Manufacturing Financial News

Citroen, which has had limited success with the models launched in India so far, is hoping to turn around its fortunes in the country with the Basalt — a mid-size coupe SUV that would go on sale in the second half of this year. The latest offering from the Stellantis group firm captures the learnings it has had in a market it considers the toughest in the world, said Thierry Koskas, global brand CEO of Citroen. «If you succeed in India, it means you can succeed everywhere in the world,» Koskas told ET. «I have been visiting India for 20 years and I am impressed by the rise of customer expectation in terms of features. The expectations of the customer are even higher than what you can see, for example, in Europe,» he said.

Mint has reviewed a copy of the mail. As per the airline's latest annual report for 2022-2023, the total staff strength of IndiGo was 32,407 employees. "We started our path to recovery in the second half of the year 2022 and since then we demonstrated solid and strong performance," the airline said in the mail, adding that it became a net worth positive company with its October-December 2023 results and the recent wide-body aircraft order is further support for a robust future.

Gujarat Toolroom on Thursday said it has acquired a 65-acre land parcel in Gujarat to set up a green energy project at an investment of Rs 572 crore. «Upon completion, the Hybrid Power Plant aims to contribute 97.5 megawatts of clean and sustainable electricity to the grid, the company said in an exchange filing. The company said it aims to set up the plant in 3-5 years. The company has acquired 65 acres of land on long-term lease in Gujarat for the establishment of Green Energy Hybrid Power Plant Project worth Rs 5.72 billion, it said.

Ventura Securities has initiated coverage on VIP Industries with a Buy rating and has recommended a price target of Rs 741 with a 24-month view. The target price signals an upside potential of nearly 35% from the current market price of Rs 551. “Over FY23-27, we are expecting the company’s revenue/ EBITDA/ net earnings to grow at a CAGR of 14.6%/16.4%/18.5% to Rs 3,593 crore/Rs 581 crore/Rs 300 crore, respectively, while EBITDA and net margins are expected to improve by 96 bps to 16.2% and 105 bps to 8.4%, respectively. Return ratios – RoE and RoIC – are expected to improve by 694 bps to 30.7% and 2647 bps to 58.3% by FY27,” the brokerage report states.

Ramkrishna Forgings Ltd (RKFL) on Thursday reported a 31 per cent rise in standalone net profit to Rs 87.30 crore for the January-March quarter of 2023-24. Its net profit was at Rs 66.82 crore in the January-March period of 2022-23, the company said in an exchange filing. The company's total income rose by 6 per cent to Rs 886.16 crore in the fourth quarter of FY24 compared to Rs 835.40 crore in the year-ago quarter.

FLAMANVILLE, France—Early this year, a top European Union official made an eye-catching proposal: A €100 billion public fund that would curb Europe’s reliance on U.S. defense manufacturers, who make nearly two-thirds of Europe’s military hardware. The cash could subsidize European companies to develop and manufacture more weapons at home at a time when the continent faces a growing threat from Russia.

textile exports, and a loss of market share for the domestic industry. To address these issues, the government is considering measures to boost domestic production capabilities of synthetic yarns by offering subsidies and tax incentives to set up advanced manufacturing units, and strengthen the sector's overall competitiveness, according to two people aware of the matter. “The government is working on a plan to revamp small, informal weaving and processing units by upgrading their technology," one of the persons cited above said.

BENGALURU : Maiva Pharma, a Bengaluru-based injectables manufacturer, has secured ₹1,000 crore in a mix of primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund-IV, led by InvAscent, to set up a new manufacturing plant near Hosur, Tamil Nadu. The fund has acquired a controlling stake with the capital infusion, making it Maiva Pharma’s first private equity fundraise.

Maiva Pharma, the Benguluru based pure play injectables Contract Development and Manufacturing Organization (CDMO) catering to US market, has raised Rs 1,000 crores in primary and secondary funding from a fund managed by Morgan Stanley Private Equity Asia and India Life Sciences Fund — IV (InvAscent), for a controlling stake from existing investors and infused primary capital in the company. Morgan Stanley PE Asia and India Life Sciences Fund are investing almost equally, total stake with both funds combined will be over 60% post primary investment, the company told ET. This is Maiva’s first private equity fundraise. Few existing high networth individual (HNI) investors will be exiting.

Air India has launched flights on the Delhi-Dubai route with its new Airbus A350-900 aircraft according to a statement by Air India. The launch of flight on this route marks the international debut of Air India's recently acquired aircrafts, making it the sole carrier to operate the A350 between India and Dubai. The commencement of flights was celebrated with pre-departure ceremonies at both Delhi and Dubai airports, where guests were presented with A350 memorabilia.

Mint in an interview. “Our trains, the prototype, will be ready by June 2025. After the approval of the first prototype, say in two months time, we will supply 16 sleeper Vande Bharat trains over the next 12 months with deliveries starting from the first month onwards.

Asia’s factory activity weakened slightly in April, with output growth cooling and employment dropping in a sign of fragile confidence among manufacturers. Data from S&P Global indicates that Southeast Asia’s manufacturing economy continued to grow at the start of the second quarter, but signals about the sector’s health were mixed. The headline purchasing managers index stayed above the neutral 50.0 mark separating expansion from contraction for a fourth straight month in April, but slipped to 51.0 from 51.5 in March.

India's food safety regulator said on Thursday it had ordered nationwide testing and inspections at all companies making spice mixes, widening a crackdown on the sector as global regulators investigate contamination issues with two popular local brands. Hong Kong last month suspended sales of three spice blends made by India's MDH and an Everest spice mix for fish curry. Singapore ordered a recall of the same Everest mix as well, flagging high levels of ethylene oxide, which is unfit for human consumption and a cancer risk with long exposure. MDH and Everest products are hugely popular in India and also sold in Europe, Asia and North America, and the companies have said they are safe. Still, U.S. and Australian food authorities said they are gathering more information on the matter, and India had already ordered testing of the two brands' products.

Mint takes a close look at what's in store for investors in the coming weeks and months following the ongoing national election, how the market behaved before and after previous elections, which sectors could shine after the poll results are declared, and how domestic and foreign flows will be affected. With the market already having factored in policy continuity, there's a sense that investor anxiety is low this time around.

Competition Commission of India (CCI) has approved Bharti Airtel’s acquisition of an additional 20% stake in its direct-to-home (DTH) arm Bharti Telemedia from an affiliate of New York-headquartered private equity firm Warburg Pincus, people with knowledge of the matter told ET. The competition watchdog is expected to publish a detailed public order on the transaction soon, one of the sources said. While the transaction dates to 2021, the CCI in August 2023 slapped a fine of Rs 1 crore on Airtel for concluding the deal without informing it.

Amkay Products IPO: From price band to GMP - here's everything you need to know In the fiscal years ending December 31 of 2021, 2022, and 2023, the revenue generated from manufacturing operations was ₹3,020.24 lakh, ₹2,255.89 lakh, and ₹2,224.59 lakh, respectively. Concurrently, revenue from branding and trading operations for the same periods stood at ₹1049.71 lakh, ₹1394.48 lakh, ₹561.83 lakh, and ₹437.71 lakh, respectively. The Amkay Products IPO was subscribed over 32.61 times on the first day of subscription.

₹5,400 crore to boost production capacity and make acquisitions. The company’s investment strategy involves pursuing growth through a blend of organic and inorganic expansions over the next three years. It will finance the acquisitions and capacity additions mostly through internal accruals.

Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition. Tesla has been a leader in gigacasting, a cutting-edge technique that uses huge presses with thousands of tons of clamping pressure to die-cast large sections of the car's underbody. On a typical vehicle, the underbody can consist of hundreds of individual parts. Last year, as Tesla developed a new small-vehicle platform, it aimed to punch out the underbody in a single piece, Reuters exclusively reported last September, citing five sources familiar with the automaker's gigacasting operations. The long-term goal was to radically simplify manufacturing and slash costs.

Quality Assurance: At Gary Pharma, quality is at the core of everything we do. We follow stringent quality control measures at every stage of the manufacturing process to ensure that our derma products meet the highest standards of safety, efficacy, and purity. From sourcing raw materials to conducting rigorous quality checks, we leave no stone unturned in delivering products that instill trust and confidence among healthcare professionals and patients alike.

BENGALURU : One branch of the Godrej family could enter property development to become a future rival to the other, under the terms of their family agreement, though some riders in the treaty may limit its growth in the short term. For long, Godrej & Boyce Mfg Co. Ltd owned the group's land assets, while Godrej Properties Ltd did the property development.

Lok Sabha Elections 2024: The Election Commission of India (ECI) on Wednesday said that they have revised protocol for handling and storage of Symbol Loading Unit of EVM (electronic voting machine) and VVPAT (voter-verified paper audit trail). The move comes following the directions of the Supreme Court of India which stated that machines should be sealed and secured in a container and stored in a strongroom along with the EVMs at least 45 days post the declaration of the results.