressure. “Sectors like roads, railways, defense could see selling pressure given that the government in the recent budget has significantly cut down the budget allocations across these sectors, and in general as well. The Government’s capex budget expenditure, which saw a CAGR of ~12% over FY20-24 reduced to ~9% in FY25 budget estimate,” he says. Edited excerpts from a chat: FIIs have been the biggest sellers in the Indian market in the last few days given all the worries related to recession, reverse carry trade of yen, and other global factors. By when do you think we can start seeing a reversal as far as FII mood is concerned? Bhargav Buddhadev: Earnings should be the biggest driver for FIIs to start re-looking at India.

Roznov pod Radhostem was best known for its rum-drizzled sweet pies and an open-air museum showing off historical wooden houses. Then came an announcement that stirred the sleepy backwater. US chipmaker ON Semiconductor Corp. picked Roznov for a new $2 billion manufacturing hub in June. The past few weeks have seen a flurry of visits by property developers, the head of a local university and government officials followed around by television crews. The interest isn’t surprising given the investment will be the biggest by a foreign company in the Czech Republic for three decades. But it also reflects how there’s more riding on the plan to make a new generation of microchips than the prospects of a corner of central Europe.

Central Pollution Control Board (CPCB) will audit a range of companies in the next month and a half to ensure they follow standard operating procedures and recycle electronic goods, and impose penalties on those found lacking, two government officials said. The penalties collected as environmental compensation (EC) will be used to finance environment protection efforts, the officials cited above said on the condition of anonymity. The E-waste (Management) Rules, 2024 issued in March empower the CPCB to monitor and fine violators.

iPhone manufacturing and domestic sales of MacBooks, iMacs, iPads, Watches and AirPods lifted the value of Apple’s India operations to over Rs 2 lakh crore ($23.5 billion) in FY24, top officials said, up from Rs 1.15 lakh crore in the year before. They told ET that Apple has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making the Cupertino-based tech giant the largest global value chain (GVC) operating domestically. Apple is also the first GVC in India that is rapidly shifting in part of its supply chain from China. According to the recent Economic Survey, India contributes around 14% to the US tech giant’s overall production, emerging as a key hub for its global exports. In FY23, India’s contribution was about 7%. iPhones dominate the numbers. Of the Rs 2-lakh crore valuation, iPhones worth a market value of around Rs 1.35 lakh crore ($15 billion) were exported last fiscal year, show calculations based on official data.

Mint. His statement came on the sidelines of the global unveiling of Google's latest smartphones—the Pixel 9 series. This is the first time that the company launched its entire portfolio of new smartphones, as well as accessories such as the Pixel Watch 3 smartwatch and and Pixel Buds Pro 2 pair of earphones, in India.

SEOUL—The uproar over a Mercedes-Benz electric vehicle that burst into flames in South Korea this month wasn’t only about fire safety. Outrage emerged over the lesser-known Chinese battery maker, Farasis Energy. Now South Korea has a fresh proposal to ease public anxiety: Advising carmakers to voluntarily divulge what brand of battery sits inside their EVs.

FirstCry and Anand Mahindra's Mahindra Partners, which owned Baby Oye and Mom & Me, were almost rivals at time. However, almost eight years ago, that is in October 2016, Mahindra joined hands with FirstCry founder Supam Maheshwari, deciding to 'support' him rather than 'fight him'. On Tuesday, FirstCry, an e-commerce giant in baby care segment, made it's D-Street debut. It was listed at Rs 651 on the National Stock Exchange (NSE), as against an offer price of Rs 465.

Tamil Nadu Cabinet on Tuesday gave its approval for 15 investment proposals of a total value of Rs 44,125 crore that are expected to generate over 24,700 jobs in the state. The 16th cabinet meeting chaired by Chief Minister M K Stalin at the secretariat here also granted its nod to three renewable energy policies as part of a goal to achieve 20,000 MW power generation by 2030, according to Finance Minister Thangam Thennarasu here.

Brainbees Solutions, which operates and owns FirstCry, jumped over 13% to Rs 707 following their strong debut on the exchanges on Tuesday. The stock debuted at Rs 625 on the BSE, reflecting a premium of Rs 160 or 34% over the IPO price of Rs 465. On the NSE, it is listed at Rs 651, reflecting a 40% premium. The listing was above expectations, with shares previously trading at a grey market premium (GMP) of 18% to the issue price.

Siemens Ltd’s consolidated Ebitda for the quarter ended June was sharply below analysts’ estimates despite growing 22% year-on-year. Growth was aided by lower raw material cost and ‘other expenses’, but fell short of estimates due to a sharp drop in revenue growth. The Indian unit of Siemens AG, a German industrial technology conglomerate, seems to be facing headwinds in project execution and could see lower growth in the near-term.

Interarch Building Products has announced a price band of Rs 850-900 for its upcoming Rs 1,186.11 crore initial public offering (IPO), which will open on August 19 and close on August 21. The IPO consists of a fresh issue of shares worth Rs 200 crore and an offer for sale (OFS) of up to 44.48 lakh with a face value of Rs 10 each share. At the upper price band of Rs 900, the OFS would be worth about Rs 400.28 crore.

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