Manufacturing Financial News

«We are targeting $300 billion in production and around $100 billion in exports in the next few years. The ecosystem which is developing is giving us a lot of confidence because now the component manufacturers have started shifting to our country,” Information and Technology Minister Ashwini Vaishnaw said at the ET Now Global Business Summit 2024 a few days ago.. With a huge 22% boost in electronic exports in FY24 which breached the $20 billion mark, the IT Minister believes the target of achieving $100 billion exports in the coming few years is a visible thing. Electronics exports were at $7.6 billion in 2013-14 and $22.7 billion in 2022-23, as per the White Paper issued by the government.

₹650 crore through an initial public offering (IPO). The company, which offers namkeen, western snacks, and other products across India and internationally, had filed preliminary IPO papers with Sebi on November 21, 2023.

Zenith Drugs IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Zenith Drugs will be opening for subscription on Monday, February 19, 2024. It comprises a fresh issue with a price band set at ₹75 to ₹79 per share at a face value of ₹10 per share. The SME IPO will close on Thursday, February 22.

Tata Power Co. Ltd’s stock plunged 8% on Monday after the company reported sombre earnings for the December quarter (Q3FY24). Still, the power producer’s outlook is upbeat owing to an expected scale-up in its renewables business.

The power equipment manufacturer reported a net loss of 1.63 billion rupees (nearly $20 million) for the quarter ended Dec. 31, against a profit of 310 million rupees a year earlier.

SIDBI ET MSME Conclave is now set to enter Gujarat. The fifth session is scheduled to be held in Rajkot on February 15. The conclave is a series of events being held across the country with the aim to bring together micro, small & medium enterprises (MSMEs), policymakers and ecosystem enablers. To register for the Rajkot conclave, click here.

₹10 lakh crore between FY20-FY23," explained the brokerage. It continues to remain ‘overweight’ on Industrials, Autos, Financials and Pharma and prefers ICICI Bank, Kotak Bank, Bajaj Auto, and Cipla in largecaps, and Delhivery, Equitas, AngelOne, Policy Bazaar, Exide, and Petronet in mid/smallcaps. The Indian equity market has consistently outperformed over the past decade as well as in the last one year.

NEW DELHI : Pune-based Serum Institute of India (SII) plans to expand the annual production capacity of the quadrivalent human papillomavirus (HPV) vaccines to around 70 million doses, starting this year, according to a company spokesperson. The company’s plan to expand the vaccine production capacity from 2-3 million doses currently aligns with the government’s efforts to introduce the HPV vaccine against cervical cancer for girls aged 9-14 years, as announced in the interim budget by finance minister Nirmala Sitharaman. “Currently, SII has a production capacity of around 2-3 million doses for the Cervavac vaccine.

Artificial Intelligence (AI) and High-Performance Computing, an analysis by recruitment firm TeamLease Digital found. "With generative AI automation set to transform workflows, freshers need to be prepared to collaborate effectively with AI systems," Jaideep Kewalramani COO of TeamLease EdTech said. However, the hiring intent for freshers in the IT sector has decreased to 42% in H1 2024 compared to 49% in the same period in 2023.

JSW Steel Ltd has announced the formation of a 50:50 joint venture with Japanese steel manufacturer JFE Steel Corporation to produce grain-oriented electrical steel in India. The new company will be named JSW JFE Electrical Steel Private Limited. It will have a manufacturing base in Karnataka and a planned investment of ₹5,500 crore, JSW said in a public disclosure on Tuesday.

Tata Motors has announced that it is reducing the price of its Nexon and Tiago EV by up to ₹1,20,000. The price reduction is largely due to a slight fall in the prices of battery cells used in the manufacturing of these cars. Moreover, while Tata has announced a price cut for Nexon and Tiago EV, the prices of the recently launched Punch EV have remained unchanged.

Cyient as its 'top pick of the week'. This is on the back of accelerating demand for ER&D services, new growth areas, and robust order intake for core services (DET). The brokerage has a ‘buy’ call on the stock with a target price of ₹2,460, implying a potential upside of 13.5 percent from its current market price of ₹2,166.40 (as on February 13, 2024).

Tata Steel, NPCI, Jio Financial Services, Newgen Software Tech, Javis, BNP Paribas, Axis Bank and S&P Global, the institute said in a statement on Tuesday. Cluster 3 comprised firms across eight cohorts including BFSI, analytics & IT consulting, core manufacturing & infrastructure, renewable energy & greentech, government enterprises, enterprise tech, fintech and logistics. Many new recruiters participated this year across cohorts, including Waree and Jio Financial Services.

₹6.72 trillion were higher than last year’s ₹6.37 trillion. While this looks encouraging, 80% has been raised by financial companies, compared with 74% last year. So non-financial firms have raised just ₹1.34 trillion.

Coal India: The company reported a 17% increase in its consolidated net profit at ₹9,069 crore for the quarter ending on December 31, 2023, compared to ₹7,755 crore recorded in the corresponding period last year. Revenue from operations experienced a modest 3% year-on-year growth at ₹36,154 crore in Q3FY24, as opposed to ₹35,169 crore reported during the same period last year. The board has also announced a second interim dividend of ₹5.25 per share for FY24.

consumers from the risks due to poor quality of medicines, cosmetics and medical devices, the Drug Controller General of India (DCGI) has asked the state drug inspectors to maintain a spurious drug list and publish it on monthly basis to avoid its further use. The DCGI has come out with a document for sampling of drugs, cosmetics and medical devices to ensure their better quality. The list of spurious drug or drugs which are not of standard quality (NSQ) have to be published on the drug regulatory authority's website every month, the document said. The document states the draft regulatory guidelines for sampling of drugs, cosmetics and medical devices by drugs inspectors of central and state drug authorities. «This guideline will be useful for effective surveillance for quality and efficacy of drugs and cosmetics by adopting uniform drug sampling methodology for drug inspectors under drug regulatory authorities of state and central,» it said.

Applied Materials will collaborate with semiconductor supplier organisations to reduce the time to commercialisation in India, said a senior executive. “Applied Materials will collaborate with semiconductor supplier organisations with the intent to reduce the time to commercialisation and develop a sustainable semiconductor ecosystem in India,” Suraj Rengarajan, managing director, Applied Materials India, told ET. The company last year announced that it will set up an engineering centre in Bengaluru with a total investment of $400 million (about Rs 3,278 crores) over four years to develop and commercialise technologies for semiconductor manufacturing equipment.

NFOs), many of which are sectoral and thematic in nature, and are now open for subscription as they look to capitalise on investor interest and garner more assets. Wealth managers, however, say that thematic offerings need constant monitoring and should be timed well, and investors should first build a core portfolio and subsequently allocate to themes, restricting allocation to 20% in equity portfolios. Among the thematic NFOs available in February are SBI Energy Opportunities fund, Quant PSU Fund, Kotak/Edelweiss Technology Fund, BNP Paribas Innovation Fund, Union Business Cycle Fund and Canara Robeco Manufacturing Fund. Distributors point out that as per regulatory guidelines, a fund house can have only one scheme in each category, prompting them to look for thematic funds where there are no such restrictions. Large fund houses are now eyeing thematic launches, having exhausted their diversified equity mutual fund category. «We believe investors can opt for thematic funds that have a differentiated strategy and have something unique to offer. Given government's thrust on solar/renewable energy and improving efficiency in the public sector, we believe such themes can work well,» says Viral Bhatt, founder, Money Mantra. Bhatt recommends SBI Energy Opportunities Fund and Quant PSU Fund.

(Reuters) — Stellantis (NYSE:STLA) said on Monday it will invest 103 million euros ($111.02 million) at its Szentgotthard facility in Hungary to increase production capacity of electric drive modules that will help the automaker grow its electric-vehicle portfolio.

Aurobindo Pharma anticipates a hit of $20 million in the ongoing January-March quarter due to a temporary pause of manufacturing and distribution activities at its crucial Eugia Unit-III formulation facility in Telangana, following certain red flags raised by the US drug regulatory agency in the recently concluded inspections. The company said it is planning to resume manufacturing operations in a phased manner starting with non-aseptic lines. The US regulatory agency issued Form 483 with 9 observations against the facility at the conclusion of the inspection on February 2. The company, as an «abundant caution», put on hold manufacturing at certain lines. The company, in its earnings call on Monday, said the observations are related to certain gaps in the «aseptic process and documentation».

If India wants to build a robust computer and electronics manufacturing industry, it needs to shift focus, fast. Instead of concentrating on its domestic market, it should become regionally competitive and export-driven. That would mean recognizing that Vietnam, not China, is its biggest rival.