Manufacturing Financial News

(This story originally appeared in on Jul 01, 2024)

Investment in electric vehicle manufacturing is booming in Morocco, a country that neighbors Europe and enjoys a free trade agreement with the United States

Foxconn group's Bharat FIH is weathering a rough spell, having lost three independent directors in the last three months, people aware of developments told ET. The company is also likely to shutter its manufacturing facility in Sri City, Andhra Pradesh, due to a massive drop in orders from key client Xiaomi, they said. Industry watchers feel Bharat FIH was too dependent on the Chinese smartphone maker and did not keep up with the competition. Among those who have exited the Bharat FIH board are InterGlobe Aviation chairman Venkataramani Sumantran, Sify Technologies cofounder Ramaraj R, and former IT and telecom secretary Aruna Sundararajan.

dark stores of leading quick commerce platforms, especially for packaged foods, after several hygiene lapses came to light in recent weeks, said people familiar with the matter. Not just these warehouses, but direct-to-consumer food brands too have received ‘surprise visits’ from Food Safety and Standards Authority of India (FSSAI) officials, the people told ET on condition of anonymity. Quick commerce companies are exercising more caution — in hygiene as well as in adding small-scale new-age brands to their platforms, they said.

«We are looking for diversified kind of auto ancillary companies where the risk of one segment or any other risk could be very less relative to other auto companies,» says Yogesh Patil, LIC Mutual Fund. I want to talk to you about the rural and the tier II, tier III space in particular, beyond consumption, because the sense is that the government may actually put extra effort and liquidity towards that side to revive. What are the categories which are likely to do well? Is it rural pumps or is it some of the companies which are providing water solutions or maybe some irrigation companies or pipes? Which category in your view you think could be a beneficiary? Yogesh Patil: Rural is largely driven by basically agriculture. So, solutions regarding agriculture like you rightly said, pumps, pipes, credit, mass housing and employment generation, these could be the focus area for government in Budget.

The Biden administration is awarding nearly $2 billion in grants to help restart or expand electric vehicle manufacturing and assembly sites in eight states, including the presidential battlegrounds of Michigan, Pennsylvania and Georgia

New Delhi: The government is likely to allow electric vehicle (EV) makers to benefit from a new policy that was announced this March, even if their investments were made earlier, according to two officials aware of the development. Such a move would benefit Vietnam's EV maker VinFast, which had announced in January that it would build an EV plant in India, the first official cited above said on condition of anonymity, adding that the new policy may attract a few more global EV makers to manufacture in India.

Tamil Nadu government seeking a detailed report in the Foxconn case, taking suo motu cognizance of discrimination by the company which reportedly excluded married women from job at its assembly plant in Sriperumbudur, Tamil Nadu. “The Commission has observed that the contents of the media reports, if true, raise a serious issue of discrimination against married women causing the violation of the right to equality and equal opportunity,” NHRC said in a statement issued on Monday. “Therefore, the Commission has issued notices to the secretary, union ministry of labour and employment and the chief secretary, government of Tamil Nadu calling for a detailed report in the matter within one week,” NHRC said in a statement issued on Monday.

commerce ministry has sought views of different departments on proposed measures to revive special economic zones and facilitate business transactions between SEZ and the domestic market, a senior official said on Monday. The official said that the ministry has suggested allowing the sale of products manufactured in Special Economic Zones (SEZs) in the domestic market on payment of duty foregone on inputs as that would help promote value addition. «The main issue in SEZs is that we are not able to get economies of scale. The connect between SEZs and the domestic tariff area (DTA) or domestic market has to be improved. There are also issues if DTA is selling to SEZs,» the official said. «So we have suggested duty foregone basis sales. There are also issues with regards to job work. For example if an IT firm has to get some work from the domestic market, they need permission. We have sent a draft cabinet note,» the official added.

critical minerals and their processing besides battery production, Commerce Secretary Sunil Barthwal said on Monday. Both countries have signed an interim free trade agreement and are in negotiations to expand that into a comprehensive pact, he said. «We are looking at how we can integrate our (India and Australia) economies in terms of battery production, in terms of mineral production, in terms of mineral processing, in terms of vehicle production,» the secretary said here at a conference on the roadmap for vehicle electrification. He also said that the government has taken a series of steps to promote domestic manufacturing of electric vehicles (EVs) and strengthened the ecosystem around that like boosting charging infrastructure.

Earlier this month, the Securities and Exchange Board of India (Sebi) launched a certification exam for retail investors. This free online exam tests the knowledge of individuals new to the securities market. 

In less than one year, India’s solar-cell manufacturing capacity will increase to 30 gigawatts from 6. These cells go into solar photovoltaic modules, whose capacity will also double to 150 gigawatts in two years. This will not only meet domestic demand but might also make India an exporter.

₹12 lakh and ₹20 crore can apply for FSSAI state licence. But for exports, spice manufacturers would need an FSSAI central licence. India cultivates a wide variety of spices, including black pepper, cardamom, cinnamon, cloves, turmeric, ginger, and more.

Oil prices edged up in early trade on Monday, supported by forecasts of a supply deficit stemming from peak summer fuel consumption and OPEC+ cuts in the third quarter, although global economic headwinds and rising non-OPEC+ output capped gains. Brent crude futures rose 16 cents, or 0.2%, to $85.16 a barrel by 0032 GMT, while U.S. West Texas Intermediate crude futures were at $81.71 a barrel, up 17 cents, or 0.2%.

Gold prices held steady in early Asian hours on Monday, buoyed by data that showed inflation in the U.S. subsided, boosting hopes that the Federal Reserve will start cutting interest rates this year. FUNDAMENTALS

venture capital funds, given the boom in the market.

investment destination is doing extremely well with the country witnessing high foreign remittances, foreign direct investment (FDI) and foreign institutional investment (FII) inflows, commerce and industry minister Piyush Goyal said.

exports, improvement in the current account deficit (CAD) and focus on expanding manufacturing will help the Indian economy register a healthy growth rate, Commerce and Industry Minister Piyush Goyal has said. He was here to participate in a programme of the gems and jewellery industry.

international airport in Hosur promises significant benefits for Bengaluru’s IT corridor, Electronics City, and nearby areas close to the Tamil Nadu border. The commute from Electronics City to Kempegowda International Airport (KIA), located over 60 kilometers away, is challenging at times due to increasing traffic congestion and the lack of a robust mass transit system. Industrialists in Hosur have long advocated for an airport to boost the region's growth.