Manufacturing Financial News

electric vehicles is scheduled to commence by the end of 2024, with the official launch slated for 2025. Kia will also debut its India-made electric vehicle in the same timeframe, the group confirmed in a recent statement. By 2030, Hyundai and Kia intend to unveil five new electric models in the Indian market.

Mumbai, April 24, 2024 - So many organizations have jumped on the generative AI (GenAI) bandwagon in the last year, but are those efforts delivering results yet? If the organization uses the SAS® Viya® data and AI platform, the answer is a resounding yes. Infused with large language model (LLM) orchestration strength, SAS Viya is already helping customers accelerate efficiency and productivity.

Also read: Serum Institute to receive up to $30 mn from global network to make pandemic vaccines "An agreement has been signed under which Bharat Biotech will procure drug substances for manufacturing oral polio vaccines to be supplied within India and globally. This will contribute to supply security of oral polio vaccines. With this partnership, the capacity of BBIL to manufacture Oral Polio Vaccine (OPV) has increased to 500 million doses every year," said a statement by the Health Ministry.

Lohia Global, a business group with 44 years of global presence in sectors like exports, manufacturing, and energy, has announced its venture into the Indian real estate market with Lohia Worldspace.

Mint’s Emerging Markets Tracker provides a summary of economic activity across 10 large emerging markets based on seven high-frequency indicators. One of the original members of the list, Russia, has been temporarily dropped from the tracker since its trade data has not been reliably available for the last two years. A country’s score on a given metric is a measure of its distance from both the best performer and the worst performer.

Last week, reports surfaced that after more than a year on the market, General Electric (GE) finally managed to offload Crotonville, its storied leadership academy nestled along the Hudson River in the suburbs of New York City. It’s not just Crotonville that’s a tough sell these days for GE. It’s also the executives the training centre helped shape and the leadership philosophy it long espoused.

Syngene International share price have remained volatile in the recent past. The concerns on challenging funding conditions for US biotech that led to decreased demand for R&D services have addded to the volatility in Biocon Research arm Syngene International share prices. Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “While the fourth quarter performance came in lower than expected, the underlying driver -reduced demand for research and development services within US biotech stemming from a difficult funding environment - is well understood and already showing positive signs of recovery" Syngene International saw reported revenue from operations for the fourth quarter decline 8% year-on-year to Rs.

NEW DELHI : Is Tesla on its way to India, or not? Despite the Indian government's enthusiastic rollout of a new electric vehicle policy primarily aimed at attracting EV makers such as Tesla, the Elon Musk-led automaker has remained non-committal about its plans to enter the Indian market. In fact, Tesla has not conducted any significant studies or held detailed discussions with state governments in India yet, people familiar with the situation told Mint, signalling a lack of immediate intent to establish a manufacturing presence in the country.

Vedanta leading as the top gainer. Starting the year at ₹258.55 per share, Vedanta's stock has surged to the current price of ₹383.45, marking a return of nearly 50%. Currently, the stock is trading at its 24-month high.

GPT Infra Projects continued their winning streak for the second consecutive session, rising by 10% to reach ₹207 apiece. The previous trading session saw a significant gain of nearly 9%, attributed to the joint venture securing an order valued at ₹487 crore from Central Railway, Mumbai. This recent order pertains to the construction of a new BG line in the Solapur-Osmanabad section, spanning from chainage ₹52500 to 83200 in the Solapur Division.

solar manufacturers filed trade complaints Wednesday formally requesting that the Biden administration impose tariffs on solar products being exported from Southeast Asia into the United States. The petitions were filed with the Department of Commerce and the U.S. International Trade Commission. They come amid growing alarm within the U.S. solar industry that a flood of cheap Chinese green energy technology exports are pushing down prices of solar panels and threatening efforts by the Biden administration to develop a domestic solar supply chain. Chinese companies have been relocating production of solar products to neighbouring countries to avoid existing tariffs, and U.S. manufacturers believe new trade measures are needed to protect their businesses. The complaints call for investigations into the trade practices of Vietnam, Cambodia, Thailand and Malaysia. In the past year, the United States has imported $12.5 billion worth of solar products from those countries as prices of solar products have dropped by around 50%.

Nilesh Shah, MD & CEO, Envision Capital, says over the next 5 to 10 years, the pecking order in the Energy, Manufacturing, Infra (EMI) space will still be dominated by ABB, Siemens, L&T. These are essentially the companies which essentially are going to be the enablers of the EMI space. I do not think they are going to get bigger and bigger and you are really not seeing new players coming in there and they have the trust of their customers because these are such critical equipment that you are not going to compromise on anybody else and you are essentially going to go for the established players. It is these kinds of companies which will continue to dominate for the foreseeable future. Shah says: “Within EMI, if I were to use energy as well as infra, Hitachi Energy has been a position that we have now owned for three, three-and-a-half years. In this space, we have been owning KSB, which we have partly exited. We have been owning TD Power. We have been owning Jash Engineering” We currently are a $4 trillion economy. The financial market is about $4-4.5 trillion. In the journey from $4 to $10 trillion, when it will happen, we do not know. What will happen is what we both know, which is that $5-6 trillion will get created in the next three to five years. Do you agree with me? Nilesh Shah: Yes, that is right.

Mint spoke with said the contribution of automotive firms to revenue from manufacturing or engineering, research and development (ER&D) services of IT companies is now 25-35% compared to 15-20% four years ago. (IT companies do not divulge automotive numbers separately, apart from clubbing them under manufacturing or ER&D heads.) Automotive clients comprise at least 10% of the global ER&D market, which is worth $1.8 trillion, said Kumar Rakesh, India analyst for IT and automotive sectors at financial services firm, BNP Paribas.

The Missouri House has passed legislation that could protect chemical manufacturer Bayer from some lawsuits alleging a popular weedkiller causes cancer

Apple has been upstaging Samsung in terms of revenue growth and exports out of India, but the Korean major is still significantly ahead of rivals in terms of local value addition. Industry executives and market trackers said while the industry average for local value addition in electronics manufacturing hovers around 22-25% currently, an increase from 18% in 2022, Samsung's local value addition is higher. This is partly because Samsung has been manufacturing mobile phones as well as other appliances locally in India much before the government's production-linked incentive scheme came into force and boosted India to become the second largest mobile phone manufacturer.

Jobs listed on the government's job portal rose three-fold to 10.9 million in FY24 from 3.48 million in 2022-23, official data showed. This was the highest vacancy mobilisation by the National Career Service portal in any year since its launch in 2015.

Boeing is reporting a $355 million loss for the first quarter

U.S. stocks are drifting in mixed trading

warming planet, cooling is no longer a luxury. It's a necessity. Intense heatwave conditions in many parts of the country, coupled with growing affluence, are driving up AC sales.

IT services firm LTIMindtree on Wednesday reported a 1.2% year-on-year (YoY) decline in net profit at Rs 1,100 crore for the March quarter of the financial year 2024 missing street estimate of Rs 1,150 crore. The profit stood at Rs 1,114 crore a year ago. Sequentially, the Mumbai-headquartered company's net profit fell by 5.9% from Rs 1,169 crore.

Japan is benefiting from India's growth story. Japanese companies and investors are showing heightened interest in India finds an anchor report by Nomura. Japan's FDI in India has been gaining a growing presence, and Japanese investments in foreign equities (as of end-2022) showed India at the top of the list for developing countries although trade ties between Japan and India are currently weak. Japanese individual investors are also investing more aggressively in Indian stocks by way of investment trusts India at the top of the list among emerging market economies, the report said. With the Indian economy maintaining high growth, Japanese corporations are showing more interest regarding investment in India, according to Nomura. “In the ranking of countries seen as promising for the medium term in the Japan Bank for International Cooperation (JBIC)'s FY23 Survey on Overseas Business Operations by Japanese Manufacturing Companies, India took the top spot for a second consecutive year, even as China fell to number three” the report, an collaborative effort by India’s and Japan’s economists and equity strategists.