Manufacturing Financial News

Acer, known for its laptops and PCs, is expanding into home electronics, with plans to manufacture and export appliances such as water and air purifiers, refrigerators and vacuum cleaners from India, a market that last year became the Taiwanese IT hardware major's second largest for its global operations after the US. Harish Kohli, managing director, Acer India, told ET that the company is already on track to meet the targets for the first year of the revised production-linked incentive (PLI) scheme that started from April 2023 on the back of strong shipments in the commercial space and exports. Under plans to diversify its business in one of the only markets that saw growth-revenue rose 19-20% on-year-in 2023, Kohli said a company named AcerPure is being formed under which the laptop-maker will be selling consumer appliances. AcerPure «will get registered in the next couple of weeks in India and we are going to be a very strong player».

real estate for effectively granting greater protection to defaulting firms from bankruptcy proceedings is unlikely to feature in the amendments to the Insolvency and Bankruptcy Code (IBC) that the government is firming up, people familiar with the development said. After extensive deliberations, the government now reckons that such sector-specific mechanisms within the IBC could dilute the very essence of the bankruptcy law and prove to be counter-productive, they told ET. It is expected to amend the IBC after the general election in April-May. Some flexibilities, however, could be built into regulations from time to time to facilitate easier resolution in real estate, one of the persons said.

₹80,000 per month and the pill can cost ₹10,000 per month. The drug is even more expensive in the West. Yet, there is such strong demand for it that Nova Nordisk is unable to meet it.

Female workers are making deeper inroads on shopfloors and in functions traditionally dominated by men at automakers, amid adoption of advanced technologies in manufacturing processes which require precision handling. Tata Motors has more than 6,500 female shopfloor technicians at its manufacturing facilities that roll out electric cars, SUVs and heavy commercial vehicles. At the country’s largest two-wheeler maker, Hero MotoCorp, 3,500 women work on the shopfloors and there are assembly lines led by women at its factories at Tirupati, Haridwar and Neemrana in Rajasthan, while at MG Motor India, women account for 34% of its 3,001 workers at the manufacturing unit in Halol, Gujarat.

Tamil Nadu Chief Minister M K Stalin on Sunday laid the foundation stone for the electric vehicle car and battery manufacturing facility of VinFast Auto Ltd, which has earmarked investments of Rs 16,000 crore for the state, just 50 days after signing an MoU with the Vietnam-based EV maker. The memorandum of understanding with the Government of Tamil Nadu for the plant was signed during the Global Investors Meet held by the DMK government in January. The quick turnaround time from signing to the MoU to laying the foundation stone — 50 days — is an example of Tamil Nadu's industry-friendly climate and showcases the government's commitment to quick clearance of approvals. «In just 50 days since the MoU (was signed) Thoothukudi welcomes VinFast's first EV plant — a monumental stride for the Dravidian Model Economy,» Stalin said. «With Rs 16,000 crore investments and 10,000 plus jobs on the horizon, we are charging ahead into a future where opportunity and innovation meet,» he said in a release.

Investing.com — Inflation will be in the spotlight; earnings season is winding down and oil prices look set to remain volatile. Here’s what you need to know to start your week.

Two U.S. senators looking to crack down on the number of packages from China that enter the country duty-free are calling on President Joe Biden to take executive action

Chip giant Taiwan Semiconductor Manufacturing Co. has opened in an official ceremony its first semiconductor plant in Japan as part of its ongoing global expansion

Chirag Setalvad, Head- Equities, HDFC AMC, says the government is spending a tremendous amount of money on infra and hence businesses related to infra and investments are doing extremely well. So, that is the first part. The second is private capex has been a laggard and it has been a laggard now for 3, 4, 5, 6 years, right. It has been the great hope and it has not panned out. But eventually it will, it is not like we are never going to spend capex on the private sector side. So, that will be the second leg which will eventually drop. The capex story can continue for many years. It will bring in construction companies. It will bring in equipment providers. That is the story which has strong legs and many years to go. Clear tailwinds are visible there. A purist who tracks technology tells me AI is just a passing phase. It happened with Y2K, they evolved. It happened with the enterprise, they evolved. It happened with digital, they evolved and they survived Covid. AI is something which will be part of every Indian IT services DNA and they will fly in coming quarters. What is your understanding? Chirag Setalvad: I do not think any of us know what AI is.

Odisha government has approved 27 new industrial projects to the tune of Rs 6,134 crore across sectors, a senior official said on Saturday. The proposals got the state government's nod at a meeting chaired by Chief Secretary P K Jena on Friday. The potential sectors include aluminium, renewable power, manufacturing, aerospace and defence, food processing, apparel and textiles and IT infrastructure, the official said.

gold closed with a gain of 0.57% at $2036 Friday. The metal was up nearly 1% on the week. As per the macroeconomic data released Friday, China's new home prices — 70 City Index (January) slid for the eighth consecutive month in January. Germany's GDP contracted 0.30% in the 4Q as per the final reading, which matched the forecast. ECB's one-year and three-year CPI expectations stood at 3.30% and 2.50% respectively, almost in line with the exception.

By David Shepardson

TSMC's new chip plant in Japan will boost the resilience of global supplies of the crucial hardware, the Taiwanese giant's founder Morris Chang said Saturday at an opening ceremony. The factory in the southern Japanese island of Kyushu «will, I believe, improve the resiliency of chip supply for Japan and for the world,» the 92-year-old said in a rare public appearance.

The New Indian Express has reported. As per the report, Bangalore Metro Rail Corporation Limited (BMRCL) is initially planning to operate with drivers due to permission constraints. The driverless metro train comprising six coaches from China arrived at Hebbagodi depot in Electronic City, the IT hub in South Bengaluru According to a senior official from BMRCL, out of the 36 train sets which have been ordered, only 15 will be based on the Communications-Based Train Control (CTBC) system or the driverless system, the report said.

Congress on Saturday claimed that the progress achieved under Manmohan Singh's prime ministership in this direction has been reversed by the Narendra Modi government. The current dispensation's "mismanagement" has set the economic transformation back by 20 years, the party alleged. Congress general secretary Jairam Ramesh said the number of agricultural workers in India declined by 6.7 crore between 2004-05 and 2017-18 as workers left low-wage agriculture to instead pursue higher-wage occupations in manufacturing and services. This was a historic achievement, a key landmark in India's transition to a middle-income country, he said in a post on X.

Emphasising an ecosystem approach for value chain resilience, the report highlights India's ascendancy in the global electronics market, particularly in mobile phones, consumer electronics, IT hardware, and electronic components, which account for over 70% of the nation’s domestic manufacturing output. Sanjeev Krishan, Chairperson, PwC in India said,As the global landscape evolves, India stands at a pivotal juncture to redefine its role in the global electronics supply chain. Through strategic collaboration, innovation, and conducive policy environment that focuses on inclusive growth, India can seize the immense opportunities ahead to become a resilient and competitive electronics manufacturing powerhouse."

By Deena Beasley

Iron ore mining companies and steelmakers that do not have captive mines are at loggerheads over the export of the raw material, in a bid to safeguard their interests. Secondary steel producers from Odisha and Chhattisgarh have pitched for an «immediate ban on iron ore exports» as the outflow of raw materials is putting pressure on their industry. The Federation of Indian Mineral Industries, representing iron ore producers, has opposed any such move. A third grouping, comprising primary steel producers, has called for import restrictions on finished steel products but maintain silence over the suggestions for export duty on iron ore. «While raw material (iron ore) prices are rising domestically, imports of steel from China have also surged this fiscal. Bharat needs to safeguard its Aatmanirbharta in steel by curbing imports,» said a representative from the Indian Steel Association, whose members include the country's top steelmakers. Most primary steel producers source all the iron ore they need from their captive mines. Others meet part of their raw material requirement from the open market.

There are various ingredients from which khakhra is prepared and we have prepared the list of 10 great khakhras from various companies to make your search for the perfect snack easier.

₹7,000 crore rescue plan for bankrupt airline Go First, two people aware of the development said. Go First's committee of creditors on Friday discussed this bid, as well as a rival bid from Sky One, the people cited above said on condition of anonymity. “The joint bid by Singh is higher than the other party (Sky One).

(Reuters) — A new round of U.S. sanctions is an attack on Russia's core interests but Moscow will keep protecting them, the RIA news agency quoted Russian ambassador to the United States Anatoly Antonov as saying on Friday.