Manufacturing Financial News

Tesla Inc.’s court to lay down its investment plans for the South Asian nation after the government cut import duty on electric vehicles. The industry department last month released a comprehensive policy for boosting EV manufacturing in the world’s most-populous nation. Following that move, it’s up to Elon Musk’s carmaker to “make the announcements of their manufacturing plans,” Rajesh Kumar Singh, secretary of department for promotion of industry and internal trade, told Bloomberg in an interview on Thursday. “We will help them out in terms of giving them the contacts at state level,” Singh said. “There have been contacts made at that level with state governments and the central government. VinFast has already announced and we expect a few others.”

Indian Oil Corporation Ltd (IOCL) in the Delhi High Court on Thursday, after the state-owned company cancelled its first tender for a green hydrogen manufacturing plant in February. The court allowed the industry body to withdraw the petition as the cancellation rendered it irrelevant. In its writ petition, the body had accused IOCL of having a conflict of interest in the tender issued in November.

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GE Power India, a prominent player in India's power generation equipment market, witnessed an 11.8% surge in its shares, reaching a 34-month high of ₹371 apiece in today's intraday trading session following the announcement of significant orders. This uptrend marks the stock's sixth consecutive trading session of gains, totaling a cumulative increase of 45%. In a regulatory filing on Wednesday, the company said that it secured orders from Jaiprakash Power Ventures worth ₹774.9 crore.

powerful 7.2-magnitude earthquake struck Taiwan's eastern coast near Hualien County on Wednesday morning, killing nine people and injuring more than 1,000. The island plays an outsized role in the global chip supply chain as it is home to the world's largest chipmaker, Taiwan Semiconductor Manufacturing Co, which supplies chips to Apple and Nvidia.

Chakri Lokapriya, Managing Partner, RSB LLP, says among T&D companies, Skipper is one of the largest companies globally and in India, they are present not just in manufacturing but also in EPC. The stock has valuations on its side. Demand has been weak for the last two years for well-known reasons. Now the cycle is picking up; Second is JTL Infra, again a bet on the manufacturing theme. They are doing capacity expansion to meet demand and valuations are on its side. These are the bets largely revolving around manufacturing and capex themes.” There are two moving parts, especially when it comes to the commodity construct. A) The rip-roaring ride that we are seeing in metals and B) the uptick in crude that the market is sort of ignoring. What do you make of the move in metals so far? Chakri Lokapriya: If you look at what is happening in metals both domestically and globally, the US data has come out stronger than expected.

recycling lithium-ion batteries (LIB) and e-waste using indigenous technology in Uttarakhand. This move aims to enhance circularity and lessen the country's reliance on imported critical mineral resources. Presently, a large portion of LIBs, about 95%, end up in landfills without recycling, while only 5% undergo the process. The lithium-ion battery recycling market is expected to grow significantly, reaching close to $15 billion by 2030, showing a compound annual growth rate of 21.6%. In 2021, the market size was $3.8 billion. Improper disposal of LIBs through landfilling and incineration poses environmental and health risks. Effective recycling will not only provide secondary raw materials for cell manufacturing domestically but also help in averting health hazards. Moreover, e-waste poses a substantial challenge, with approximately 78% of it not being collected in India. This results in valuable secondary raw materials like gold, silver, copper, and rare earth elements being left in dump yards or landfills. India is currently the third-largest generator of e-waste globally.

Taiwan's biggest earthquake in at least 25 years is likely to tighten supply of tech components such as display panels and semiconductors, analysts said, as manufacturers in the global tech powerhouse restore operations at affected facilities. The powerful 7.2-magnitude earthquake struck Taiwan's eastern coast near Hualien County on Wednesday morning, killing nine people and injuring more than 1,000.

Asian shares rallied on Thursday as U.S. rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the dollar and boosted Japanese stocks. There was also action in commodities as gold reached another record, oil a five-month peak and copper a 13-month top, helping lift shares in basic materials and energy companies.

Foxconn group company Bharat FIH's sprawling campus near Chennai, which was focused on manufacturing Android phones, is looking to tap newer segments in a bid to diversify and offset a slump in orders from its key client Xiaomi, since a government crackdown on Chinese businesses operating in India. Bharat FIH is now looking to power growth in segments such as telecom equipment, electric vehicles, televisions and displays.

Wipro Infrastructure Engineering (WIN), industrial engineering division of billionaire Azim Premji’s Wipro group, is betting on artificial intelligence (AI) and the government’s manufacturing push to drive its $1-billion growth plans as it plans to accelerate its automation business, top executives said. WIN has seen initial success in data analytics following the acquisition of Linecraft.ai about a year ago, which has helped its customers increase efficiencies in the 7%-15% range, Pratik Kumar, managing director and CEO of Wipro Enterprises, told ET.

Reliance Industries (RIL), Tata Motors and Indian Oil Corporation (IOC) will be the key bidders for the government's pilot project for the use of green/grey hydrogen (H2) in the transport sector, according to people who are aware of the development. The initiative is in line with the government's aim to decarbonise the economy, reduce dependence on fossil fuel imports, and enable India to assume technology and market leadership in green hydrogen. «The pilot projects will help to identify operational issues (with regards to H2) and gaps in terms of current technology readiness, regulations, implementation methodologies, infrastructure, and supply chains,» stated the revised request for proposal (RFP) document reviewed by ET. The bid for the Rs 496-crore project which opened in February, closes on Thursday. It is part of the National Green Hydrogen Mission which was launched in January 2023 with an outlay of Rs 19,744 crore. One of the key criteria from the bidders is participation as a consortium or partners to ensure the entire value chain — from making hydrogen and dispensing it and running vehicles fuelled by hydrogen. The bidding consortium should include a vehicle manufacturer, hydrogen fuel supplier distributor, and other partners as required.

Bad economic ideas don’t die. Instead they just return a decade later to haunt another generation. That seems to be the situation with China’s steel industry.

₹1.97 trillion (over $26 billion) to support manufacturing growth in 14 sectors, especially those that help in import substitution such as specialty steel and drone components. The outlay was for a period of five years starting 2022.

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earthquake off Taiwan's east coast on Wednesday is unfortunate. It is also an unfortunate reminder of the risk of concentrating an overwhelming proportion of the world's most advanced chip-making capacity in one territory. Taiwan's semiconductor fabrication units are located at some distance from the epicentre of the earthquake and evacuated staff in response to disaster protocols. Initial reports suggest there is unlikely to be an immediate impact on supply chains feeding all manner of things from cars and cellphones to laptops and satellites. However, chip-making is particularly susceptible to vibration, and Taiwan lies in a zone of heightened seismic activity that also poses a risk to its principal source of power: nuclear energy. Chipmakers have accelerated plans to diversify beyond Taiwan after the Covid outbreak snarled up supply lines. There is also simmering tension with China that reinforces the need for resilient supply of a critical component in global manufacturing.

Shirdi Sai Electricals Limited will make an initial investment of Rs 15,000 crore to build an integrated solar cell to module manufacturing facility at Ramayapatnam in Andhra Pradesh, its CEO Sharat Chandra said on Wednesday. The investments in the first phase are being made through subsidiary Indosol Solar to set up 5 gigawatts (GW) of moduleS, 5 GW wafers, 5 GW ingot and 5 GW glass capacities, he told PTI over the phone. «We have started the production of the module from Sunday (March 31). We call it Phase 1A, which is part of Phase 1. Initially, we started 500 MW module manufacturing by investing Rs 1,300 crore. The entire phase-1 (comprising 500 MW each of module, cell, wafer, and ingot) will be completed by 2025. Additionally, a manufacturing capacity of 5 GW of Glass, a raw material product, will also be set up,» he said The entire project is of 30 GW upstream capacity. It is part of the government's PLI scheme for the solar industry, Chandra said without sharing the entire project cost.

Stocks that are trading heavily or have substantial price changes on Wednesday: Signet Jewelers, Cal-Maine Foods rise; Intel Paramount Global fall

NSE) of India will launch four new indices in the cash and futures and options segments with effect from April 8. The exchange has proposed online dissemination of indices namely, Nifty Tata Group 25% Cap, Nifty500 Multicap India Manufacturing 50:30:20, Nifty500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare, according to a circular issued by NSE earlier today.

The world’s most important semiconductor-manufacturing hub is also one of the world’s biggest earthquake hot spots, and it was put to the test Wednesday after a powerful quake. Taiwan Semiconductor Manufacturing—which makes chips for customers such as Apple and occupies a critical place in the global electronics supply chain—has prepared for years for a quake, drawing on lessons from a 2011 disaster in Japan among others. TSMC briefly evacuated some of its locations Wednesday and suspended work at some plants after an estimated 7.4-magnitude quake struck eastern Taiwan.

Tesla will send a team to India this month to scout locations for a proposed $2 billion to $3 billion electric car plant, the Financial Times reported on Wednesday. India last month lowered import taxes on certain electric vehicles produced by carmakers that commit to invest at least $500 million and start domestic manufacturing within three years. The company will send a team from the United States by late April to study sites for the plant, with a focus on states that have automotive hubs such as Maharashtra, Gujarat and Tamil Nadu, the report said, citing people familiar with the matter.