Manufacturing Financial News

electricity in India, accounting for nearly 3% of the total electricity generation. At present, India’s nuclear power generating capacity is 7,480 megawatts (MW), and the government plans to triple it to 22,480 MW by 2031 to meet its net-zero targets. To this end, it is inviting private investments worth ₹2.16 trillion (tn) and is already in talks with some major power sector players.

ABSL Mutual Fund launched a thematic fund, providing investors a way to play the emerging ‘manufacturing’ theme. Fast forward nine years and the investors who stayed the course find the thematic fund’s 12.5% return since inception lower than the broader market return for the respective period. Thematic new fund offers (NFOs) make a tantalising proposition—targeted exposure to specific themes. But do these funds truly perform? Statistically, funds like ABSL Manufacturing that didn’t do well form 36% of the thematic NFOs launched in the past 10 years. A higher 64% have done better than the overall market since launch, an ET Wealth study shows. Game of themes The reason for AMCs coming up with more thematic NFOs in recent years has been largely due to the regulatory cap of a single fund per category. However, funds can have any number of unique themes. Between 2014 and 2017, there were only six thematic equity NFOs (actively managed), but in the 2018-23 period, 55 new funds came into the market. Buoyant markets have helped. With equities giving double-digit returns in four of these six years, thematic funds have easily attracted eyeballs.

startups — Fashinza and Virgio — backed by the likes of Accel and Alpha Wave have initiated a process to return most of the capital they had raised, after a change in their business models, people aware of the matter said. Both had failed to find traction in the original business plans for which they had raised the funds and so are now returning part of the money, the people said.

(Reuters) — Delta Air Lines Inc (NYSE:DAL) expects the deliveries of Boeing (NYSE:BA) Co's 737 Max 10 aircraft to be pushed out to as late as 2027, as the planemaker faces federal safety and criminal reviews, Bloomberg News reported on Sunday.

buyout funds KKR, Carlyle, EQT, Hillhouse and TA Associates are competing against each other to buy out Healthium Medtech, the largest homegrown surgical sutures manufacturer, also the largest manufacturer of surgical needles globally by volume, in what is turning out to be the fiercest bidding process of the year. Healthium (formerly Sutures India), 99.8% owned by Apax Partners is the fourth largest surgical suture manufacturer in the world with a market share of about 18% in India. These funds were shortlisted this weekend after the first round of screening based on non-binding bids submitted last week which largely value the company between Rs 6300 crore to Rs 6500 crore. A formal sale process was launched earlier this year with Jefferies mandated to sell the company with close to two dozen funds including Blackstone, Partners Group, Canadian pension funds, picking up the information memorandum and signing non-disclosure agreements.

Several U.S. discount retailers are recalling packages of ground cinnamon after health officials warned they were contaminated with high levels of lead

₹76,000 crore, as it expects a mushrooming of chip fabs and testing units in the country in the years ahead. India will emerge as one of the top five semiconductor ecosystems in world in the coming five years, IT minister Ashwini Vaishnaw said in an interview. This will be backed by investments by global majors that are increasingly considering India for setting up fabrication or other units, the minister said.

free trade pact with a four-member European bloc, Norway on Sunday said it will eliminate customs duties for almost 98 per cent of the imports from India under the framework of the pact. The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery. After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has ever entered, said Norwegian Prime Minister Jonas Gahr Stoere. At a media briefing, Norway's Minister of Trade and Industry Jan Christian Vestre described the Trade and Economic Partnership Agreement (TEPA) as a major result-oriented milestone that would not only boost two-way trade but also promote a rules-based trading system.

Bihar's economy has grown faster than the national economy. Its annual growth rate averaged 7% during the 2000s, and 7.5% during the 2010s (until 2019-20). In comparison, the national economy grew at 6.3% and 6.6% annually during these periods, respectively. Bihar has also made remarkable progress in closing the gap in education, health and basic amenities. Its gross enrolment ratio (GER), sex ratio at birth, life expectancy, infant mortality, and availability of electricity, drinking water and sanitation have improved significantly to levels only slightly below the national average. Yet, in terms of per-capita income, it has remained India's poorest state. This is due to a very low level of initial income preceding the growth spurt and a high population growth rate, which inhibited conversion of higher GDP into the acceleration of per-capita income.

Startups in the country are “lost in the maze of existing regulations and controls that are applied to them sometimes even retrospectively”, Anand Mahindra, chairman Mahindra Group, said and called for increased ease of doing business for new enterprises. Delivering the 4th Annual Atal Bihari Vajpayee Memorial Lecture on ‘The role of industry in building a resilient and resurgent India’, Mahindra highlighted the importance of the government and industry working in a collaborative manner to achieve scale, innovation, and global reach.

Mint. These next-generation reforms will go alongside India's aspirational goal of establishing the rupee as a stable currency over the next decade, helping internalize its usage, besides enhancing its global acceptance as a payment mode. Additionally, the bureaucracy must keep pace and meet the demands of the 21st century, Sanyal said, adding that the other major area for reforms would be the legal processes.

free trade pact between India and the four-nation bloc European Free Trade Association (EFTA), Swiss State Secretary for Economic Affairs, Helene Budliger Artieda, affirmed that India will be world's premier manufacturing and service hub. She also said that the quality goods from India will get a very open market in Switzerland, adding that the Trade and Economic Partnership Agreement (TEPA) will also open job opportunities for the Indian youth. Speaking to ANI, the Swiss Secretary said, «It's a massive moment of joy for us. We've been negotiating this agreement for more than 16 years...I'm completely delighted that we managed to push it through during the past eight months.»

BEIJING (Reuters) — Shanghai Zhenhua Heavy Industries (ZPMC) said on Sunday its cranes do not pose a cybersecurity threat, after U.S. congressional committees questioned the Chinese state-owned company's work on cranes bound for the United States.

Mobile phone manufacturing in value terms jumped 21-fold to Rs 4.1 lakh crore in India in the last 10 years as government policy measures like PLI played a critical role in attracting global players to boost local production, industry body ICEA said in a statement. India now produces 97 per cent of its total mobile phone demand locally and 30 per cent of the total production in financial year 2024 is meant for export, the India Cellular and Electronics Association said. «Mobile phone production surged from Rs 18,900 crore in 2014-15 to an estimated Rs 4,10,000 crore in FY'24, registering an increase of 2000 per cent. In 2014-15, mobile phone exports from India were a mere Rs 1,556 crore. The industry expects to end FY24 with an estimated export of Rs 1,20,000 crore. This would mean a 7500 per cent increase in exports over a decade,» ICEA said. According to a note on manufacturing, in the field of smartphones, Apple and Samsung, have played a crucial role in boosting mobile phone exports from the country.

Stone Sapphire India will invest Rs 1,000 crore to set up a manufacturing facility for homewares like glassware, sippers, dinnerware etc, in Baroda… Talking with PTI, Stone Sapphire India Pvt. Ltd. (SSPL) Chairman Vick Rana said that homeware products available in India are either for the lower class or very high-end for the elite and leave a huge vacuum for middle-class consumers. «Our work on new plant and capacity expansion has already begun in Baroda which is focused on the homeware segment. We are investing Rs.1000 crore on this expansion,» Rana said. The Baroda plant will manufacture small kitchen appliances, metal cookware, and drinkware. This will help increase not just the production capacity for the Indian market but also increase exports by at least 50 per cent, thereby making products in India for the world, he stated…

India signed a free trade pact on Sunday with a group of European nations — Switzerland, Norway, Iceland and Liechtenstein — committing to reduce tariffs, while New Delhi receives $100 billion in investments over the next 15 years. India and the members of the European Free Trade Association (EFTA) held 21 rounds of talks over 16 years to clinch the broad-based Trade and Investment Agreement. Here are key facts about the trade pact:

Toyota Motor. Not long ago, it looked as if Toyota had fallen dangerously behind in electric vehicles. Tesla, the electric car pioneer, has grown rapidly and become the world's most valuable automaker. Seeing Tesla's success, other companies, such as General Motors and Ford Motor, concluded that large numbers of consumers were poised to switch to battery-powered cars and trucks and began investing tens of billions of dollars to catch up. Toyota, however, was more deliberate — or lethargic, its critics would say. It has introduced just two fully electric models in the United States so far, betting that its gas-electric hybrids and plug-in hybrid vehicles, which it has become known for, would remain popular and were sufficient to address climate change for now.

Indian Oil Corporation (IOC) has now set sight on the Grand Prix and will in next three months start producing fuel used in adrenaline-pumping Formula One or F1, motor racing. The firm's refinery at Paradip in Odisha will in three months produce the petrol used in F1 car racing, its chairman Shrikant Madhav Vaidya said. IOC, the country's largest oil firm controlling roughly 40 per cent of fuel market share, will be the first Indian company and only a handful globally that will produce fuel used in F1 racing. Vaidya said the company expects to get its Formula 1 fuel certified in around three months, after which it will start competing with other global majors like Shell to supply it to the F1 teams.

India’s fledgling electric vehicle market on expectations that a government push towards ecofriendly mobility and greater consumer awareness will further accelerate sales. Domestic electric passenger vehicle sales have picked up pace, with the number of mass-market models growing threefold to a dozen by seven companies in 2023, from just four models by three manufacturers prior to the pandemic, according to data collated by automotive market research firm Jato Dynamics. Tata Motors dominates the local EV market with its Tiago, Nexon, Tigor and Punch, followed by MG Motor India and Mahindra & Mahindra. China’s BYD, a relatively new entrant, is making strong inroads, surging ahead of even established rivals such as South Korea’s Hyundai and Kia. BYD, the world's number one electric vehicle maker, launched the Seal sedan earlier this week — the third model in its portfolio after the e6 multipurpose vehicle and Atto 3 SUV.

Inox Cinema Complex in Srinagar. Hibban, says Shah, is hooked to the e-gaming zone at the complex. As night falls, they make their hour-long journey back to Tral. This very ordinary weekend activity was the stuff of dreams in Kashmir as recent as five years ago. Shah says it is safe now to drive at night, all the way back to Tral. “The Valley has been peaceful in the last few years. Some of the sectors such as tourism and construction have witnessed a boom never seen before,” Shah tells ET. Five years ago, in February 2019, a suicide attack killed 40 Indian soldiers in Pulwama, bringing New Delhi and Islamabad perilously close to a full-blown war. The incident, which happened on the eve of the 2019 general elections, drummed up nationalistic fervour in the rest of India and was one of the factors that helped BJP sweep the polls. And one of the first steps taken by the new government under Narendra Modi was to scrap Article 370 of the Constitution, a provision that granted special status to Jammu & Kashmir. The Centre divided the state into two Union territories: Jammu & Kashmir, and Ladakh. It was an unpopular decision in the Valley but there were no big protests as all local political leaders and separatist-leaning youth were under preventive detention.

India will soon start making equipment for semiconductor manufacturing, Union telecom and IT minister Ashwini Vaishnaw said on Saturday. «The entire semiconductor ecosystem of fabs, ATMP units, chemicals, gases, substrate, consumables and equipment for semiconductor manufacturing will be made in India,» he said. He was speaking at the inauguration of American chip equipment supplier Applied Materials' India Validation Centre in Bengaluru which was set up at a cost of $20 million.