Manufacturing Financial News

budget proposals to facilitate employment and skilling have boosted sentiment but are likely to translate into sizeable numbers only in the medium to long term, rather than triggering any major turnaround in the job market in the near future, said economists and hiring experts.

Radhakishan Damani, through his entity Derive Trading, on Wednesday offloaded a partial stake in tobacco company VST Industries through bulk deals. According to exchange data, Damani sold about 2.62 lakh shares or about 1.7% stake in the company at Rs 4,102 apiece. This takes the transaction value to Rs 107 crore.

inflation outlook.

index globally driving down Emerging market currency and likely equity outflows. The local currency ended the day at 83.7175/$1,its weakest closing level and marginally weaker than its close of 83.6875/$1 in the previous session, LSEG data showed.

investment with the government extending the custom duty exemption or concession in the Budget on several key components used in manufacturing of televisions, microwave ovens, LED lights, CCTV cameras, washing machines and fans till March 2026. Most of these concessions were to expire after September 30.

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Petronet LNG (PLL) reported a 45% jump in the first quarter profit to Rs 1,142 crore as a scorching summer boosted capacity utilization of its import terminal, sending its shares up 5% on Wednesday. Petronet’s revenue from operations rose to Rs 13,415 crore in the April-June quarter, up 15% from Rs 11,656 crore in the year-earlier period.

CERT-In) had reported possible intrusion and data breach at state-owned Bharat Sanchar Nigam Ltd (BSNL) on May 20, 2024, Parliament was informed on Wednesday. An Inter Ministerial Committee (IMC) has been constituted to conduct an audit of the telecom networks and suggest remedial measures for prevention of data breaches in the telecom networks, Minister of State for Communications Pemmasani Chandra Sekhar said in a written reply in the Lok Sabha.

PLI scheme for large scale electronics manufacturing have cumulatively invested Rs 8,282 crore till June 2024, Parliament was informed on Wednesday. Minister of State for Electronics and IT Jitin Prasada in a written reply to Lok Sabha said that a total of 32 companies were approved with committed investment of Rs 11,324 crore and a projected production target of Rs 10.7 lakh crore under the PLI (Production Linked Incentive) scheme for Large Scale Electronics Manufacturing.

India is likely to ease restrictions on Chinese investment in non-sensitive sectors like solar panels and battery manufacturing where New Delhi lacks expertise and which hinders domestic manufacturing, two government sources said.

Finance Minister Nirmala Sitharaman, focuses on balancing increased spending on jobs and rural development with transferring more funds to states, while narrowing the fiscal deficit. However, it offered limited new announcements for the Railways, mentioned only once in the Finance Minister's 83-minute speech.

exporters and industry stakeholders.

Ajit Ranade: An overdue pivot to human capital and employment There was also a reference in the budget speech to the need to simplify rules for FDI and ODI, and to promote the Indian rupee as a currency for overseas investment. While the FDI and ODI policy has been liberalised over the years, including through notification and regulations announced in August 2022, some aspects remain grey, such as whether portfolio investments are indeed permitted or not under ODI. Also, some substantive aspects (and indeed, procedural aspects) are difficult to deal with at the ground level, and one hopes that these will be addressed expeditiously.

Viksit Bharat in the full budget. Overall, the Budget 2024 has been an inclusive one, listing out nine priority areas. In fact, inspired by Prime Minister Narendra Modi’s vision, FICCI’s four priority areas, namely manufacturing (Make in India), farm-led growth, women-led development and sustainability, closely mirror the thrust areas highlighted in the budget.

BEIJING — Four of the world's largest semiconductor equipment manufacturers, including ASML, have seen the share of their China revenue more than double since late 2022, Bank of America analysts said in a report Monday.

fiscal prudence and whether the budget would indicate a populist turn by the government. However, the message is that of continuity. Apart from the increased allocation of resources to the states of the two coalition partners, there does not seem to be any meaningful difference between the earlier budgets and the current one. The government continues to be on the path of fiscal prudence and consolidation. There is an emphasis on employment, skilling, and the social sector, and rightly so. There has been some worry about economic growth not fully translating into employment growth. Given the increasing number of young Indians joining the workforce, it was important to address the skilling needs of the people and incentivise the companies to hire more freshers. Encouragement for domestic manufacturing and services continues and the measures announced were on expected lines.

quarterly results for the April-June 2024 period on Wednesday. Key results to watch out include L&T, Axis Bank, Bajaj Finserv and SBI Life. Apart from the above, companies like CMS Info Systems, Craftsman Automation, DCB Bank, Epack Durable, Federal Bank, Go Fashion, Jindal Steel, JK Paper, Mahindra Lifespace, KPIT Technologies, Ramco Systems among others will also announce their results.

Dinesh Kumar Khara, Chairman, SBI, says the emphasis on employment, skilling, and MSME is clearly articulated as the key pillars for inclusive growth in the Budget. Additionally, there is a strong focus on enhancing productivity and resilience in agriculture. Addressing youth employment and skilling is crucial for the economy, and maximizing these resources is essential. Furthermore, MSME is a core focus area for manufacturing and services, along with urban development initiatives like PMAY, which will significantly boost the real estate sector in urban areas. This Budget has struck the right chords. It is a Budget which, in a sense, has balanced growth and also government's vision of sab ka saath, sab ka vikas. In your mind, what was the big standout feature? Dinesh Kumar Khara: The Budget is something that is going to focus on the inclusive growth in the economy.

«So, to cut it short, my view is that I hope this is probably from here on is a stable tax rate. If that is the case, then markets in the past have also adjusted to new realities. It is not the extent, but it is more of the principle and I think as the late Rakesh Jhunjhunwala would say, ke paisa kamaya to tax dena padega. So, I think we will take it in that spirit for now and hope that from here onwards, the tax rates remain stable,» says Hiren Ved, Director & CIO, Alchemy Capital Management. Are you also feeling as unsettled that this may not be it and this could perhaps lead to more upping of taxes in the times to come? Hiren Ved: Well, I hope not. I want to be optimistic on that count that hopefully, this for whatever reason was well thought out and from here on there will be stability in tax rates and this is not something that I am saying, I think the government itself on several occasions have mentioned that you need stability in tax rates over the long term. So, my feeling is that they had to rationalise taxes on capital gains across assets and hopefully, they have done that. If you take STP cap gains and cess on that, we are already paying reasonable amount of tax and it is not as if that the government was in need of revenue as such.

Growth@work: The big message from Union budget 2024-25 Micro, medium and small enterprises are the life force of our economy and the flow of credit to them will have a multiplier effect on the economy. The FM announced several measures to simplify credit flow to MSMEs through a credit guarantee scheme and new assessment model for these businesses. The limit for Mudra Loans has also been increased from ₹10 lakh to ₹20 lakh under the Tarun category, which will have a cascading effect on the sector and its ability to create jobs.

economic growth and development. Multiple measures in the budget have states as their touchpoints. The ambition on agriculture reforms, the ₹1.1-trillion infrastructure push, development of industrial parks with states to spur manufacturing, urban development plans and ramp-up of skilling, among others, are all projects that envisage intense cooperation between the Centre and states.