Manufacturing Financial News

Boeing for more than three decades before blowing the whistle on the aircraft maker’s allegedly questionable safety standards, was found dead in his car in South Carolina.Barnett, 62, was supposed to be in a deposition Saturday to answer questions related to a lawsuit against his former employer when he failed to show up to the meeting. His legal team tried to reach him by phone to no avail, until they contacted the hotel where Barnett was staying.He was found dead in his truck in the hotel parking lot.The Charleston County Coroner’s Office told local media that it appears Barnett died from a self-inflicted wound.

ITC, SBI, Kfin Tech, Vedanta, Muthoot Capital among others will be in focus due to various news developments. Kfin Tech Kotak Mahindra Bank has sold 2% stake in KFin Technologies through the open market for Rs 208 crore.

Linde India, an industrial and medical gas maker, as the company is seen as one of the biggest beneficiaries of the growth in semiconductor manufacturing in India. The stock jumped over 7% on Tuesday, extending the winning run to the second straight day, and is expected to go up by another 14% in the near term driven by the bullish momentum. The stock, which closed at ₹6,315.70 on the BSE on Tuesday, gained 13.2% in the past two trading sessions.

semiconductor chip from the new plant being set up by the Tata Group and Taiwan’s Powerchip Semiconductor Manufacturing Corporation (PSMC) in Gujarat’s Dholera, will be ready to roll out by the end of 2026, according to Frank Huang, chairman of PSMC. Speaking exclusively to ET ahead of the ground-breaking ceremony for the $11 billion project that is scheduled for Wednesday, Huang said the contours of the JV with the Tatas are yet to be finalised. “At the moment we have decided to work out the technology transfer. Later we can talk about investment,” the 74-year-old said. PSMC is a maker of memory chips that also provides foundry services to its customers.

New Delhi/Mumbai: Europe’s proposed carbon tax has split the Indian steel industry down the middle, with some companies in favour and others against, even as lobbying to waive or delay the levy continues. The tax, under the carbon border adjustment mechanism (CBAM), would increase costs for Indian steelmakers exporting to Europe, a key destination that is critical for their businesses. The tax has been supported by companies with major operations in Europe, such as Tata Steel.

By David Shepardson

Safety and Standards Authority of India (FSSAI) is working on making regulations for nutraceuticals and health supplements more stringent after it found many non-compliant products in the market, said officials. Nutraceuticals are products derived from food sources that are believed to provide extra health benefits, besides the basic nutritional value found in foods, and can be available in the form of pills, syrups, capsules, powders, gummies and chewables. «The popularity of these products has increased manifold as consumers have become more health conscious,» said a senior FSSAI official, who did not wish to be identified. «We want to make the standards more stringent for the safety of consumers.»

Electric car sales in India fell to their lowest level in five months in February even as companies took steep price cuts, indicating it would take more than just a lower acquisition cost to nudge buyers to shift to EVs in India where automakers are committing billions of dollars for the switch to electric mobility. Cumulative sales in February dropped to 7,277 vehicles, the lowest since October, showed data from the government's Vahan portal. So far, this month, EV registrations have fallen to 204 units per day on average, the lowest in 11 months, signalling that the softening of sales is set to continue. Sales are set to slow further with less than 20 days left before the end of incentives under the government's Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme. These incentives are applicable to cars used in the commercial fleet, which comprise a significant portion of EV sales, and with the impending general election, automakers are unsure if the scheme would be extended. Anticipating slowing sales, Tata Motors has cut production in April and May, following a similar move in March, said people aware of the company's plans. Sales of Tata's EV registrations fell 13% sequentially in March. This month Tata Motors plans to produce 2,200 to 2,500 EVs against a peak of 4,500 units about 4-5 months ago. The company is likely to maintain similar production levels for the next two months, said the person cited above.

B2B) and manufacturing technology sectors constituted 56% of the new listings on the mainboard over the last five years, Boston Consulting Group and venture capital firm Matrix Partners said in a joint report. According to the latest ‘Digitizing Make in India’ report, within the B2B space, there had been 11 initial public offerings in the past five years in the specialty chemical industry, featuring companies such as Chemplast and Senmar.

India can play a key role in building a resilient global electronics supply chain, said Cristiano Amon, chief executive of US chip giant Qualcomm Inc. In an interview with ET's Romit Guha and Himanshi Lohchab, Amon said the country has an opportunity to create large companies that serve both the domestic and global markets in areas such as semiconductor packaging and manufacturing. Edited excerpts: What are the opportunities for Qualcomm in India? There's an incredible opportunity with the transition to 5G. But it's not only 5G, but also the incredible opportunity that is developing with Gen AI and the opportunity to do Gen AI at the edge, not only at data centres, but across many different industries. What's Qualcomm's investment plan for India? India is our largest R&D site outside San Diego. We have a presence in a number of sites — from Hyderabad, Bengaluru, Chennai and Noida. The majority of our chips are designed in India, both hardware and software. With the world looking for alternatives to make the overall electronic supply chain more resilient, we see that India has an important role to play, an opportunity to create over time, very large Indian companies serving not only the Indian market, but also global, whether it's smartphone industrial modules, whether it's semiconductor packaging, and eventually semiconductor manufacturing.

Narendra Modi will on Wednesday lay the foundation stone of the Tata-Powerchip Semiconductor Manufacturing Corp chip fabrication unit at Dholera and the CG Power-Renesas outsourced assembly and test (OSAT) facility at Sanand in Gujarat as well as the Tata OSAT unit at Morigaon in Assam. He will inaugurate all three units virtually, an official release from the government said. “13th March 2024 — a special day in India's efforts to become a hub for semiconductors. Tomorrow, will take part in the ‘India’s Techade: Chips for Viksit Bharat’ programme and lay the foundation stones for three semiconductor facilities worth over Rs. 1.25 lakh crore. Among the highlights of the programme will be the participation of students from over 60,000 institutions,” Modi posted on the micro-blogging site X.

A network operator says power has been restored to electric car manufacturer Tesla’s factory near Berlin after a nearly one-week outage believed to have been caused by arson

₹17,484 crore ($2.11 billion). BAT, which holds over 29% in the cigarettes-to-hotels conglomerate, will sell the shares at ₹384–400.25 each, implying a 4–5% discount to ITC’s Tuesday closing price of ₹401.90 on the NSE. ITC shares fell 1.83% earlier in the day, while the benchmark Nifty index closed unchanged.

Suzlon and Renaissance Solar and Electric Material Company, leading companies in the wind power and solar panel segment, respectively, have expressed interest to set up their units in Vijayapura district, the native of Industries & Infrastructure Minister MB Patil. Suzlon has planned to invest Rs 30,000 crore while Renaissance Solar has proposed Rs. 6,000 crore, Patil told media after meeting the chief executives of the two companies. Suzlon Group CEO JP Chalasani and Renaissance Solar CEO Milind Kulkarni participated in the separate meetings with the minister.

BAT Plc on Tuesday said in a statement that its wholly-owned subsidiary Tobacco Manufacturers (India) Ltd will sell around 3.5% stake in ITC Ltd to institutional investors by way of a block deal and has launched the process. BAT said after the completion of the proposed block deal, BAT will continue to remain a significant shareholder of ITC with around 25.5% holding. BAT wanted to have more than 25% shareholding in ITC to have a strategic influence and veto rights in the company, chief executive Tadeu Marroco had said in December.

Ind-Ra) has released its analysis on the current account balance (CAB) for the third quarter of the fiscal year 2023-24 (3QFY24), projecting a deficit of approximately USD11 billion, equivalent to 1.2 per cent of the Gross Domestic Product (GDP). According to a press release, this forecast represents a marginal increase from the previous quarter's deficit of 1.0 per cent of GDP and marks a year's high, surpassing the deficit recorded in the corresponding quarter of the previous fiscal year (3QFY23: USD16.8 billion, 2.0 per cent of GDP). Sunil Kumar Sinha, Principal Economist at Ind-Ra, expressed expectations for a dip in the current account deficit in the subsequent quarter, attributing this outlook to signs of economic recovery amidst the global economic environment's uncertainties.

Maruti Suzuki is looking at transporting more vehicles it makes via railways to cut down costs and reduce emissions in line with the government’s push towards clean mobile solutions. The company, along with joint-venture partners, has invested over Rs 1081 crore to commission the country’s first in-plant railway siding at its manufacturing facility in Gujarat, which was inaugurated by Prime Minister Narendra Modi Tuesday. Maruti Suzuki plans to set up similar facilities in Manesar and Kharkhoda (Haryana). Overall, the company said it plans to substantially increase the proportion of cars it transports via railways as it doubles production to 4 million units per annum by 2030, from a little over 21% currently.

Amidst the arid expanse of Rajasthan’s Pokhran, Prime Minister Narendra Modi bore witness to the 50-minute-long integrated tri-service firepower and manoeuvre exercise dubbed “Bharat Shakti.”

Pokhran firing range in Rajasthan to witness the Bharat Shakti exercise, showcasing the prowess of indigenously manufactured defence equipment of the three services. The exercise, held for about 50 minutes, included an integrated tri-service firepower and manoeuvre demonstration. LCA Tejas, ALH Mk-IV, LCH Prachand, mobile anti-drone system, BMP-II and its variants, NAMICA (Nag Missile Carrier), T90 tanks, Dhanush, K9 Vajra, and Pinaka rockets were among the platforms showcased at Pokhran, about 100 km from Jaisalmer city.

₹61 to ₹65 apiece of face value of ₹10 each. Signoria Creation IPO lot size consists of 2,000 shares. Investors can bid for a minimum of 2,000 shares and in multiples thereof.

Also Read: Demand for Indian bonds skyrockets in recent months – 5 key reasons why The CSI 300 Index of mainland shares has gained about 13% since a five-year low reached Feb. 2. The Hang Seng Tech gauge advanced more than 4% on Tuesday, with Xiaomi Corp.