Manufacturing Financial News

Odisha were a country, its economy would be larger than Tanzania's, Sri Lanka's or Ghana's. The state has nearly bridged the gap with the national per-capita income. In 2003, its per-capita income was 60% of the national average, and today, it's close to 90%. This convergence was possible as Odisha's economy grew faster (7.4%) than the national average (6.2%). Its population growth rate has slowed to 0.6% a year, compared to 0.9% for the nation. Growth momentum has been evident across sectors, including agriculture, manufacturing and services. Additionally, at nearly 10% of its economy and growing at 8% annually, mining has contributed to the state's economic well-being and robust public finances. Thanks to mining royalties, the state has a unique fiscal advantage. It collected non-tax revenue to 3.5% of its GDP a year, compared to 1% for an average Indian state during the last decade.

Okaya EV today announced a festive session offer under which it will uphold the pre-existing prices of its electric two-wheelers even after the conclusion of the Faster Adoption and Manufacture of Electric Vehicles (FAME II) scheme. Dr. Anshul Gupta, Managing Director of Okaya EV, emphasized the company's dedication to customer satisfaction, stating, «At Okaya EV, we prioritize the needs and concerns of our customers above all else. We recognize the pivotal role electric mobility plays in building a sustainable future, and we believe that cost should not hinder its accessibility. By maintaining our old prices post FAME II, we aim to make our electric two-wheelers accessible to a wider audience, while stocks last.» Okaya's electric scooter models start at INR 69,950. Its Faast F4, which is available at Rs 1,19,989, boasts a range of 160 kilometres per charge (IDC) and is equipped with two batteries, providing a total output of 4.4 kWh.

MB Patil has offered land to eyewear retail chain Lenskart in Bengaluru, responding to a post by its founder Peyush Bansal on social media platform X. Patil told Bansal that Karnataka was the place to be for the eyewear chain to set up its manufacturing unit. The minister’s response came after Bansal sought to know through his post if a plot of 25 acres was available near the Kempe Gowda international airport in Bengaluru for his company to build its next mega factory. He sought mail from potential sellers. «The Industries Department is here to support you, and facilitate all your needs,» the minister replied within minutes.

Prime Minister Narendra Modi is set to become the first prime minister of India to feature on the cover of Newsweek after Indira Gandhi. Former prime minister Indira Gandhi featured on the cover of Newsweek's April 1966 issue. The New York-based magazine has interviewed PM Modi who addressed Newsweek's written questions and followed up with a 90-minute conversation.

MUMBAI : Warburg Pincus has picked up a stake in Chennai-based Appasamy Associates Pvt. Ltd., a manufacturer of ophthalmic equipment and devices, in what is the US-based private equity firm's largest investment in the healthcare sector in India, a statement released by the two firms said. Though the firms did not disclose the financial details of the deal, people with knowledge of the matter said that Warburg has acquired around 65% stake in the company for nearly $300 million.

Mint, Sinha said the company is shifting its focus to round-the-clock (RTC) renewable energy projects, and highlighted its preference for battery energy storage systems due to their shorter setup times for grid-scale implementation. ReNew has a joint venture with US-based Fluence to offer energy storage solutions in India.

Tesla chief Elon Musk will visit India this month to meet Prime Minister Narendra Modi and is expected to make an announcement related to his plans to invest and open a new factory in the country, two sources with direct knowledge said. The billionaire executive will meet Modi in the week of April 22 in New Delhi, and will separately make an announcement about his India plans, said the two sources, who declined to be named as the trip details are confidential. Modi's office and Tesla did not respond to a request for comment. Musk's final India trip agenda could still change.

Garuda Aerospace on Wednesday said it has bagged the first order from ISRO for the supply of its cutting-edge quadcopter drones. Equipped with Machine Learning and Artificial Intelligence, the quadcopter drones would significantly enhance efficiency across the operations of the Bengaluru-headquartered space agency. During the Covid-19 lockdown, ISRO utilised the services of Garuda Aerospace in 2021 for sanitising its premises using drones, the city-based drone manufacturer said in a press release.

₹25,000 and the Grand Vitara Sigma variant will be ₹19,000 pricier. The new prices will be effective from April 10, said the company. In January, the automaker had announced a 0.45 per cent price hike across models citing increased cost pressure driven by overall inflation and increased commodity prices.

Officials say an Air Canada Boeing 737 flight headed from Mexico City to Vancouver, Canada, had an in-flight emergency and made an unscheduled landing at Boise, Idaho, airport

Serbian president says his country is close to signing a deal on the purchase of 12 French Rafale multi-purpose fighter jets in what would mark a shift from its traditional arms supplier Russia

The company responsible for a global recall of sleep apnea machines is now legally barred from resuming production at U.S. facilities until it meets a number of safety requirements

A Senate subcommittee has opened an investigation into the safety of Boeing jetliners, intensifying concerns about the airworthiness of the company’s aircraft

IPO of Teerth Gopicon was subscribed 16 times so far on Wednesday, the third day of the bidding process. The issue received bids for 6.61 crore shares as against 39.9 lakh shares on offer. The IPO is entirely a fresh equity issue of 39.99 lakh shares and through the issue, the company aims to raise nearly Rs 44 crore.

vending machine price in India, unravelling the intricacies for businesses and consumers alike. Vending machines come in many different types, each designed for different jobs and industries. Some are for snacks and drinks, while others might sell things like toiletries or electronics.

The Hindu Businessline on April 9. According to sources within the electric vehicle major, the company is in talks with Reliance Industries to form a joint venture to set up a manufacturing facility in the country.

Pradhan Mantri Suryodaya Yojana’ in January 2024 for the installation of rooftop solar for 1 crore (10 million) homes should provide an incremental boost to wire makers. Energised by India's robust economic growth, the wires and cable industry (40-45% of the electrical sector market) has witnessed a massive surge over the last few years. Major players have experienced significant topline and profitability gains.

National, 3rdApril-2024: Simpolo Group, a pioneering force in the ceramic industry, is proud to announce an expansion that will triple its existing capacity, a huge leap in India's ceramic industry. With an investment of over ~ Rs. 1,000 crore over the next two to three years, the group is embarking on a transformative journey, setting the stage for two ground-breaking manufacturing facilities strategically located across the nation.

Prime Minister Narendra Modi turned up in veshti for the second consecutive day on Wednesday while campaigning for NDA candidates in Tamil Nadu and wished people of the state advance New Year greetings while emphasising the historical significance of Vellore in shaping the future of the state. Addressing a public rally in Vellore, PM Modi said, "...Our New Year is starting from 14th April. I wish you all a very very Happy New Year" and said he is confident that the coming year will further strengthen the journey of Tamil Nadu's development. Begining his speech with a 'vanakam' to Tamil brothers and sisters, PM Modi sought forgiveness for being unable to speak in the Tamil language.

Zetwerk on Wednesday said it has earmarked Rs 1,000-crore investment for expanding its electronic manufacturing capacity across IT hardware, television, mobile phones, hearable and wearable product segment. The company aims to be the leading ODM (original design manufacturer) and electronics manufacturing services provider in the mobile phones, hearable and wearable space. «The company is now producing one device a second from its factories. It has earmarked Rs 1,000 crore investments to grow its Electronics business,» Zetwerk said in a statement.

The report that was released recently reports 7-12% annual salary increases within current jobs. Manufacturing and operations roles are in demand, so are talents for data, generative AI and machine learning roles. Sustainability and compliance skills have become hot topics in hiring. Renewables, electric vehicles (EVs) and the auto sector are expected to be in focus. Global capability centres (GCCs) are seeing a talent increase, it says. Senior-level hiring and salary insights