Manufacturing Financial News

PLI scheme, the government is in the final stages to put in place similar processes for other manufacturing units, an official said. The move assumes significance as some domestic manufacturing firms have flagged the issue of delay in getting visas for Chinese technicians, who are required for works like installation or repair of certain machines, besides training workers in India. «Most of the PLI (production-linked incentive scheme) visas have been taken care of. For general manufacturing also, we are trying to create a better streamlined SOP… that is with the Ministry of Home Affairs. It's at the final stages. We are hoping to sort it out. We have done a lot of sensitisation,» the official said. The rollout of SOPs does not require any approval from the Union cabinet as it is an internal process to relax norms «a bit» for facilitating visa applications of Chinese professionals or technicians whose expertise is required by domestic manufacturing units, the official added.

Anil Agarwal, founder and chairman of Vedanta Group, recently took to social media to reflect on a poignant moment shared with his father during his early struggles. Celebrating Father's Day, he recounted a conversation that left a lasting impact on his life. «During my years of struggle in Bombay, ek shaam (evening) main aur Bauji Marine Drive pe baithe the. He asked me to take a break and go back home to Patna with him for a few days. I was upset and silent,» Anil Agarwal wrote in a heartfelt post. He highlighted how this conversation not only brought him closer to his father but also imparted invaluable life lessons about perseverance. «He always used to say, 'Baat karne se har cheez ka hal nikal sakta hai, aur yeh har rishtey ki neev hoti hai.' Yahi seekh maine apne bachhon ko bhi di (Solutions come when you communicate and this is also the building block of every relationship),» he continued.

A number of analysts attribute the Bharatiya Janata Party’s (BJP) underperformance in the general election to voter unhappiness with the Narendra Modi government over unemployment, job reservations and farmer livelihoods. The Agnipath scheme of military recruitment came in for criticism during the election campaign and many political commentators expect that the new government will be compelled to make changes to it. We should view interpretations of election results with some scepticism, but it does appear that the issue of inadequate employment opportunities has bubbled up to the surface of our political ocean.

Mahindra Group is looking for partnerships with global players for local production of battery cells in order to cater to expected increase in demand for electric vehicles in the future, according to a top company executive. In an interaction with PTI, Mahindra Group MD and CEO Anish Shah said the company is looking at a 2030 timeframe for the possible listing of its electric vehicle arm Mahindra Electric Automobile Ltd (MEAL). «One area that we continue to look at more closely is cell manufacturing and that is something where there are various considerations… if we feel it's essential for us, we will look at a partnership for cell manufacturing,» he stated. He further said: «We will look at a global technology partner, and potentially at private equity partners as well because we will not put the entire capital.» The initiative, if it materialises, would enable local production of battery cells in India, Shah said.

The Royal Canadian Mounted Police (RCMP) say they have arrested a Quebec man for 3D-printing a firearm and hate speech.A release issued Friday says police seized a significant quantity of 3D printers and a homemade firearm belonging to Pascal Tribout, 37, of Saint-Joseph-du-Lac, in Quebec’s Laurentians region on Thursday.Authorities say Tribout also allegedly shared hateful antisemitic comments toward Jewish people on the social messaging app Telegram.“Additionally, Mr.

Hyundai Motor India Ltd (HMIL) will drive parent Hyundai Motor's ambitious strategy to make India a key export hub to expand its global business, besides seeking gains in the domestic market, said senior industry executives with knowledge of the matter. As part of this, the company plans to introduce nearly half a dozen electric vehicles over the next four years for local sales and exports, as more assembly lines come on stream in India. «Hyundai has been constrained by capacity the last couple of years,» said one of the persons cited. «The company has already enhanced capacity at its manufacturing plant in Chennai to 820,000 units per annum to meet domestic demand. With fresh capacity coming in from Talegaon in 2025, Hyundai is looking at ramping up exports from India which have been received well in markets in Latin America, the Middle East and Africa.» HMIL's revenue from exports rose 83% to ₹14,120.92 crore in the last three years, despite geopolitical uncertainties. Revenue from operations in the local market rose 39% to ₹33,274.83 in the same period. As much as 23.4% of the company's total revenue came from the sale of vehicles and parts overseas in FY23. In volume terms, exports accounted for about 21% of total vehicle sales in that fiscal year.

BTech graduates in India have narrowed sharply over the years, according to the findings of a Deloitte survey. This could potentially lessen the lure of opting for costly management courses after completing BTech. The pay gap between MBA and BTech graduate salaries has nearly halved to 57% in 2024 from 102% in 2021, according to Deloitte's Campus Workforce Trends 2024 study shared exclusively with ET. «This is without accounting for the investment of time and money,» said Neelesh Gupta, partner at Deloitte.

MeitY) minister Ashwini Vaishnaw said. «We will be as extensive as we can. We will not rush through and prefer a consultative process. In parallel, we are working on creating a digital by-design platform, so that the implementation can be done in a digital form,» Vaishnaw said. ET reported on June 12 that the IT ministry aims to release the proposed administrative rules under the DPDP Act for public consultation before the start of the upcoming Parliament session in July to give ample time for stakeholders to deliberate on the finer nuances of the rules.

₹325 crore and an Offer-for-Sale (OFS) of 65.27 lakh equity shares by promoters and an investor according to the draft red herring prospectus (DRHP).Private equity firm Mandala Capital AG Ltd is offloading 49.27 lakh shares through the OFS route.Proceeds from the fresh issue to the tune of ₹240 crore will be used for debt payment and the remaining amount for general corporate purposes.The Maharashtra-based Godavari Biorefineries is one of the prominent manufacturers of ethanol-based chemicals in India.The company's diversified product portfolio comprises bio-based chemicals, sugar, different grades of ethanol and power. These products find application in a range of industries such as food, beverages, pharmaceuticals, flavours & fragrances, power, fuel, personal care and cosmetics.According to Frost & Sullivan Report, the bio-based chemicals market has been growing exponentially owing to the increasing need for environmentally sustainable solutions.

Also Read: Nifty 50 to hit 25,816 in 12 months; PL overweight on banks, auto, telecom: ITC, BEML among high conviction picks"With government continuity now in place, we believe the market can look forward to further structural reforms, giving us more confidence in the earnings cycle. Macro stability with rising GDP growth relative to real rates should extend India's outperformance over emerging markets (EM) equities."Earlier, the rating agency revised India's GDP upwards to 6.8 per cent for 2024-25, with headline CPI decelerating to about 4.5 per cent for the year.

Union Minister of Heavy Industries and Public Enterprises, HD Kumaraswamy on Saturday clarified that he was misquoted on his purported remarks regarding the US semiconductor firm Micron. «Semiconductor is a strategic industry. It is a basic requirement for electronics and automobile manufacturing. Both these sectors generate lots of employment. I greatly appreciate the semiconductor-related initiatives taken by @PMOIndia and will work towards fulfilling them through my ministry, Kumaraswamy said in a post on social media platform X. This comes in the wake of a media report published on June 14 in which he purportedly questions the necessity of investments like the USD 2.5 billion semiconductor unit by US-based Micron Technology in Gujarat, which could receive subsidies amounting to Rs 3.2 crore per job created.

₹3.2 crore in subsidies for every job it creates" in Gujarat.“The new manufacturing unit will generate about 5,000 jobs. For this, we are giving them $2 billion [around 16,000 crore] in subsidies... If you calculate, that’s 70% of the company’s total investment," Kumaraswamy was quoted by the Times of India as saying on Friday.The Union minister said he had asked officials "how justifiable it is to allocate such a significant amount of funds".

By By Aditya Pareek Business Development Head, Race Eco Chain Ltd The growing demand for resources and the increasing challenges of waste management have put the recycling industry in the spotlight. As the world adopts principles of circularity and sustainability, the demand for recycling sector is to transform from an unorganized sector into an organized with efficient pillar of the circular economy is growing. ESG & EPR Regulations India's plastic packaging waste supply chain is largely unorganized, with 70% of it lacking formal structure. The nation generates an estimated 26,000 tonnes of plastic waste daily. Government regulations, such as Extended Producer Responsibility (EPR) for Producers, Importers, and Brand Owners (PIBOs), will require the use of at least 30% recycled materials in packaging by 2025. This push for sustainability has significantly shifted the industry, driving unprecedented demand for recycled materials. Packaging waste in India is projected to increase by 30% by 2030. Additionally, SEBI's Business Responsibility and Sustainability Reporting (BRSR) guidelines mandate that companies ensure their suppliers comply with ESG (Environmental, Social, and Governance) standards, starting with Fortune 500 companies and eventually extending to all organizations.

Boeing Co. whistleblower reports in the first five months of this year compared to all of 2023, according to data the agency shared with Bloomberg News. From Jan. 5 through May, 126 tips were reported to the regulator, compared to 11 in all of 2023, the FAA said in a statement Friday.

ATM manufacturer AGS Transact Technologies is aiming to deploy more than 3,000 ATMs in the current fiscal year. After the industry stagnated during the Covid period, banks have once again started adding branches which is seen to give a fillip to the industry. The company recently won two orders from State Bank of India to deploy more than 4,000 ATMs over a period of 7 years. «If I consider the SBI contract which we will start deploying in the second half of the fiscal year, we also have a few other banks in the pipeline. So in all we will deploy 3,000 ATMs plus cash recycler machines (CRM),» said Ravi Goyal, chairman, AGS Transact.

NEW DELHI : New Delhi: Demand for air travel is taking off globally, but there aren’t enough planes to carry all the people who want to fly with the aviation sector yet to recover from covid and the repercussions of the Russia-Ukraine war. Not enough parts are available to manufacture planes because of a persistent supply chain bottleneck, forcing several airlines to lease jets instead, often at higher prices. There’s a scramble even for those leased planes.

Informal manufacturing and service sectors grew faster than the informal trade sector in 2022-23, data released by the government on Friday showed. The gross value added of unincorporated manufacturing companies increased by 19.14% to ₹3.6 lakh crore in 2022-23 (October-September) compared with ₹2.77 lakh crore in 2021-22 (April-March), data released by the Ministry of Statistics and Programme Implementation showed. The increase in gross value added of the services sector was 18.9% during the same period. Trade and services still account for a larger share of value added to the economy than the manufacturing sector. Less jobs, lower pay

Automobile retailers' apex body FADA on Friday voiced its concern on the high inventory level and said it is planning to take up the matter with the Society of Indian Automobile Manufacturers (SIAM). At the third edition of the Finance and Insurance Summit 2024 here, Federation of Automobile Dealers' Association (FADA) President Manish Singhania also demanded continuity in the FAME-3 policy and in infra push. Singhania said in 2018-19 was a very bad year for the automobile dealers in the country when 280-odd dealerships had gone out of business, and FADA does not want that to happen again. «We are cautious about the inventory levels because anything above 30 days starts hitting the dealerships. We follow a cycle where the dealer takes funds from banks, which are paid back with interest in 60 days.

Rolls-Royce car in which Maharashtra Chief Minister Eknath Shinde and his two deputies travelled while inspecting the Mumbai coastal road earlier this week sported the registration number of a truck, official record shows. Shinde, who also holds the transport portfolio, and deputy CMs Devendra Fadnavis and Ajit Pawar rode in a 1930 Rolls-Royce, lent by Raymond Group chairman Gautam Singhania for the occasion, as they inspected a stretch of the coastal road on Monday before its inauguration. The car, glossy black with chrome cladding in the front, had the licence plate number MHO4 JU4733. It turns out that the person who painted the number got a letter wrong.

Swedish accident investigators say the country’s oldest amusement park did not properly test new parts for a roller coaster that derailed last year

Tata Motors in terms of market capitalisation (mcap) earlier today. M&M shares hit three per cent upper circuit at a fresh 52-week high on the robust momentum.