Manufacturing Financial News

Tesla is recalling more than 1.6 million cars in China for a remote software upgrade to ensure that they warn the driver when the trunk is not locked shut

AIA Engineering approved a share buyback of Rs 500 crore in its meeting held today, at a price of Rs 5,000, which is a premium of 12% on its current market price of Rs 4,466. “We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e., August 07, 2024, have, inter alia, approved the Buy-back of up to 10,00,000 (Ten Lakhs Only) fully paid-up Equity Shares of face value of ~ 2/- each by the Company (representing 1.06% of the total number of Equity Shares of the Company) at a price of ~ 5,000/- (Rupees Five Thousand) per Equity Share payable in cash for a total consideration not exceeding ~. 500,00,00,000/- (Rupees Five Hundred Crores only),” said the company in its filing to the exchanges.

«Everything that we manufacture in our new plant, which is already operational, the module plant is fully operational, and the cell plant will become operational in this month and next month. So, we will become very-very resilient in terms of our supply chain and also consistency in terms of quality and the price of the modules,» says Praveer Sinha, CEO & MD, Tata Power. Let us talk about solar rooftops because you also are a very important player in that. Tell us, what is your current market share? What are the plans going forward? How is it that you plan to scale this up? Praveer Sinha: So, we have already completed more than 100,000 rooftop solar houses. We are the biggest in the rooftop business. In the organised sector, we have more than 20% market share. We have huge plans to work with the government, especially the PM Surya Ghar Programme, and we are enhancing our capability both in terms of our channel partners, as also in terms of the reach that we will have with our own teams and the supply chain. So, over a period of time, you will see that we will become one of the biggest players of the rooftop solar in the country.

online portal to fast-track visas for Production Linked Incentive (PLI) schemes has been kick-started by the Ministry of Home Affairs, a government official told ANI. The official mentioned that the online portal to fast-track PLI visas has been operational for about a week. The aim of this special initiative is to ensure smoother approvals of visas for technicians, mostly from China. «We have set up an online portal to fast-track visas for technicians in PLI sectors, including for Chinese vendors,» said the official. According to a government source, a meeting was also held with stakeholders to sensitize them on the workings of the online portal to fast-track PLI visas. The objective is to shorten the visa processing time from the current 4-5 months to within 30 days, according to sources familiar with the discussions.

The minimum bid is for 90 shares, with additional bids in multiples of 90 shares thereafter.

The U.S. Federal Reserve does not need to make an emergency rate cut, despite recent weaker-than-expected economic data, according to Claudia Sahm, chief economist at New Century Advisors.

pan masala and similar tobacco products, if they fail to register their packing machinery with GST authorities. The GST Network had earlier in May and June notified two forms GST SRM-I and II for registering machines used by such manufacturers and to report inputs procured and corresponding outputs with tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) on August 6 notified October 1, 2024, as the date for levy of up to Rs 1 lakh penalty for failure to register their packing machines with GST authorities. In January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure to improve GST compliance for manufacturers of pan masala and tobacco products effective April 1.

transition towards EVs in India is range anxiety and the limited number of public chargers.JSW MG Motors also announced other initiatives like a connectivity platform with Jio and an EV education platform.India's upcoming FAME-III scheme is expected to support charging networks. FAME is short for Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India.Additionally, officials at the heavy industries ministry are discussing a national charging policy.

Indian expats, including those at the CXO level ,looking to relocate to India primarily from the US, UK and Canada over the last year, recruitment agency Randstad India told ET. However, Randstand did not quantify the size of the surge of Indian expat applicants. The manufacturing industry is expected to double in size over the next five years from employing around 2.5 to 3 million people to around 5 million by around 2030, Yeshab Giri, Chief Commercial Officer, Operational Talent Solutions at Randstad India, told ET. Government emphasis with big ticket incentives in addition to benefiting from the China plus one strategy has seen the electronics manufacturing sector in particular opening up more opportunities for these expats. The government boosters are seen aiding local manufacturing to get stronger.

component sub-assemblies that go into making a mobile device, a senior official told ET. This is part of a big upcoming incentive scheme to develop a local ecosystem for electronic components. Sops will be linked to a combination of production, capex and employment generation, given the government's renewed focus on job creation. «This will set the new template for the manufacturing sector,» said the official. China's value-add is currently in the range of 30%. India's target is to have 25-30% value add in about seven years, the official added.

₹25 lakh segment, which has the highest sales volumes India. The brand, part of the multinational automotive giant Stellantis, has struggled in its eight-plus years in India – Its models like the Compass and Meridian have made little headway, largely owing to their relatively high prices, and the lack of a 'mass-market' product. Now, it may be set to change that.

Ledger, a leading cryptocurrency hardware wallet manufacturer, has unveiled an exciting new addition to its line of products – Ledger Flex.

Briefing occurred Tuesday in Renton, Washington, detailing «defect» from supplier.

managed to reduce the gap with Trump. “It is hard to assess Trump as he is disruptive and unpredictable," says Ajay Bisaria, a former diplomat. Unlike in 2016, Trump today has total control over the Republican Party.

polished diamonds in international markets due to recession. As per Kiran Gems company website, it is the 'world's largest manufacturer of natural diamonds. «We have announced a 10-day vacation for our 50,000 employees. Though we will deduct some amount, all employees will be paid a salary for this period. We are forced to announce this vacation because of the recession. I am tired of this recession now,» Kiran Gems chairman Vallabhbhai Lakhani told PTI. He underlined the short supply of rough diamonds and the lack of sufficient demand for polished diamonds exported by the company.

Mint the political crisis in Bangladesh could hinder India’s plans to boost exports to the neighbouring country. “If the situation worsens, which is highly possible, Bangladesh may stop importing Indian goods and seek other countries to meet their domestic needs," the official said, declining to be identified. Other experts said India faces losses in multiple trade segments due to the Bangladesh crisis, which could turn into opportunities for competitors like Vietnam and China.

Services PMI: Steep price hikes could take the wind out of companies' sails On the flipside, industrial volume fell around 5%, led by subdued performance of its telecom segment owing to a high base. These misses caused some brokerages to downgrade their earnings forecasts. Motilal Oswal Financial Services Ltd cut its FY25 and FY26 earnings-per-share estimates by 10% and 16%, respectively, to factor in the increase in commodity prices.

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Also Read: In charts: Big shifts in India’s jobs market in last 40 years Since the youth prefer the stability of salaried employment, and also show a desire to find such opportunities in or around their village, it’s important to bring the economy to the people and create opportunities for aspirational migration, the report said. India’s rural labour market is still dominated by agriculture, employing 49% of male workers and 76% of the female workers, according to the government’s 2022-23 Periodic Labour Force Survey.

The issue attracted bids for 53,64,11,850 shares out of the 46,51,59,451 shares offered. The quota reserved for retail individual investors (RIIs) was subscribed 3.10 times, while the non-institutional investor (NII) category was subscribed 1.28 times. The allocation for qualified institutional bidders was 40% booked.

«I do not think that is the only thing that is going on. Though, I think what has happened here is the market was extremely buoyant and arguably priced for something approaching perfection when it got a bit of a wake-up call that the economy was slowing down from last Friday's non-farm payrolls number in the US,» says Arnab Das, Global Macro Strategist-EMEA, Invesco. So, you heard what Jim Rogers, the commodity guru, has had to say, and he says this has been long overdue and these kind of conditions are brought on by a lot of leverage across markets around the world. Do you agree? Do you think that the kind of factors that influence the markets are going to take them down even further? Arnab Das: Well, I think it is certainly a risk. I think there has been a big build-up in public sector leverage in the US and many other countries, particularly in the West, as a result of the pandemic and to some extent, the war in Ukraine. And I think that has been a factor in keeping growth so high and in generating a boom in investment, construction, manufacturing renaissance of sorts in the US. I do not think that is the only thing that is going on.