Manufacturing Financial News

₹263.70 crore, including interest and penalty from the Maharashtra State Goods & Service Tax (GST) Department. In a regulatory filing to the stock exchanges, the Kingfisher Beer manufacturer said, "The Deputy Commissioner of State Tax, Raigad Division, Maharashtra State GST Department passed an order levying an additional tax of ₹1,19,82,34,560, interest of ₹1,15,03,04,218 and penalty of ₹28,86,97,379 -- totalling to ₹2,63,72,36,156 for FY 2019-20.'' Also Read: United Breweries Q3 FY24 results: Profit at ₹85.34 crore, Revenue increased by 12.28% YoY UBL said the tax demand order passed by the GST department was for fiscal year 2019-20 (FY20).

The U.S. treasury secretary has called for a level playing field for American companies and workers as she opened a five-day visit to China in a major industrial and export hub

NEW DELHI : India can sustain 7% growth annually in the coming years propelled by investments flowing into the country, high domestic savings, and by addressing supply-side challenges, Louis Kuijs, chief economist, Asia Pacific, at S&P Global Ratings, told Mint. If the government continues to work on resolving challenges related to infrastructure, institutional factors, labour laws, land acquisition rules, and education, the country can aspire to grow even faster, Kuijs said.

₹1 lakh annually in cash transfers to the poor, and address the twin challenges of joblessness and inflation. A ‘Mahalakshmi scheme’ – the centrepiece of a broad five-year programme of social justice -- will provide ₹1 lakh per year to every poor Indian family as an unconditional cash transfer, India's main party of Opposition said in its manifesto, 'Nyay Patra', launched on Friday.

RBI reports that for Q1FY25, services sector companies and infrastructure firms expect higher input costs. While services sector firms expect selling prices to rise, the same is not expected by the infrastructure firms. In PMI surveys, manufacturing firms indicated a rise in input prices, but do not expect output prices to rise.

drones to destroy at least six military aircraft and badly damage eight others at an airfield in Russia's Rostov region, while Russian defense officials claimed they intercepted 44 Ukrainian drones and that only a power substation was damaged in the attack. The assault appeared to be one of Kyiv's biggest air attacks in the war, coming as its forces step up their assaults on Russian soil. The Associated Press could not independently verify either side's claims. Russia has escalated attacks on civilian infrastructure, including Ukraine's power plants, in recent weeks, signaling a new and potentially dangerous phase in the conflict as both sides struggle to achieve significant advances on the ground.

India's Ayurveda product market is projected to reach USD 16.27 billion or Rs 1.2 lakh crore by FY28 from USD 7 billion or Rs 57,450 crore at present, according to a study. Ayurveda product market has experienced significant growth due to rising demand for natural and herbal remedies in local and international markets, increase in ayurvedic medical practitioners, government initiatives, and emergence of new entrepreneurs, Ayurveda tech startup NirogStreet said. Citing a survey, NirogStreet said the Ayurveda product market in India is expected to grow significantly, with projections indicating a substantial increase in market value to Rs 1,20,660 crore (USD 16.27 billion) by FY28. According to NirogStreet survey, the overall market for Ayurveda products and services is expected to grow at a CAGR of 15 per cent from FY23 to FY28, with the product and service sectors growing at a CAGR of 16 per cent and 12.4 per cent, respectively.

Shaily Engineering Plastics, the country's leading exporter of high-precision engineered plastic products and components, has delivered substantial returns to its shareholders. The company's share price has surged from ₹226 apiece a year ago to the current trading price of ₹542, marking a remarkable gain of 140%. Since hitting its low of ₹191 in May 2023, the stock has witnessed an impressive appreciation, currently trading with a gain of 184%.

'We lost almost everything': Indians recall horror during Taiwan earthquake Furthermore, 660 people have been stranded due to road damage and 1,067 have been injured severely. Notably, strict building regulations and widespread public disaster awareness appear to have staved off a major catastrophe on the island. Will Taiwan's earthquake create another chip shortage? Here's all to know Prime Minister Narendra Modi on the X platform wrote that India stands in solidarity with the people of Taiwan.

Tesla’s much-anticipated entry into the Indian market, which had been under negotiation for half a decade or so, finally seems to be in acceleration mode. The company will reportedly send executives later this month to scout for sites in India where an electric-car factory with an investment of $2-3 billion could be set up.

Treasury Secretary Janet Yellen has arrived in a China for five days of meetings in a country that's determined to avoid open conflict with the United States

smartphone manufacturer BBK Group, which was using Oppo Mobiles India as the sales and distribution company for three brands such as Oppo, Realme and OnePlus, is breaking this sales structure to de-risk the business which is under increased government scrutiny. The plan is to let individual brands have its own sales and marketing team so that all brands are not clubbed together in case of further government action. Realme Mobile Telecommunications (India) has started wholesale sales of Realme smartphones and other tech products through this entity, as per the company's latest regulatory filings to the Registrar of Companies (RoC) sourced from business intelligence platform Tofler.

India's defence exports have witnessed a significant surge in 2023-24 with a growth of ₹21,083 crore. In fact, the last few financial years have witnessed steady and methodical increase in India's defence exports to countries including the Seychelles, the Maldives, Mauritius and Ecuador. These y-o-y increases started primarily in 2017-18, with the trajectory of defence exports hitting ₹4,682 crore, followed by a significant jump to ₹10,745 crore, which represented an increase of an impressive 129.49% in 2018-19. Then, a dip of 15.16% in defence export performance in 2019-20 to ₹9,115 crore was induced by the pandemic. A further decrease ensued in 2020-21, due to the continuation of Covid, by 7.47% to ₹8,434 crore. The decrease in 2019-20 and 2020-21 was not as precipitous as the surge in defence export growth in the pre-pandemic phase. In the post-pandemic phase, defence exports regained their footing with an increase to ₹12,814 crore in 2022-23, which was higher than in the pre-pandemic year of 2018-19 when exports actually experienced a significant rise.

Tudor Dixon explains how President Biden’s manufacturing regulations are making the process more expensive on ‘The Bottom Line.’

Alaska Air Group said on Thursday that Boeing had paid about $160 million to the airline in the first quarter as initial compensation to address the hit from the temporary grounding of 737 MAX 9 jets. The payment is equivalent to lost profits in the quarter, the carrier said in a filing, adding it expects additional compensation.

Mint was the first to report last July that Tesla executives in their meetings with the ministries of heavy industries and commerce had discussed importing EVs from its Berlin gigafactory for the Indian market, as opposed to Shanghai, which is its main export base. The government plans to open the application process for its new EV policy, as well as publish detailed guidelines under it, in a span of 60-70 days from now, even though the policy stipulates for applications to start within 120 days of the policy announcement, which took place on 14 March, the people cited above said on condition of anonymity.

₹244 crore plus interest to Ericsson for infringing on the telecommunications firm’s 2G and 3G patents. A spokesperson for Lava International said, “Lava will explore all viable legal avenues, including the possibility of filing an appeal in response to the judgement.

A diplomatic standoff with China over border issues since 2020 has resulted in an accelerated push for curbing imports and boosting local supply chains. China is the world's largest exporter of solar modules.

SIBUR, Russia’s largest producer of plastics and rubbers, is collaborating with Indian businesses to process plastic waste. At the end of last year, EcoPartners, co-founded by the Indian entrepreneur Gaurav Sood, opened the largest plant in Russia for recycling plastic packaging waste. The plant has been gradually ramping up to its full capacity of 40 thousand tons per year. Called Total Cycle, the plantis located in the Tver region, which is between Moscow and St Petersburg – two major Russian cities that produce a large volume of waste. Total Cycle processes plastic packaging waste into secondary raw materials, including PET flakes.

EV manufacturing in India. In an interview with Bloomberg, Rajesh Kumar Singh, the secretary of department for promotion of industry and internal trade said that now it's up to Elon Musk’s Tesla to make the announcements of their manufacturing plans. “We will help them out in terms of giving them the contacts at state level.

Ford Motor said it is delaying the launch of a new three-row electric vehicle, which will buy time for the consumer market for EVs to further develop. The carmaker now expects to launch the new EV in 2027, delayed from a previous target date of 2025. Ford said it will still produce the EV at its Oakville Assembly Plant in Canada, which Ford is planning to overhaul from gas-vehicle production to an EV manufacturing plant.