Manufacturing Financial News

NEW DELHI : India's economy likely expanded at 8% through fiscal year 2024 (FY24), and growth in the current year is projected at 7%, V Anantha Nageswaran, chief economic adviser to the government, said on Wednesday. Speaking at an event organized by think tank National Council of Applied Economic Research (NCAER), Nageswaran said that for the Indian economy to register 7% or higher growth for the fourth consecutive year in FY25, “a lot would depend on the monsoons." "Right now, the expectations are that we will have an above-normal monsoon. But, spatial and temporal distribution (of rainfall) will matter," he said.

₹3.25 crore in a private placement round. The firm, which supplies sustainable lighting and power products solutions, has secured the funding while it aims to launch its initial public offering (IPO) to raise nearly ₹30 crore around August this year. "GRE Renew Enertech has successfully secured funding of ₹3.25 crore in a private placement round.

Hero MotoCorp, signalling a positive outlook for the upcoming year, on Wednesday said that it will launch electric variants in the mid and affordable segment. «Coming year willsee ustaking big strides in EV, through product launches in mid and affordable segment. Overall, we see a very positive outlook for upcoming years,» said Niranjan Gupta, Chief Executive Officer (CEO), Hero MotoCorp in a stock exchange filing. «From the highest number of product launches, to the expansion of new format retail outlets and upgrade at super speed, to a digital‐first approach in premium, we set the building blocks in place for accelerated growth in future,» Gupta added.

Energy solutions provider Polaris on Wednesday said it has secured a contract worth Rs 2,246 crore to install 2.2 million smart meters in West Bengal. «With this order, Polaris has successfully closed orders over Rs 7,700 crore across the geographies of Uttar Pradesh, West Bengal, Manipur, Bihar and Ladakh,» the company said in a statement. The new order worth Rs 2,246 crore in West Bengal is for installation of 2.2 million smart meters in the state. Polaris Smart Metering will supply, commission, install and maintain smart meters for consumers and system metering across the consumer base in these important clusters for the next 10 years. These smart meters will be equipped with state-of-the-art technology, enabling prepaid billing, real-time energy monitoring, accurate metering, and improved grid management capabilities.

Vietnam’s anti-corruption drive, which the ruling Communist Party chief Nguyen Phu Trong likened to a “blazing furnace," is running hot. This year alone, two of the four pillars of power, including the chairman of the parliament and the country’s president, left their posts amid graft allegations. Last month, Truong My Lan, a real estate tycoon and Vietnam’s richest woman, was sentenced to death for her role in a $12 billion fraud case that involved Saigon Commercial Bank, one of its largest lenders.

Intel and Qualcomm to ship chips used for laptops and handsets to sanctioned Chinese telecoms equipment maker Huawei Technologies, three people familiar with the matter said. A fourth person said some of the companies were notified on Tuesday that their licenses were revoked effective immediately. The U.S.

market cap of all 81 listed public sector undertakings (PSUs) has grown by 225% under the Narendra Modi-led NDA government, while 79% returns by Nifty CPSE have significantly outpaced Nifty 500 and Nifty 50 indices, Finance Minister Nirmala Sitharaman said in a tweet on Wednesday. Sitharaman was responding to what she called charges by the Indian National Congress (INC) and its leader Rahul Gandhi that PSUs were being dismantled and were in disarray under the Modi regime.

Voltas lost over 9 percent in intra-day deals today after the firm posted weak results for the quarter ended March 2024 (Q4FY24). This is the third straight session of decline for the FMEG firm, losing over 15 percent in this period. The firm reported a 22.75 percent drop in its consolidated net profit at ₹110.64 crore for Q4FY24 as against ₹143.23 crore in the corresponding period last year on the back of higher expenses.

Amkay Products debuts with 90% premium on BSE SME platform The shares of Amkay Products listed on the BSE SME platform with a premium of 90% on Wednesday. The stock debuted at Rs 104.5 as against an issue price of Rs 49.5.

shares of Storage Technologies and Automation listed on the BSE SME platform with a premium of 90% on Wednesday. The stock debuted at Rs 148.2 as against an issue price of Rs 78. Ahead of the listing, the company's shares traded with a premium of Rs 50 in the unlisted market.

prices for solar panels, which have slashed profits across the sector, don’t have much room to fall further, according to the chairmen of two of the industry’s biggest firms. The current slump is “irrational” and there’s only a small probability it will continue, Jinko Solar Co. Chairman Li Xiande said in a joint presentation hosted by the Shanghai Stock Exchange. Li answered written questions from investors at the event on Tuesday along with executives from other firms, including Trina Solar Co. and CSI Solar Co. The companies are trying to turn a corner after solar manufacturers saw profits vanish as a wave of new factories that were aimed at capturing a growing market came online in the past year. Instead, the new supply has overwhelmed demand, sending panel prices to record lows and annihilating margins.“The price of photovoltaic modules is currently at a low level, and there’s limited room for further decline,” Trina Chairman Gao Jifan said at the presentation.

Narendra Modi is doing a phenomenal job in making India rise again and make a mark on the global stage, a Silicon Valley-based tech entrepreneur has said. «Objectively speaking, when you look at the sentiment in India or the sentiment globally about India, the only observation you have is that Mr Modi is doing a phenomenal job of making India rise again on the world stage,» Sandeep Bhat, the co-founder of Devicethread, a startup aimed at revolutionising the hospitality industry by connecting digital and physical infrastructure, told PTI in an interview. «That's my personal sentiment for sure. I cannot speak for TiE, but I am a big fan of Modi at a personal level, and I hope that his leadership takes India to the next stage in the coming years,» said Bhat, a board member of TiE Silicon Valley. Noting that India has witnessed a lot of development in the last 10 years, he said one «cannot deny» that India is making progress by leaps and bounds.

Dr Reddy’s Laboratories: The pharmaceutical company reported a net profit of ₹1,307 crore for Q4FY24, a 36% year-on-year increase, primarily driven by strong performance in the US market. The company's revenue increased to ₹7,083 crore during the quarter, a 12% year-on-year growth. For the full year FY24, DRL reported a net profit of ₹5,568.4 crore, a 36% increase, and total revenues of ₹27,920 crore, up 14% on year.

AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a "surplus of available updated vaccines" since the pandemic. The company also said it would proceed to withdraw the vaccine Vaxzevria's marketing authorizations within Europe.

licenses that allow companies to ship goods, such as chips, to sanctioned Chinese telecommunications equipment maker Huawei Technologies .

Bar and Bench reported. "Endorsements by public figures, influencers, celebrities, etc go a long way in promoting a product, and it is imperative for them to act with responsibility when endorsing any product in the course of advertisements," the apex court added.

Mint with a rueful smile. She may be playing a huge role behind the scenes of India’s national election, the largest democratic exercise in the world, but for all that, 42-year-old Vishalakshi is a simple, unassuming person. The post-graduate in organic chemistry, who also heads the quality department of the company, is responsible for ensuring that the ink leaves an indelible mark on the voter, one that will remain for at least 72 hours.

Chinese leader Xi Jinping will spend most of his five-day tour in Europe this week in two small countries at the continent’s eastern half

Europe’s Airbus had established a clear sales lead over Boeing even before the American company encountered more fallout from manufacturing troubles and ongoing safety concerns

Rahul Singh, CIO-Equities at Tata Asset Management, believes the Indian market has inherent strengths that could sustain gains and hence, investors should look beyond immediate triggers. In an interview with Mint, Singh also shared his views on FII and DII trends and different sectors. India’s GDP growth rate has gone past China’s after many decades.

NEW DELHI : If cardamom, cinnamon, lemon, citrus, jasmine and chamomile can make it into teas, why can’t onions? Onion tea may not be popular—although in a few rare households the bulbs make for a redoubtable remedy for cold—but India’s consumer affairs ministry believes it might have stumbled upon a unique, gut-friendly blend. The ministry, which is backing a plan to produce sweeteners extracted from onion waste, specifically for India’s mass demographic of diabetics, is also sponsoring a team that wants to make prebiotic tea from onions.