Manufacturing Financial News

China says it has banned a number of business units of American aviation maker Lockheed Martin Corporation and three of its executives over arms deals with Taiwan, the self-ruling island it claims as its own territory

America and Europe are heading down different roads in response to China’s emergence as an electric-vehicle juggernaut. The U.S. is closing its borders to Chinese EVs before they even launch.

India needs to take critical actions to transform its electronic sector ecosystem from an 'import dependent assembly led manufacturing' to 'component level value-added manufacturing', highlights a report by Confederation of Indian Industry. As per the Report, in 2023, the demand for components and sub-assemblies stood at USD 45.5 billion to support USD 102 billion worth of electronics production. This demand is expected to scale to USD 240 billion to support the USD 500 billion worth electronics production by 2030. The priority components and sub-assemblies including PCBAs (Printed Circuit Board Assembly), are projected to grow at a robust CAGR (Compounded Annual Growth Rate) of 30 per cent, reaching USD 139 billion by 2030.

Will reforms take a backseat? We now have a BJP/Modi-led coalition Government in place, and several key ministries are in the same hands as they were earlier, including finance. The reality, however, is that this is a coalition Government with the support of JDU and TDP and other allies, and the question is whether, in this context, several critical and long pending reforms will take a back seat.

Allied Blenders and Distillers will open for subscription on June 25. The issue closes on June 27. Through the public offer, the company plans to raise around Rs 1,500 crore. Here are 10 things to know about Allied Blenders and Distillers IPO IPO before subscribing to the issue.

₹1,000 crore and an offer-for-sale (OFS) of ₹500 crore in equity shares by promoters and other investors, totaling ₹1,500 crore.Promoters Bina Kishore Chhabria and Resham Chhabria Jeetendra Hemdev will sell off the shares in the Offer for Sale (OFS).The company manufactures, markets, and distributes alcoholic beverages both within India and globally. Its product range encompasses various IMFL brands such as vodka, rum, whiskey, and brandy.Allied Blenders and Distillers IPO date: The IPO of liquor company will open for bidding on June 15 and will close on June 27.Allied Blenders and Distillers IPO price band: The company has set the price band of its IPO at ₹267 to ₹281 per share.Allied Blenders and Distillers IPO size: The Allied Blenders IPO is a book-built issue aiming to raise ₹1,500 crores.

Dee Development Engineers is likely to finalise the share allotment on Monday. The issue was booked nearly 100 times at close on strong interest from non-institutional and institutional buyers. Investors can check the status of their share allotment on the BSE or even by logging in to the registrar website. Firstly, here's how you can know the status on BSE

Lupin and a unit of Aurobindo Pharma are recalling products from the American market due to manufacturing issues, according to the US health regulator. As per the latest Enforcement Report issued by the US Food and Drug Administration (USFDA), a US-based unit of Lupin is recalling a medication used to treat bacterial infections. Baltimore-based Lupin Pharmaceuticals Inc is recalling 3,552 bottles of Cefixime for Oral Suspension (USP 200 mg/5 mL) due to «failed content uniformity specifications». The affected lot has been produced at the company's Mandideep-based manufacturing plant in Madhya Pradesh.

Hyundai Motor India gave the third significant upgrade to its flagship sports utility vehicle Creta this January, almost nine years after its launch in 2015 and about four years after its second generation in 2020. But the next big development followed in just three months with the performance-focused Creta N Line variant hitting the roads in March. Now, an electric version is scheduled for later this fiscal.

Infosys’ emeritus chairman. Be that as it may, “birds” perched across trees in China have been tweeting a story that isn’t music to those in China who have been pushing the infamous “996” system for decades on end: working 9 am to 9 pm 6 days a week. That’s actually two hours more than the duration of a working week suggested by our favourite task master. In viral videos, young people in China have been engaged in a serious, new form of sticking it to The Chair-Man. Reacting against Xi Jinping’s version of JFK’s “Ask not what your country can do for you, ask what you can do for your country” finger-wag, the new social media trend has young people—what policymakers insist on calling “youth”—record themselves with their hands tucked inside oversized t-shirts, perched on any piece of furniture, and then change the video backdrop to make themselves look like they’re sitting on trees. The effect is powerfully, even scarily, surrealistic.

Winners of six critical mineral blocks under the first round of auctions will be announced on Monday. The preferred bidder for the hotly contested Katghora block will be among those being unveiled, making it India’s first lithium and rare earth element (REE) mine. This bid round was launched on November 23 last year with 20 mines. But auctions for 14 of these blocks was annulled citing tepid response. Another 18 blocks were to be auctioned in the second round but bids for 14 have been scrapped due to the poor response. According to officials aware of the first round of bids, blocks holding phosphorite and fertiliser minerals have got 5-6 bids per mine. The lithium block in Chhattisgarh has got more than 10 bids while graphite mines have 4-5 bidders per block.

Heavy Industries Minister H D Kumaraswamy has asked top officials of Hindustan Machine and Tools (HMT) to submit proposals for reviving the ailing public sector undertaking (PSU). An official statement said, “The once-glorious HMT is currently facing significant challenges. The Minister emphasized the need to strengthen the company and instructed Rajesh Kohli (HMT’s Chairman and Managing Director) to submit a proposal to the central government for necessary support.” Prime Minister Narendra Modi's Atmanirbhar Bharat (Self-Reliant India) initiative was highlighted as a framework for HMT's revival, the statement added.

made-in-India weapon systems, the Indian Navy is set to place an order for four Tapas drones built in India by the DRDO. The Indian Navy intends to use the drones developed by Defence Research and Development Organisation for surveillance over the maritime zone. «The Indian Navy is going to order four Tapas drones and it is going to use them for maritime surveillance operations,» defence officials told ANI.

Boeing is in the news once again for the wrong reason. In the latest addition of Boeing mishaps that have taken place this year, a fire broke out 15 minutes after the Boeing 738 aircraft took off from the Indian city of Hyderabad and the Kula Lumpur-bound flight returned, reports 'Business Insider'. A video going viral on social media sites shows the engine of the plane on fire with sparks flying out behind it. The plane returned to make an emergency landing at Hyderabad's Rajiv Gandhi International Airport.

Andhra Pradesh Finance Minister P Keshav on Saturday said the GST council has referred a recommendation on exempting the fertiliser sector from the current 5 per cent GST to the Group of Ministers on rate rationalisation. The council discussed the recommendations made by the Standing Committee on Chemicals and Fertilisers in February to reduce GST on nutrients and raw materials in the interest of fertiliser manufacturing companies and farmers. Currently, GST at a 5 per cent rate is charged on fertilisers, while raw materials like Sulphuric Acid and Ammonia face a higher GST at 18 per cent. Talking to reporters after the 53rd GST council meeting, Keshav said the proposal to reduce the GST rate on fertilisers has been referred to the Group of Ministers (GoM).

fireball manufacturing factory in Daulatabad Industrial Area of Gurugram, officials said. The incident occurred on Friday late at night.

₹537.02 crore, comprising a fresh issue and an offer-for-sale.The Bengaluru-based furniture maker raised over ₹161.10 crore from anchor investors on Thursday ahead of its initial public offering.Stanley Lifestyles is a super-premium and luxury furniture brand in India involved in manufacturing and retail operations.Experts point out that in FY23, it was the fourth-largest revenue-generating player in the home furniture segment in India.Stanley Lifestyles is among the first few Indian companies in the super-premium and luxury furniture segment and one of the few Indian companies present across various price points, such as super-premium, luxury and ultra-luxury segments, through its various brands.Here are ten key points about Stanley Lifestyles and its IPO:A book-built issue of ₹537.02 crores, Stanley Lifestyles IPO combines a fresh issue and an offer-for-sale (OFS) by its promoters and shareholders. It comprises a fresh issue of ₹200 crore and an OFS of 91,33,454 shares, aggregating to ₹337.02 crore.The promoter-selling shareholders under the OFS are Sunil Suresh and Shubha Sunil, who will offload up to 11.82 lakh shares each.

investment in agricultural infrastructure, easing loan terms, and implementing employee-centric production-linked incentive schemes were some of the key suggestions made by stakeholders from the agricultural sector and Micro, Small, and Medium Enterprises (MSMEs) as part of the pre-budget consultations with finance minister Nirmala Sitharaman on Friday. The Agriculture Industry sought a new agriculture policy with focus on investment on Agriculture infrastructure, rationalisation of subsidy, increased investment in allied agri based food processing Industry and a substantial hike in allocation for agriculture research and innovation. The stakeholders asked to boost farm exports and create district hubs to support agriculture exports, sought launch of national Goat and Sheep Mission and increased the budget allocation for the Agricultural and Processed Food Products Export Development Authority (APEDA) to ₹800 crore from ₹80 crore. «All the stakeholders unanimously sought rationalisation of fertilizer subsidy and using the direct benefit transfer route to plug any leakage,» said a person aware of the meeting proceedings. They also asked the government to revise the retail price of urea, which has remained unchanged since 2018, and to incentivise the use of bio-fertilisers and foliar fertilisers.

There are many companies developing AI models. But one company is integral to almost every major artificial intelligence project: Nvidia, since it has a monopoly on the computer chips required to run the intensive calculations required for AI operations. During every gold rush in history, the really smart investors have put their money into picks, shovels, and mining equipment instead of trying their luck digging for gold.

Bharat Petroleum Corporation Limited (BPCL), has announced a partnership with Bounce Infinity, a made-in-India electric scooter manufacturer. According to a press release, this collaboration aims to accelerate the adoption of electric vehicles (EVs) across India through the establishment of innovative "eDrive stores" at select BPCL retail outlets. The introduction of BPCL's «eDrive stores» marks a major milestone in making EVs more accessible and popular among Indian consumers.

Infrastructure investment trusts (InvITs) are enjoying immunity from insolvency proceedings and should be brought under the Insolvency and Bankruptcy Code, a top official from SBI said on Friday. Ashwini Kumar Tewari, the managing director of the bank, said lenders need the assurance of being able to recover their dues from InvITs in case of a default and added that they are in touch with the Reserve Bank and the government on the same. «We need to bring these trusts, which are bankruptcy remote, within the purview of the IBC because that will go a long way in giving us the assurance that this is like any other asset,» Tewari said, addressing an NBFC event organized by industry lobby Assocham here. He elaborated that at present, the primary responsibility of an InvIT or a special purpose vehicle under it is towards the trust holders and there are «gaps» which need to be filled.