Manufacturing Financial News

Deflation in the core wholesale index and a decline in food prices pushed wholesale inflation to a three-month low of 0.27% in January compared with 0.73% in the previous month, according to data released Wednesday. “Contrary to expectations, the WPI inflation eased to 0.3% in year-on-year terms in January 2024 from 0.7% in December 2023. This was largely led by the WPI-food and core (manufactured non-food products) items, with the latter remaining in the deflationary zone for the eleventh straight month,” said Aditi Nayar, chief economist, Icra. Sequentially, the wholesale price index was down 0.3%, with the food index declining 1% and manufactured products continuing its deflation for a second consecutive month. Prices of manufactured products in January were down 1% sequentially as well.

Defence has recently signed a contract with Advanced Weapon Equipment India Ltd. (AWEIL), Kanpur, for the manufacturing and supply of 463 indigenously manufactured 12.7 mm Stabilised Remote Control Guns (SRCG) for the Indian Navy and Indian Coast Guard. This contract, valued at Rs. 1752.13 crores, aims to enhance the capabilities of both forces to engage small targets effectively, especially in asymmetric environments, day or night. The procurement of these SRCGs is a significant step towards bolstering the Indian Navy and Indian Coast Guard's capabilities. These guns will enable the forces to target small threats that could potentially harm ships, thus strengthening maritime security. The SRCGs' advanced features, including stabilisation and remote control, ensure precise targeting, enhancing operational efficiency and safety for naval personnel. Boost to "Aatmanirbharta in Defence": This procurement aligns with the government's vision of "Aatmanirbharta in Defence," emphasizing self-reliance in defence production. With an Indigenous Content (IC) of over 85%, this contract signifies a major milestone in promoting indigenous defence manufacturing. Moreover, this initiative is expected to create opportunities for over 125 Indian vendors and Defence Public Sector Undertakings (DPSUs) over the next five years, stimulating the domestic defence industry.

Warehousing & Logistics recorded absorption of 37.8 million sq ft, 21% higher, compared to the previous year. Absorption has been on the rise since 2021, increasing gradually year over year. Despite dried-up investments in 2023, absorption surpassed pre-pandemic level of 2019 by 15%. The sector received investments worth USD 646 million in 2023, accounting for 15% of the total institutional investment received in the real estate sector. However, investments declined by 65% in 2023 over the previous year as investors opted for wait-and-watch mode amid global macroeconomic uncertainty. In the past decade, 3PL companies emerged as a preferred choice for several businesses as these companies can optimize cost along with providing flexibility to their clients in case of demand uncertainty.

₹11.83 lakh ex-showroom for the Sapphire Black colour scheme. The Carnival Red and Ash Grey variants are priced at ₹12.13 lakh ex-showroom. Speaking of the power, the Triumph 1200 X is powered by a 1200 cc, parallel-twin engine with a 270-degree crank.

Hero MotoCorp has revealed the prices of its much awaited Mavrick 440. The flagship motorbike will be offered in the Base, Mild and Top variants. These are priced at ₹1.99 lakh, ₹2.14 lakh and ₹2.24 lakh, respectively.

₹72 crore initial public offering (IPO) of Vibhor Steel Tubes received a remarkable response from investors on its first day of bidding, with subscription reaching 27.63 times. Opened on February 13, the bidding attracted bids for 9.92 crore shares against the available 35.92 lakh shares. The IPO will remain open until February 15.

Lab-created diamonds come with sparkling claims: that they are ethically made by machines running on renewable energy

Post the allotment, the company saw a jump in its GMP and is currently at Rs 175, more than double that of the issue price. The IPO was priced at Rs 115 at the upper end.

Last year, 79 percent of the polyester in its collections came from recycled materials, and next year it wants it all to be recycled. The Swedish fast fashion giant told AFP that recycled material allows the «industry to reduce its dependence on virgin polyester made from fossil fuels».

The year has kicked off well for India’s automobile industry. All major categories except one posted double-digit year-on-year growth. Retail sales of two-wheelers grew 15% in January, according to data from the Federation of Automobile Dealers Associations.

NEW DELHI : The government has yet to take a call on whether to extend the FAME-II (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) incentives beyond 31 March, two officials privy to the discussions said, even as electric vehicle makers seek certainty on continuation of the scheme that aims to promote clean mobility in the country. The officials cited a global trend where electric vehicle subsidies have been tapering off in major economies, adding that the same shall be done in India.

(Reuters) -Walmart is in talks to buy smart-television manufacturer Vizio for more than $2 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Electric carmaker Tesla Inc. is scouting for local partners to make its rooftop solar panels in India, a person aware of the matter said. The selected partner will help with the manufacturing and installation, while Tesla will provide technology and sales expertise.

(Reuters) — China's BYD Co (SZ:002594) Ltd is planning to set up a new manufacturing plant in Mexico, Nikkei reported on Wednesday, citing the company's Mexico head, as the electric vehicle maker aims to establish an export hub to the United States.

BYD (BYDDF (OTC:BYDDF)), China's EV manufacturing giant and the archrival of Tesla (NASDAQ:TSLA) in the country, is considering building a factory in Mexico, according to a report by Nikkei.

In 2024, technology stocks, especially those related to artificial intelligence, have maintained their uptrend.

power plant for Arjun Mark 1A tanks as the German engines used for powering the indigenous tanks are likely to be delayed by around four years. «The German engine manufacturers have communicated that they would require around 48 months to restart the production of the engines used by the Arjun Mark 1A tanks to be used by the Indian Army for deployment mainly in the desert sector,» defence sources told ANI. The agencies concerned are now trying to use the period of delay in the project to develop an indigenous engine that can be used for powering the Arjun Matk1As, they said.

defence ministry signed a Rs 2,269-crore deal with state-run Bharat Electronics Limited (BEL) on Tuesday for the procurement of 11 Shakti warfare systems, along with associated equipment. The electronic warfare system will be installed on-board the frontline warships of the Indian Navy, officials said. The Shakti systems are capable of accurately intercepting electronic emissions and implementing counter measures in a dense electromagnetic environment, they said. «The Ministry of Defence has signed a contract with Bharat Electronics Limited (BEL), Hyderabad on February 13 for procurement of 11 Shakti Electronic Warfare Systems along with associated equipment/accessories for Indian Navy under Buy (Indian-IDDM) category at a total cost of Rs 2,269.54,» the ministry said in a statement.

BENGALURU : Sula Vineyards, India's biggest wine manufacturer, reported a more than 9% rise in third-quarter profit on Tuesday, helped by increased demand for its premium brands and wine tourism business. The Mumbai-headquartered company said its consolidated net profit rose to ₹42.98 ($5.2 million) from ₹39.28 a year ago.

For procurement of 11 Shakti Electronic Warfare Systems along with associated equipment / accessories for Indian Navy a contract worth Rs 2269.54 crore was inked between Ministry of Defence and Bharat Electronics Limited (BEL), Hyderabad. This will be procured under Buy (Indian- IDDM) category.

(Reuters) — GlobalFoundries (NASDAQ:GFS) forecast first-quarter results below Wall Street estimates on Tuesday, as the contract chipmaker faces competition from larger rivals while a supply glut persists in certain pockets of the semiconductor industry.