Manufacturing Financial News

By Stella Qiu

Sudeep Pharma is in talks with Avendus Capital to secure ₹800 crore in debt to buy out its joint venture partner, German manufacturer JRS Pharma, and take full ownership of the pharmaceutical company. «Sudeep Pharma is looking to buy out the share of another shareholder and for this they are looking to borrow around ₹800 crore,» said a person close to the development. «They are looking to buy out 50% of its JV partner JRS Pharma.» The Indian owner of Sudeep Pharma is Sujit Jaysukh Bhayani, its MD and CEO, and his family.

medical device maker Medtronic, which gave the world the first battery-powered pacemaker seven decades ago, is betting big on India. Geoff Martha, its chairman and CEO, told Viswanath Pilla in an interview that Medtronic's next phase of growth in the country will involve evaluating possibilities of redesigning products to make them more affordable for patients, sourcing components locally, and manufacturing in India. Edited excerpts: How are you planning to achieve Medtronic's goal of reaching 1 billion patients every year? We reach two patients every second and we're very proud of it. But 80 million people is a fraction of the world's population… With these digital technologies coming in, I think that'll allow us to access so many more patients. Because it's going to personalise these therapies, lower the cost. So that's the aspiration that we need to map our strategy to get to 1 billion a year.

₹41 lakh, going up to ₹53 lakh ex-showroom for an all-wheel drive variant. The Seal has a range of up to 650 km for its top-end rear-wheel drive model.

₹14.76 crore from eight anchor investors on Monday, March 4. Also read: Sona Machinery IPO opens on March 5, price band fixed at ₹136-143 Sona Machinery is a diversified agro-processing equipment manufacturer with an extensive product range and caters to setting-up of Complete Rice Mill Projects as well as processing of other grains like pulses, wheat, spices, millet, etc. Its state-of-the-art portfolio encompasses grains pre-cleaner machines, rotary drum cleaners, vibro classifiers, stone separator machines, paddy de-huskers, husk aspirators, rice thick/thin graders, rice whiteners, silky polishers, optical sorters, multi graders, length graders, belt conveyors, bucket elevators, etc.

By Nette Noestlinger and Christoph Steitz

JG Chemicals, which opened for subscription earlier today, was fully booked so far on the first day of bidding. The retail portion of the issue was fully subscribed, while NII category followed closely with 93% subscription. There were no bids yet in the QIB category of the IPO, which closes on March 7.

Karnataka aims to become a $1 trillion economy by 2032 by growing at a sustained rate of 18%, Industries minister MB Patil said on Monday. The state, he said, would soon bring out a new clean mobility policy that would make the state a premier destination for EV manufacturing. Patil, who was speaking at the inauguration of the 54th World Trade Centre Association (WTCA) Global Business forum, said that the state’s Industrial Policy for the period 2020-25 provided multiple financial incentives to create favourable economics for investors. “Karnataka is also partnering with technology companies to leverage industry 4.0 technologies and the state will drive automation and develop AI-powered subscription products or services,” he added. This was the first edition of the summit in Karnataka and the second held in India. The event, jointly organised by the New York World Trade Centers Association and Bengaluru World Trade Centers Association, was inaugurated by Deputy Chief Minister DK Shivakumar.

electric vehicles and aerospace market in the last few years has been on the rise, with a marked increase in volume and quality of high precision gears being exported from the country, American Gear Manufacturers Association (AGMA) president President Matthew Croson told ET. Increased investment towards the manufacturing sector, both from government and private players, he added, was a major contributor towards this. “At the end of the day, you can't make the gears at the level without new equipment, and well trained people that can work those machines. Our member companies from India are doing a great job of demonstrating quality that’s coming out of India right now,” he said. AGMA, which has been accredited to write the US standards on gearing, counts 17 Indian companies among its members. A major emerging trend in the gear industry worldwide, Croson said, was vehicle electrification. “We've learned that because of the NVH, the noise and the volume, the vibration, and some of the issues there, electric vehicles need high precision gears. It requires new education and training, and we’re providing classes from our organisation for this…it is a net positive for the industry,” he said.

The flow of millions of small parcels into the U.S. from China thanks to the explosive growth of online shopping has caught the attention of Congress

American Airlines is ordering 260 new planes to meet growing travel demand and increase the airline’s supply of premium seats

Federal regulators say they have found multiple instances in which Boeing and its key supplier lack adequate measures to control for quality in the manufacturing of jetliners

The first over-the-counter birth control pill will be available in U.S. stores later this month

BRUSSELS: The European Union should support struggling European manufacturers of solar panels, but cannot close its borders to imports of such products, EU energy policy chief Kadri Simson said on Monday. Factory closures among Europe's few solar panel makers have prompted the industry to seek emergency support from Brussels — potentially including trade restrictions on cheap Chinese imports that European companies have struggled to compete with. However, Simson ruled out cutting off imports, which she said could compromise the EU's ability to install enough solar energy capacity to meet climate targets. Most solar panels and parts deployed in Europe are imported from China.

MVK Agro Food Product will be finalised later today. On the allotment date, investors get to know about the number of shares allotted to them as against the bids made. Investors can check the status of MVK Agro Food Product IPO allotment by logging in to the official website of the registrar, which is Mas Services in this case.

Sona Machinery opened for subscription earlier today and will close on March 7. The company aims to raise about Rs 52 crore through the SME IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.

public market rally despite high stock valuations has made the promoters of Hyderabad-based Sai Life Sciences explore an initial public offering as an alternative to their original plan of roping in a private equity investor, people in the know said. A public listing would also give an exit route to existing financial investors including TPG Capital, the people said. The sole contender for the stake, Bain Capital, also has been re-evaluating its plan, especially due to the $800 million to $1 billion (₹6,500-8,300 crore) valuation that the promoters, the Kanumuri family, have been expecting for the pharmaceutical contract research, development and manufacturing organisation, they said.

BEIJING (Reuters) — China's services activity grew at a slower pace in February, with business confidence moderating for the second month and firms trimming staff numbers for the first time since November, a private-sector survey showed on Tuesday.

Investing.com-- China’s services sector grew less than expected in February, a private survey showed on Tuesday, as the Lunar New Year holiday provided only a limited boost to activity amid a broader downturn in the economy.

NEW DELHI : The Centre is planning to create a new system to identify and contain the flood of counterfeit goods in the retail market, two people aware of the development said. The surveillance system will ensure that every good sold in the retail market meets the standards for which a licence was issued, and also that only authorized products are manufactured, the people added. If deviations are noticed, manufacturers’ licences may be cancelled, and they may also have to pay hefty penalties.

By David Shepardson