Manufacturing Financial News

tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over Rs 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on 'New Pneumatic Tyres' were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India. The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company's commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. «This initiative has witnessed investment commitments worth more than Rs 1,100 crore from leading global players like Bridgestone, Michelin and Goodyear for the development/expansion of their tyre manufacturing capacity in India,» the official said.

California will be the first state to receive federal funds under a program to create regional networks, or “hubs,” that produce hydrogen as an energy source for vehicles, manufacturing and generating electricity

more ‘optimistic’ about job creation than other sources, even those that use similar methodologies, and the criteria of who is employed or unemployed. The ILO estimates the labour force (the number of people employed or looking for jobs) grew by 99.2 million between 2000 and 2019. The workforce over the same period, or the number of people actually employed, grew at a slower rate—79.4 million people.

Supreme Court has dismissed pharmaceutical major Sun Pharma's plea against a demand notice of Rs 4.65 crore raised by National Pharmaceutical Pricing Authority (NPPA) to recover the amount overcharged by the company for anti-bacterial infection drug Roscilox. Sun Pharma has challenged the NPPA's demand notices of 2005. The company was directed to deposit the overcharged principal amount of Rs 2,15,62,077 for the period April 1996 to July 2003 and the interest on this amount (Rs 2,49,46,256) for Roscilox, a brand of a Cloxacillin-based drug formulation The amount charged was more than that fixed by the government under the provisions of the Drugs (Price Control) Order, 1995 (DPCO). The pharma company has already paid a sum of Rs 1.25 crore towards the demand made by the NPPA.

Quant Mutual Fund has decreased its cash holding in June to 7.17% from 12.41% in May 2024. The fund house was sitting on a cash pile of around Rs 5,861 crore in June. The total equity AUM of the fund house was Rs 75,846 crore as of June 2024. It has around 21 equity mutual fund schemes. Of these, three had over Rs 500 crore cash in their portfolios. Quant Flexi Cap Fund had the highest cash allocation of Rs 867.93 crore in its portfolio in June against Rs 1,411 crore cash allocation in May. The total equity AUM of the flexi cap fund was around Rs 6,017.25 crore. Also Read | This defence MF gave over 100% return in a year. Worth a look ahead of Budget?

Asian fund managers by brokerage BofA shows that the triad of Japan, India, and Taiwan continue to be at the top of investor mindshare, while China and Thailand lag at the bottom from an allocation perspective. Asia Pacific fund managers are 51% overweight Japan, 32% overweight India and 24% overweight Taiwan while China (net 43% underweight) is at the bottom of the table.

Mint, a spokesperson for Aegis Logistics, said, “Aegis Vopak Terminals Ltd (AVTL) is exploring options to fund future growth for AVTL. These options may include, among others, a potential fund raise by way of public issue, preferential issue, or a combination thereof, of the equity shares and debt for the JV company and as may be decided by the AVTL board in absolute discretion and permitted under applicable laws and regulations." The spokesperson added that the company has not yet made a final decision regarding the IPO, and it is still exploring its future funding options.

Nilesh Shah, MD & CEO, Envision Capital, says the first budget of any government's five-year term is the most important. So, to that extent, this Budget is going to be important from a couple of perspectives. One is essentially the agenda and the vision for the next five years. Second, whether the Budget continue to demonstrate continuity in terms of what it has been doing in the past, in terms of the focus being more on investment-led growth with some support coming from consumption. This is the first Budget from Modi 3.0. Could it appear in a new avatar because normally the first Budget of a new government is about fixing the short term, mending the medium term, and kickstarting the long-term? What could be the playbook for this year's Budget? Nilesh Shah: It has several kinds of implications and it is going to be probably the most important document in recent times because this Budget is probably going to unveil more like the vision for the next five years in terms of what direction India and the Indian economy take. It will surely have several measures that will not just sustain but also boost growth. We are an economy growing at 7- 8% and we need to sustain that growth rate and maybe higher for the next 5, 10, 15, 20 years. This Budget is going to be keenly watched from the medium to long-term perspective and will probably unveil several growth-boosting measures.

Airbus is set to expand its Safety Promotion Centres (SPC) to China, the USA, Germany, and the United Kingdom, added Nicolas Bardou, the product safety communications and aircraft accident crisis response advisor, during a discussion with ANI. The Safety Promotion Centre is a specialized facility focused on enhancing safety within the aviation industry. The SPC was introduced in 2023 as a strategic initiative to disseminate safety controls. Notably, in India, Airbus operates a satellite SPC located in Bangalore, furthering its global safety outreach.

BEIJING — U.S. presidential hopeful Donald Trump's new running mate JD Vance stuck to a hard line on China in his first speech since being selected earlier in the week.

Mint. “Growth in the traditional basket of exports (comprising agriculture and allied products, gems and jewellery, and textiles) declined on the other hand." Also read | India's electronics, pharma, engineering goods exports beat global trade blues Exports of electronic goods, which primarily involve their final assembly, surged nearly fivefold in value terms to $29 billion in 2023-24 from the level seen in 2017-18, show data available with India’s commerce ministry. Exports of engineering goods increased from $78.65 billion in value terms in FY18 to $109.22 billion in FY24, while that of drugs and pharmaceutical products climbed from $17.27 billion to $27.82 billion in that period.

medical equipment market was worth $11 billion in 2022, making up 1.5% of the global market. The department estimates that the sector may grow to $50 billion by 2030 with a compounded annual growth rate (CAGR) of 16.4%. “The department of pharmaceuticals has submitted a new proposal on the meditech sector to the finance ministry for final consideration," the second person added, adding the final contours of the proposal are still being worked on.

Protonas, a startup specialising in low-cost polymer electrolyte membrane (PEM) hydrogen fuel cell solutions, has secured an undisclosed amount of funding in a round led by Transition VC. The funds will be used to set up initial manufacturing operations in Chennai and develop prototype systems. The company, based in Tennessee, USA, has a subsidiary in Chennai.

₹1 trillion government fund to support companies in promising segments struggling for capital. Setting up the fund for deeptech companies, first proposed in the interim budget in February, is part of the government's to-do list for the first 100 days in power.

French drugmaker Sanofi plans to invest ₹400 million (about ₹3,600 crore) over the next six years to expand its global capability centre (GCC) in Hyderabad by increasing the headcount and further developing the facility. Of the total, ₹100 million will be invested by the end of 2025. Over the next two years, Sanofi plans to more than double the headcount at the Hyderabad GCC to 2,600 employees, making the centre the largest of its four hubs globally. The company employs about 1,000 people in Hyderabad. The Hyderabad GCC will support Sanofi's global operations spanning commercial, manufacturing, supply chain research and development (R&D) and digitalisation. The GCC in India will help the company bring some of outsourced functions in-house, giving it more control over critical operations like manufacturing, commercial and R&D.

Siddaramaiah on Wednesday said his government's priority is to look after the welfare of Kannadigas as they are not getting jobs in their own land, responding to the criticism over the state's proposed law mandating quotas in jobs for locals in private industries. «We are a pro-Kannada government. We want to help Kannadigas lead a peaceful life with a job in their own land,» he said in a post on microblogging platform X. Within hours after his post, he announced he was putting the bill on hold after the proposed law came under widespread attack. The CM, in a post on X, said the government would revisit the bill after elaborate discussion at the next cabinet meeting. He had called the proposed law a historic effort towards protecting the interests of local Kannadigas and reversing the deprivation of jobs for them.

Godrej Consumer Products said its global manufacturing footprint will reduce by 40% by FY26, part of its broader strategy to make more products in India and cut costs to improve profitability. At present, the maker of Cinthol and Good Knight has 36 plants including 14 in India. It also invested Rs 1,000 crore in two manufacturing sites in India last fiscal. «We are also reassessing our manufacturing footprint. We are questioning how much of what we make in international geographies can be made in India and exported out,» Sudhir Sitapati, MD at GCPL, said in its latest annual report.

Budget 2024 to overcome current challenges and support growth. The focus is on enhancing regional connectivity, expanding airport infrastructure, and supporting domestic maintenance, repair and overhaul (MRO) and aircraft leasing. ENHANCED REGIONAL CONNECTIVITY: Strengthen regional connectivity scheme (UDAN) to improve access to underserved and remote regions, boosting connectivity and tourism. «The Indian aviation industry expects a continued focus on enhancing regional connectivity through UDAN and expanding airport infrastructure to support growth,» said Kinjal Shah, Co-group Head, Corporate Ratings, ICRA. INCENTIVES FOR MRO SECTOR:Provide financial incentives domestically, reducing reliance on foreign facilities, fostering local industry growth.

Union home secretary, the person said. Proposals under Press Note 3 will be expedited only when certain conditions are met. First, the Indian company has to make a case that the technology required and investment proposed is critical for developing the local manufacturing supply chain in areas such as hi-tech components. Second, the management and board of the investee company should not have any Chinese nationals in key roles such as MD/CEO and finance chief, and the Chinese partner can only have a minority stake in any partnership. These conditions will apply to Chinese joint ventures with Indian entities and even with foreign firms operating in India, according to four industry executives. The government plans underscore acknowledgment in industry circles that current Press Note 3 approvals are taking much longer time even where the Chinese has a minority, non-controlling and non-strategic stake, impacting investor sentiments, decisions and investment flows into India. The ministry of commerce and industry, through which Press Note 3 applications are processed, didn't respond to ET's queries.

Mint explains the domino impact this decision can have on employment and investments across sectors: The IT and ITes sector, which employs millions, has warned that investments will dry up on the back of such protectionist measures. Industry body Nasscom that represents the IT companies said it was "seriously concerned" and urged the state government to withdraw the bill. In a statement on Wednesday, the industry body said the tech sector contributes 25% to the state's GDP.