Manufacturing Financial News

By Abhijith Ganapavaram, Allison Lampert and Valerie Insinna

By Karen Brettell

Suven Pharmaceuticals, which announced the proposed merger of Cohance Lifesciences on Thursday, will be investing in research and development, commercial capabilities, and pursuing merger and acquisitions, as it aspires to be the «most admired» fully integrated global contract development and manufacturing organisation (CDMO) services provider, the company's top executive said. «We want to be a diversified, end-to-end capability outsourcing partner, serving customers from development to commercial scale. Doing this reliably & consistently across a wide range of chemistries, that's where the opportunity is,» said Annaswamy Vaidheesh, executive chairman of Suven in an interview to ET. «Our business is really about partnering with the customers over the long term. Our success is inextricably linked with our customer's as our business models are hard wired together,» Vaidheesh said. He added that he wants Suven to be the Lonzas of the world. Lonza-based in Basel, Switzerland is a global CDMO powerhouse.

₹1.68 trillion in goods and services tax (GST) revenue in February, 12.5% more than the revenue collected February 2023, amid strong manufacturing activity and economic growth momentum. However, the number was a tad lower than January’s figure of ₹1.72 trillion.

737 Max jetliners, including the one that suffered a door-panel blowout in January, according to a person knowledgeable about the discussions. The timing of a deal — or whether the two sides even reach a final agreement — is uncertain, according to the person, who spoke about the private talks on condition of anonymity. The Wall Street Journal first reported the talks.

₹1,282 crore, to help relaunch its Italian steel mill in Piombino. The company in a press release said that its subsidiary, JSW Steel Italy SRL, has signed a Memorandum of Understanding (MoU) with the Italian authorities to relaunch the site.

By Abigail Summerville and Ananya Mariam Rajesh

By Abhijith Ganapavaram and Allison Lampert

By Lucia Mutikani

Boeing (NYSE:BA) is currently in discussions to acquire Spirit AeroSystems (NYSE:SPR), according to a report by The Wall Street Journal on Friday.

NEW DELHI : The era of inordinately long waiting periods for passenger vehicles may be ending as carmakers continued to ship a record number in February, building up stock in the dealership network. Carmakers will therefore have to keep a close watch on demand, as inventories, which have already reached 26 days, are likely to pile up in showrooms with original equipment manufacturers having been able to fulfil pending orders and incremental sales depending solely on the pace of fresh demand, a top industry executive said.

NEW DELHI : Chipmaker Qualcomm Technologies has entered into a partnership with government-backed Centre for Development of Telematics (C-DOT) to support India-based developers and startups working on innovative products and use cases. The pact, signed at the Mobile World Congress 2024 in Barcelona, Spain, will support C-DOT with expertise and best practices, state-of-the-art technology, intellectual property training and tools, according to a release.

Indian Railways has awarded a Rs 485.09 crore tender to Kolkata's Besco Limited for manufacture and supply of 1,200 wagons. A third of these wagons need to be delivered by December 2024-end. According to officials aware of the development, the balance wagons will be delivered in two batches of 400 each by December 2025-end. This tender was awarded to Besco earlier this week. Besco will be supplying Bogie Open Wagon type (BOXNS) wagons which are primarily used for ferrying coal and steel on the national transporter. The Railways will be billed Rs 34.26 lakh per wagon by Besco which will be manufactured in West Bengal’s 24 Parganas (South). This rate has been arrived after a counteroffer made by the Railway Board in December 2023. This is the fifth tender awarded by the Indian Railways for procuring BOXNS wagons in the current fiscal. The first and largest of these tenders has been awarded to Kolkata’s Jupiter Wagons which will supply 4,000 wagons, totalling a tender value of Rs 1,616.96 crore. Texmaco Rail and Engineering, another Kolkata headquartered firm bagged the second largest BOXN wagon tender awarded this fiscal for Rs 1374.41 crore to supply 3,400 units.

Business activity in India's manufacturing sector is showing signs of improvement. The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 56.9 in February from 56.5 in January. A figure above 50 indicates expansion.

By Naomi Rovnick and Stella Qiu

Investing.com-- US stock futures fell marginally Friday, handing back some of the previous session's gains, as investors digested recent inflation data as well as quarterly corporate earnings.

Investing.com-- Most Asian stocks rose on Friday tracking strong overnight gains on Wall Street, with Japanese and Australian markets at record highs amid growing hopes over lower interest rates in 2024. 

Investing.com -- U.S. stock futures hover below the flatline heading into the final trading day of the week, as investors digested fresh inflation data and eyed the path ahead for Federal Reserve interest rates. OpenAI is reportedly planning to name new board members, as the artificial intelligence group behind ChatGPT faces increased regulatory scrutiny. Elsewhere, China's manufacturing activity slows for the fifth straight month in February.

Stock market today: EV charging solution company Servotech Power Systems Ltd has been hitting headlines for receiving orders from oil PSUs these days. After receiving around ₹102 crore order from Hindustan Petroleum Ltd (HPCL), the energy company has today declared that it has received another order worth ₹111 crore from the Indian Oil Corporation (IOC) Limited.

Manufacturing in China contracted for a fifth consecutive month in February, according to an official survey of factory managers

Consumer Reports says some doorbell cameras sold by Amazon and other online retailers have security flaws that could allow bad actors to view footage from the devices or control them completely