Manufacturing Financial News

Intel Corp, Bloomberg News reported on Friday, citing people familiar with the matter. Negotiations are underway, and Intel's award package will likely include both loans and direct grants, according to the report.

NEW DELHI : JSW Steel Ltd, India’s largest steelmaker by capacity, will invest ₹65,000 crore in Odisha to set up one of its biggest manufacturing plants, adding to the country’s efforts to boost production of the alloy. The announcement comes close on the heels of the $23-billion JSW Group announcing a ₹40,000-crore investment in Odisha for an electric vehicle and a battery manufacturing unit, taking its investment in the state to more than ₹1 trillion. It has also announced a ₹5,500 crore investment in Karnataka.

JSW Group is investing about ₹2 lakh crore in Odisha in steel, cement and electric vehicles among other businesses, aiming to establish one of India's largest industrial complexes by leveraging the state's abundance of natural resources such as iron ore. «Whenever and wherever JSW Group contemplates making investments, Odisha has always been the top destination in mind,» group chairman Sajjan Jindal told ET. «We have already invested ₹30,000 crore here so far and we are committed to invest an additional ₹1,65,000 crore.» Last week, the $23 billion JSW group signed an MoU with the Odisha government for an electric vehicle project. The company has a presence in steel manufacturing, power, cement and ports in the state.

defence ministry has given a go ahead to procure new maritime aircraft for the Navy and Coast, aerial refuelers for the Indian Air Force and several other projects for the Indian industry valued together at ₹84,560 crore. These were cleared by the Rajnath Singh-led Defence Acquisition Council on Friday. The acquisition of 15 maritime patrol aircraft — nine for the Navy and five for the Coast Guard — will be a boost to Tata-Airbus that is already manufacturing the C 295 aircraft in Gujarat. With the additional order, a total of 71 aircraft will be produced and more orders are also in the pipeline from other security agencies. Sources said that while the original order for 56 C 295 aircraft for the IAF was placed on Airbus, with Tata being the manufacturing partners, the additional order valued at ₹29,000 crore will see Tata as the prime contractor. The IAF has also got a go ahead to procure new mid air refueler aircraft, a critical force multiplier. The requirement of six new such aircraft has been projected since 2009 and two earlier attempts to procure them have failed. Sources said that the aircraft will be bought under the Buy Global option given the limited numbers needed.

Kalahridhaan Trendz IPO: Check GMP, subscription status on day 2, other key details to know The SME IPO raised over ₹11.94 crore from anchor investors on February 14, a day before it opened for subscription. Interiors & More Limited trades, imports, and sells artificial flowers. The company manufactures and trades quality artificial flowers, plants, and decor items for homes and offices.

Airbus says it plans to deliver more aircraft to customers in 2024 even as supply chain headaches continue to afflict the European airplane maker

Ford's top executive says that last fall’s contentious United Auto Workers’ strike changed the company's relationship with the union to the point where it will “think carefully” about where it builds future vehicles

Officials say a search and rescue mission is underway after a cargo ship with six crew members on board sank in the Turkish inland Sea of Marmara, off Istanbul, amid high waves

Uttar Pradesh recorded the highest number of vehicle sales in October-December 2023, followed by Maharashtra, Gujarat and Tamil Nadu, according to Society of Indian Automobile Manufacturers. As per data from Society of Indian Automobile Manufacturers (SIAM), Uttar Pradesh clocked a total sales of 8,22,472 units across passenger and commercial vehicles; and two and three-wheeler categories. Maharashtra was second with 6,88,192 units across the four categories followed by Gujarat with 4,21,026 units and Tamil Nadu 4,19,189 units in the quarter. Uttar Pradesh witnessed the highest number of three-wheelers sold in the quarter at 23,859 units, followed by Maharashtra (20,495), Gujarat (19,743) and Bihar (14,955).

Over the last several months, we have seen repeated employment reports from the Bureau of Labor Statistics (BLS) that crushed economists’ estimates and seemed to defy logic. Such is particularly the case when you read commentary about the state of the average American as follows.

labour-strained Taipei seeks to expand its foreign workforce beyond its traditional source countries of Southeast Asia, Reuters reported. Meanwhile, local media reports said Taiwan seeks to hire more Indian workers to address labour shortages in the manufacturing, construction, agriculture, and fishery industries. Taiwan is a major semiconductor producer but with an ageing society.

BSE Midcap index rose 0.78 per cent while the Smallcap index clocked a gain of 0.68 per cent. Also Read: Nifty 50 to Sensex: Why Indian stock market has been rising for last four days — explained with 5 crucial reasons The overall market capitalisation of the firms listed on the BSE rose to nearly ₹389.5 lakh crore from nearly ₹387.3 lakh crore in the previous session, making investors richer by about ₹2.2 lakh crore in a single session. All sectoral indices, except for Nifty Oil & Gas (down 0.61 per cent) and PSU Bank (down 0.36 per cent), closed higher.

₹1 lakh crore in March from ₹80,000 crore as of December-end on the back of buoyancy in the equity market and increased fund flow, reported Business Line. Rajnish Narula, CEO, Canara Robeco MF, said the industry is poised for a steady growth for the next five years given the overall bullish sentiment in the equity market and enabling government policies that have ensured all segments of the economy participate in India’s $5 trillion GDP target. The steady inflows into the mutual fund house is a reflection of investors’ faith in the industry and Canara Robeco will hit the milestone of achieving ₹1-lakh crore-mark by end of this March, he said while launching New Fund Offer of Manufacturing Fund.

subsidies may be tapered in favor of a smaller outlay under a new or extended version of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles or FAME-II scheme. Government officials with direct knowledge of the discussions told Mint on Wednesday that could be the case. For now, uncertainty surrounds the fate of electric vehicle (EV) incentives, with the ₹11500 crore FAME-II scheme set to expire this financial year, sparking discussions about the potential transition to FAME-III.

Borosil Renewables, a solar glass manufacturer and a subsidiary of the Borosil group, witnessed a significant surge in its stock price during today's intraday trade, climbing 11% to ₹598.65 per share. This rise came after India initiated an anti-dumping investigation into specific solar glass imports from China and Vietnam, prompted by complaints from domestic industry players.

The issue will close on February 20, Tuesday. The issue is at a fixed price of Rs 77 per equity share. The equity shares will be listed on the NSE Emerge platform.

Red Sea crisis that has jacked up his shipping costs and times. «Last week, I lost a big order to a Polish competitor who does not need to pay increased freight rates,» said Jhunjhunwala, head of Binayak Hi Tech Engineering which ships about 700 containers of machinery tools, industrial castings, and railway shed materials per year. Turkish exporters were also benefiting at the expense of Indian companies, he said, adding that he has also sent some orders on to buyers at a loss after absorbing increased costs.

innovation theme. Innovation extends beyond the realm of technology, encompassing various fields. The innovation landscape in India is flourishing, driven by increasing per capita GDP, shifting consumer behaviours, a growing youth demographic, changing consumer preferences, and robust government initiatives.

By Gertrude Chavez-Dreyfuss

Prakash Pipes, a leading company in the pipe manufacturing industry, has announced its Q3 FY24 results on 13th February 2024. The company's topline has witnessed a decrease of 7.96% compared to the same quarter last year.

By Jamie McGeever