Manufacturing Financial News

Oil prices edged down slightly on Monday, holding on to most of their recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and upbeat Chinese manufacturing data. Brent crude fell 17 cents, or 0.2%, to $86.83 a barrel by 0017 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude was at $83.06 a barrel, down 11 cents, or 0.1%, following a 3.2% gain last week.

Gold prices touched a record high on Monday after data showed that U.S. inflation moderated in February, boosting bets for the Federal Reserve's June interest rate cut. FUNDAMENTALS * Spot gold rose 1% at $2,255.39 per ounce, as of 0103 GMT. Bullion hit a record high of $2,256.09 per ounce earlier in the session.

Read here: Week Ahead: RBI Policy, auto sales, Q4 updates, global cues among key market triggers in first week of FY25 On Thursday, the Indian stock market indices ended sharply higher amid positive global cues, ending the financial year 2024 with robust gains. The Sensex spiked 655.04 points, or 0.90%, to close at 73,651.35, while the Nifty 50 settled 203.25 points, or 0.92%, higher at 22,326.90. The benchmark equity indices wrapped up the financial year 2023-2024 with notable gains as the Nifty 50 soared by 29%, while the Sensex jumped 25% during FY24.

₹75 crore investment in an air cooler manufacturing plant, prioritizing the segment amid stiff competition in air conditioners and subdued demand. Thompson, which has built enough inventory, plans to expand its capacity next year to further capitalize on the air coolers segment. “All three segments, including coolers, air conditioners and refrigerators, are growing because penetration of the appliances is still less," Avneet Singh Marwah, chief executive, Super Plastronics Pvt.

The majority of these are first-time job seekers in the 19-24 years age group, said government officials and experts aware of the details. Apart from this, about 300,000 people have been employed indirectly, they estimated. Companies that get incentives under the PLI scheme need to submit employment creation data to the government.

«Talks are on with the United States (US), Australia, and United Kingdom (UK), South Korea, and Japan for processing technology. Brazil and Argentina are also positive about collaborating with India,» a senior mines ministry official told ET. According to another official aware of the plan, agreements with countries are being lined up and will soon be signed.

India as part of its supply chain diversification strategy. In an interview with Viswanath Pilla, Elie Chaillot, president & CEO of GE HealthCare International, called on India to simplify tax structure, give adequate reimbursement schemes and easy financing to spur expansion of the Indian healthcare market and attract more investments. Edited excerpts: What makes you hedge your bets on India, which is a smaller market for your products? We think of India as a market and this market is growing in double-digits every year; it's going to continue to grow. We also think of what India can offer in terms of qualified human resources, and competitiveness of 'Make in India'.

₹375 per bag, as per a recent report by ICICI Securities. This, even as input costs in terms of energy saw an uptick during this period. In May 2022, Adani spent $10.5 billion to buy Ambuja Cements Ltd and ACC Ltd from Switzerland's Holcim, becoming the country’s second-largest cement manufacturer, behind Aditya Birla’s Ultratech.

employment intensity of manufacturing is declining, and it will need to be buttressed by services, where India has an advantage over its East Asian neighbours. Services also have a bigger impact than manufacturing on reducing job market inequity such as gender, age and social bias.

₹11.1 trillion in FY25, budget documents showed. Emails sent to the finance ministry and the rural development ministry seeking their comments remained unanswered till press time. In FY24, the total spending for rural jobs is projected to be ₹86,000 crore, slightly below ₹90,806 crore spent in FY23.

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Narendra Modi on Sunday said that his government is making efforts to make the sugarcane belts across the country into «energy belts,» a reference to the use of ethanol as fuel. Addressing a poll rally here in the sugarcane belt of Uttar Pradesh, Modi said, «Friends, we don't want to limit the sugarcane crop to sugar and jaggery. We want to make every sugarcane belt of the country into an energy belt.» The PM said that the amount of ethanol produced from sugarcane has gone up in the last 10 years. «Work is on to manufacture ethanol from sugarcane to be used as fuel for vehicles. Because of this, in the last ten years, around Rs 70,000 crore have been paid to sugarcane farmers,» he said.

Indian economy remaining buoyant at the end of 2023-24 with Purchasing Manager's Index (PMI) for manufacturing increasing and that of services maintaining a robust trend, as per the monthly economic review by the National Council of Applied Economic Research (NCAER). The PMI for manufacturing activity increased to 56.9 in February, reflecting a strong expansionary momentum, as growth in the output of eight key infrastructure sectors rose to a three-month high of 6.7 per cent in February from 4.1 per cent in January, NCAER said in its review for March that was released on Sunday. The economic think tank added that goods and services tax (GST) collections, too, remained buoyant, reaching Rs 1.7 lakh crore in February, registering a year-on-year growth of 12.5 per cent, while collections of GST E-way bills marked an equally impressive year-on-year growth of 18.9 per cent. NCAER noted that bank credit growth remained strong at 20.5 per cent with robust growth for personal loans, services, agriculture and allied activities.

Apache helicopters, heralded for their ability to conduct missions in diverse weather and terrain conditions, is set to bolster the Indian Army's operational reach and aerial strike capabilities in the western sector, according to a high-ranking Army official. During an exclusive interview with PTI, Lt Gen A K Singh, the General Officer Commanding-in-Chief of the Southern Command, emphasised the significant impact of this move on the army's transformation and operational effectiveness. Marking a pivotal moment, the first medium lift attack helicopter squadron within the Southern Command region was established on March 15 this year. This squadron will be outfitted with cutting-edge Apache AH-64E helicopters manufactured by Boeing. A total of six contracted helicopters are scheduled for delivery to the country in two phases over the upcoming months.

Panasonic Group will form a joint venture with Indian Oil Corporation Ltd (IOCL), the nation's biggest oil firm, to manufacture cylindrical lithium-ion batteries. Panasonic Energy Co Ltd, a group firm of Japan-based multinational electronics company, has signed a binding term sheet and initiated discussions with IOCL «to draw a framework for the formation of a joint venture» to manufacture cylindrical lithium-ion batteries, said a statement on Sunday. «This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market,» it added. Cylindrical lithium-ion batteries are commonly used in consumer electronics, power tools, and electric vehicles. Panasonic Energy is a maker of automotive lithium-ion batteries.

AC industry said «favourable weather forecast of a scorching summer» and increase in disposable income are likely to push up sales. Top manufacturers such as Daikin, Panasonic, LG Electronics, Blue Star, Godrej Appliances and Lloyd, expect up to 25 per cent growth this year, along with a substantial contribution from tier-III towns and smaller centres, which are emerging as promising markets for the category. Sale of energy-efficient 5-star inverter-technology-based models will have a higher contribution from metro cities and other big markets, while affordable 3-star ACs will continue to dominate the semi-urban and rural markets, they said.

army's Southern Command, according to Lt General Ajai Kumar Singh, General Officer Commanding-in-Chief of the Southern Command. The Southern Command, which celebrates its 130th Raising Day on April 1, is the oldest and the largest command of the Indian Army, covering 41 per cent India's landmass spread over 11 states and four Union Territories. In an interview to PTI, Lt Gen Singh, the 38th GOC-In-C of the Southern Command, also spoke about the Command's commitment to leverage technology as a catalyst for transformative change during the year 2024, being observed by the army as the Year of Technology Absorption. «This theme underscores our commitment to leverage technology as a catalyst for transformative change, as well as to use in-house expertise to innovate solutions to our operational and logistic requirements and give shape to these projects in collaboration with domestic defence industry,» Lt Gen Singh said.

micro and small enterprises (MSEs) as it will impact their businesses. In a letter to Prime Minister Narendra Modi, chiefs of major export promotion councils and federation of Indian export organisations have appealed to waive the export companies from section 43B(h) of the Income Tax law. The new rule, Section 43B(h) of the Income Tax Act, introduced in the Finance Act 2023, is designed to make sure small businesses get paid on time. It allows companies to get tax breaks if they pay their small business suppliers within the time limits set by the MSMED (Micro, Small and Medium Enterprises Development) Act, 2006. Especially, companies must pay within 45 days if there is an agreement, and within 15 days in the absence of such a pact. If they do not meet these deadlines, they can not deduct these expenses for tax purposes.

Arvind Kejriwal in custody for over a week, have reportedly reached out to Apple seeking assistance in accessing his iPhone, as per sources familiar with the matter, The Indian Express reported. According to the report, ED has officially reached out to Apple, the manufacturer of the phone, in an attempt to gain access to Kejriwal's iPhone. However, they were informed that a password was required to retrieve any data.

«Benchmark indices logged a second week of gains, ending the final trading week of fiscal year 2024 on an optimistic note. Nifty almost tested the previous all-time high above 22,500 on the expiry day and ended just above 22,300 with weekly gains of over 1%. On a weekly basis, sectoral indices posted mixed performances with realty, gaining the most followed by Auto and Infra, and the sector which fell the most was the IT sector,» said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services.

The FAME II scheme, with a budget outlay of Rs 10,000 crore, was introduced in 2019 for a period of three years. The scheme was targeted to support 7,000 e-buses, 5 lakh e-3 Wheelers, 55,000 e-passenger cars and 10 lakh e-two wheelers. Later another Rs 1500 crore was allotted for the scheme. As of 30th March, 15,42,452 electric vehicles have been subsidized under the scheme. It includes 13,64,929 two-wheelers, 15,71,71 three-wheelers and 20,352 four-wheelers. Tata motors was the biggest beneficiary of FAME II for making e-3 and e-4 wheelers and Ola was the the biggest beneficiary under the for e-2-wheelers segment. A total of 221 models of electric vehicles benefitted under the FAME II scheme.