Manufacturing Financial News

Prime Minister Narendra Modi called for the creation of an “investment-friendly charter’ during the ninth Governing Council Meeting of the Niti Aayog on 27 July. This charter will outline policies, programmes and processes to attract more investments. Despite India’s potential, foreign direct investment (FDI) data shows that the country has not fully capitalized on its opportunities.

Maruti Suzuki India is anticipating a policy framework that supports all clean technologies, enabling the transition from petrol and diesel cars to vehicles with eco-friendly technologies, as stated by Chairman RC Bhargava. In his address to shareholders in the company's 2023-24 annual report, Bhargava emphasised that industrial growth relies on stable policies and a predictable work environment. He also expressed optimism that in Prime Minister Narendra Modi's third term, the government will continue to focus on infrastructure development, maintaining fiscal discipline, controlling inflation, implementing reforms to enhance manufacturing competitiveness, and fostering trust in the private sector. «Some believe that your company has been slow to manufacture electric vehicles. We decided to adopt a more diversified approach to meeting national objectives and did not want to put all our eggs in one basket,» Bhargava wrote.

Federal Reserve may have left interest rates elevated for too long, allowing them to hurt U.S. growth. Alarming economic data in recent days have deepened those concerns. U.S. job growth slowed more than expected in July, a Friday report showed, while the unemployment rate increased to 4.3%, heightening fears that a deteriorating labor market could make the economy vulnerable to a recession.

Here's what top brokerages have to say on the biggest IPO of this year:

Oil prices fell on Friday, settling at their lowest since January after data showed the U.S. economy added fewer jobs than expected last month, and weak Chinese economic data added more pressure. Brent crude futures settled down $2.71, or 3.41%, to $76.81 a barrel. U.S. West Texas Intermediate crude futures settled down $2.79, or 3.66%, at $73.52.

Advent International plans to tap the capital markets to list portfolio company Manjushree Technopack Ltd, India's largest rigid plastic packaging solution provider, said people aware of the development. A successful listing will help monetise a part of Advent's six-year investment in the entity that counts brands such as Coke, Pepsi and Bisleri among its customers. The private equity group has hired JM Financial, ICICI Securities, Avendus Capital and Goldman Sachs to manage the IPO. It had hired Avendus and Goldman Sachs earlier this December to find potential buyers for Manjushree.

Ola Futurefactory is going to be the world's largest EV ecosystem at a single site."According to a report by HT Auto, Bhavish Aggarwal could make major announcements related to Ola Electric, Ola Cabs and his AI platform Krutrim at Sankalp 2024. Announcements about Ola's upcoming electric bike and the company's new venture, Ola Maps, are also likely.The Ola Bike was previously confirmed to arrive in the second half of 2025, and Aggarwal had recently shared a teaser for it in an X post.

Tata Electronics is set to have the Bhoomi Poojan function for its first chip assembly and testing unit at Jagi Road, Assam on Saturday. The event, which is likely to take place at 10:30 am is expected to be attended by Assam CM Himanta Biswa Sarma and Tata Sons Chairman N Chandrasekaran. The Union Cabinet had in February approved proposals of three semiconductor plants, out of which two were in Gujarat and one in Assam, for an estimated cost of Rs 1.26 lakh crore.

Sonata Software has pushed its $1.5 billion revenue target by a year to fiscal 2027, its top executive told ET. This indicates the slowdown in technology demand is also impacting mid-sized outsourcing firms which have been growing faster than their larger rivals like Tata Consultancy Services, Infosys, HCLTech and Wipro. “We have called out that we want to be $1.5 billion revenue by FY27. That's our long-term goal. Given the market condition, we diluted it (from earlier target of achieving it by FY26 ending March 2026) by 2-4 quarters now,” managing director and chief executive Samir Dhir said.

Hindustan Zinc Ltd (HZL), part of mining major Vedanta Ltd, is looking for domestic partners to set up manufacturing plants to make Zinc-based batteries in India, senior executives said in an interaction with Mint. The company had earlier announced that it had entered into a strategic partnership with US-based AEsir Technologies to explore zinc-based energy storage solutions and reduce dependency on other critical minerals. “The world is going through an energy transition, so everybody is looking for a solution and with lithium being costly, not widely available, and has safety issues, so, we thought it to be the right opportunity for the Zinc business to get into it," said Arun Misra, CEO, HZL.

IT hardware industry has sought clarity around applicability of manufacturing quotas, including criteria and import quantities of products like laptops and tablets that may be allowed under the new import authorisation mechanism, that is set to come into force from October 1 this year. The clarifications were sought in a recent meeting with the Ministry of Electronics and IT (Meity) officials. Companies such as Dell, HP, Foxconn, Acer, Asus, Flex and Dixon technologies are among the major IT hardware manufacturers in India. «The industry players wanted to understand what will happen after October 1, when the new system kicks-in. They need clarity so that they can plan accordingly. We have taken their questions and will revert soon,» an official told ET.

electronics industry to share production statistics for policy formulation, a Meity official said on Friday. The government has been sharing electronics production data in the country based on estimates of industry bodies, especially the India Electronics and Cellular Association. «We don't have any kinds of production data. That's very important. When we formulate policy, we need to know how much we are producing and what we are producing. So that we actually know the exact figure. We have DGIS, where we can get import data and export data. Industry has to support the government by sharing the data,» Meity Scientists G and Group Coordinator Asha Nangia said. She was speaking at an event organised by CII in collaboration with ICEA on Building a Resilient Supply Chain for Electronics and Semiconductor Industry.

public comments till August 30 on its proposed amendment to bring uniformity in rules regarding mandatory declaration on packaged commodities sold in the retail market, except for institutional consumers. According to an official statement, the Department of Consumer Affairs has extended the timeline for submission of comments on the proposed amendment in Rule 3 of the Legal Metrology (Packaged Commodities) Rules, 2011 until August 30. The last date of submission was July 29. The Legal Metrology (Packaged Commodities) Rules, 2011 make it mandatory to declare information like name and address of the manufacturer/ packer/ importer, country of origin, common or generic name of the commodity, net quantity, month and year of manufacture, MRP, Unit Sale Price, best before/use by date and consumer care details on all pre-packaged commodities. However, Rule 3 provides that these rules are not applicable for the packaged commodities containing quantity of more than 25 kilogram or 25 litre except cement, fertilizer and agricultural farm produce sold in bags above 50 kilogram. It is presumed that the packaged commodities meant for retail sale are not more than 25 kg, the statement said.

NCLT) approved a record 269 resolution plans under the insolvency law in 2023-24, which is 42 per cent higher than the year-ago period, a report by Crisil Ratings said. Of the 269 cases, 88 per cent are from the backlog of earlier years' admissions. This has been driven by greater investor interest in turnaround of stressed assets as seen in the resolution plan submissions.

Ola Electric was 16% subscribed in the first two hours on the first day of the bidding process on Friday. At 11.27 a.m., the public issue was subscribed 0.16 times, led by retail investors, whose category was subscribed 77%. The non-institutional investor (NII) category was subscribed 7%, while there were no bids from qualified institutional buyers. The employee reserve portion was subscribed 2.82 times.

Tata Motors on Thursday said its British arm Jaguar Land Rover has no plans at present to leverage India's new electric vehicle policy that offers import duty concessions to firms setting up manufacturing units in the country, as it is not suitable for the company. In March this year, the government announced the new electric vehicle policy to attract major global players like Tesla, allowing them to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for a period of five years from the date of issuance of the approval letter by the government. «At this point in time that specific policy is not something that is suitable for us. So, we don't intend to leverage it at this point in time,» Tata Motors Group CFO PB Balaji said at the earnings conference.

Asian stocks tumbled as sentiment was hit by a triple whammy of a Japan selloff, a global tech rout and weakness in the US economy. The MSCI Asia Pacific Index dropped as much as 2.8%, the most since June 2022, with Taiwan Semiconductor Manufacturing Co. and Tokyo Electron Ltd. among the biggest drags. Japan’s Topix Index headed for a technical correction, while benchmarks in the tech-heavy markets of South Korea and Taiwan fell about 3%.

U.S. stocks tumbled after weak data raised worries the Federal Reserve may have missed its window to cut interest rates before undercutting the economy’s growth

The fiery North Dakota derailment that burned for days early last month was the latest train crash to involve flawed tank cars the National Transportation Safety board has been trying to get off the tracks for decades

The number of Americans filing for unemployment benefits jumped to its highest level in a year last week, even as the labor market remains broadly healthy

Japanese automakers Nissan and Honda say they plan to share components for electric vehicles like batteries and jointly research software for autonomous driving