Manufacturing Financial News

The Biden administration is hailing the arrest of a California man accused of smuggling illicit air coolants into the United States

America’s muscle car culture is adapting to the new world of electric vehicles, but the gasoline-powered high-performance road beasts will be around for at least a few more years

Koura Fine Diamond Jewelry IPO: The initial public offer of small- and medium-sized enterprise (SME) Koura Fine Diamond Jewelry Limited received strong response from investors on the first day of subscription. Koura Fine Diamond Jewelry IPO opens for subscription on March 6, 2024 and closes on March 11, 2024. Koura Fine Diamond Jewelry IPO received positive response from both retail investors and non-institutional investors (NII) as both portions were fully subscribed on the first day.

Indian Oil Corporation Ltd (IOC) — the nation's top oil firm — will in three months start manufacturing fuel used in adrenaline-pumping Formula One or F1, motor racing as it looks to expand its basket of niche fuels. IOC, which already has three branded fuels, including high-selling XtraGreen diesel, on Wednesday unveiled 'Storm' petrol that it will supply for the Asian region motorcycle road racing championship. «Today, we are partnering with FIM Asia Road Racing Championship for the supply of 'Storm'. We are the first company in India to manufacture fuel of specifications used in road racing,» IOC Chairman Shrikant Madhav Vaidya said. IOC will supply fuel for all the motorcyclists from 15 countries that will participate in the FIM Asia Road Racing Championship.

India’s defence modernization journey reached a pivotal milestone with the commissioning of the MH-60R multi-role helicopters at INS Garuda, Kochi. The commissioning ceremony took place in the presence of Defence Minister Rajnath Singh and Admiral R Hari Kumar, Chief of the Naval Staff, and this signifies a significant step forward in enhancing India’s maritime prowess.

₹98,374, or $1,183, in FY23. Despite its FY25 growth forecast being slightly below the RBI's 7% projection, Crisil maintained that India will remain the world's fastest-growing major economy.

By Stephen Nellis and Max A. Cherney

Haier is «buoyant» about the fast-growing Indian market where it aims to become the second largest player in the next five years, with increased investments in manufacturing and product portfolio expansion, the company's India President N Satish said on Wednesday. Haier Appliances India, a part of the Chinese multinational Haier Group, is investing around Rs 800 crore on capacity expansion here this year, and has also lined up future expansion plans, he said. The company is also increasing indigenisation, which is a key «thrust area» for the company, where it expects local souring to contribute up to 80 per cent across products in next two years. Haier India is also increasing exports from its Indian operations to other countries and is scouting for new markets in the Middle East and African countries, besides expanding its retail business in the domestic markets.

By Swati Bhat

FRANKFURT (Reuters) -German police believe a letter by a far-left group claiming responsibility for an arson attack that forced Tesla (NASDAQ:TSLA)'s European Gigafactory to shut down is authentic, a spokesperson for police in the state of Brandenburg said on Wednesday.

About 70% of the issue size is anticipated to constitute a fresh fund-raising initiative aimed at securing growth capital for expansion purposes, with the remaining portion allocated for an offer for sale from existing shareholders.

Motovolt Mobility is betting big on sales of its newly launched e-scooters for both passenger and cargo transportation in the country, a top company official said. The multi-utility e-scooter, manufactured at its Taratola factory, was launched on Tuesday. Adoption of electric mobility is increasing in the country, CEO of Motovolt Mobility Tushar Chowdhury said at the launch event here. Motovolt Mobility, which had earlier unveiled e-cycles, has entered into a technical collaboration with German company eROCKIT for the manufacture of e-scooters, priced at Rs 1,22,000.

Sona Machinery was subscribed 22 times so far on the second day of the bidding process. The issue, which closes on March 7, is entirely a fresh equity sale of 36.24 lakh shares. The IPO is priced in the range of Rs 136-143 per share, where investors can bid for 1,000 shares in 1 lot.

By Joe Cash, Ellen Zhang and Kevin Yao

Vamsi Gaddam has emerged a pioneer in India's sustainable construction industry, leaving a lasting impression on Visaka Industries Ltd, one of India’s leading construction companies. With a background that traces back to his role as a Management Trainee in 2011, Gaddam swiftly ascended the ranks, culminating in his current position as Joint Managing Director of the 40-year-old, ₹1600 cr.

India's textile industry, 26 February was a big day, marking a significant milestone with the inauguration of the Bharat Tex Expo at Bharat Mandapam (IECC) in the national capital by Prime Minister Narendra Modi. The expo, celebrated as the world's largest textile event, attracted over 3,000 exhibitors, 3,000 buyers, and 40,000 visitors from more than 100 countries.

Monterrey, Mexico Outside this city, 150 miles south of the Texas border and in the shadow of the Sierra de Santa Catarina, is a cactus-dotted field. If all goes well, this unassuming site will be home to Tesla’s Giga Mexico, which could become the world’s largest electric-vehicle factory. The project promises thousands of jobs and as much as $15 billion in investment from Tesla and its suppliers.

₹61 to ₹65 apiece of face value of ₹10 each. Signoria Creation IPO will open for subscription on Tuesday, March 12, and close on Thursday, March 14.

Eurobank is looking to establish a presence in India and is in the process of consulting with advisors and the Reserve Bank of India to open a representative office in Mumbai, said people close to the bank. With 80.5 billion euros of assets and 540 branches across Greece, Cyprus, Bulgaria, Luxembourg and UK, the bank, which has a robust corporate client-focused business in these countries, aims to serve the needs of Indian businessmen looking for a commercial presence in Europe. “Trade relations between Europe and India are on the cusp of taking off. We aim for Eurobank to become a key facilitator and the banking partner of choice for Indian businesses considering establishing a local hub in Greece or Cyprus to gain a footing in the EU market,” said Fokion Karavias, chief executive officer, Eurobank.

Ritesh Jain, Global Macro Trader, says India had leapfrogged manufacturing and directly went into services because of digital infra and English-speaking population. Data show services create 20% of the jobs created by manufacturing. That is why we have a jobless recovery and wealth concentrated in metros. Now, India is going back to the drawing board and manufacturing will start pulling its weight because of government focus, PLI schemes, China plus one, etc. This will lead to broad-based prosperity due to job creation and real estate prices in tier II, tier III cities will outpace those of metros. What kind of structural changes are you witnessing in the Indian economy right now? Ritesh Jain: I believe the structure of the Indian economy is changing.

After a strong gross domestic product (GDP) growth estimate, we have further cause for optimism in the latest purchasing managers’ index readings for the manufacturing and service sectors. The HSBC India Services Purchasing Managers’ Index (PMI) clocked a robust 60.6 in February.