Manufacturing Financial News

(Updated — January 9, 2024 12:06 PM EST)

Indian economy is likely to grow at 6.2% in the next fiscal, mainly due to the favourable combination of neutral policy settings, positive credit momentum, and manageable macros amid a 15-year high household debt levels, a foreign brokerage report said on Tuesday. Despite the rising external headwinds, India is likely to grow 6.2% next fiscal against a consensus of 6.3% to $3.9 trillion from $3.57 trillion in FY24 on a likely 7% growth, as consumption growth is likely to stabilise at 4.7% from 4.5% in FY24, Tanvee Gupta-Jain, the UBS India chief economist, said in a note.

Arvind Kejriwal-led government in Delhi has scrapped the provision requiring speed governor certificates for commercial vehicle owners during fitness checks, transport department officials said on Tuesday. Till now, all commercial vehicles—both passenger vehicles and goods carriers including autorickshaws, cabs, buses and tempos—had to submit the certificates issued by speed governor manufacturers or dealers during fitness checks or the fitness renewal process.

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ALSO READ: Vibrant Gujarat Global Summit 2024 to be inaugurated by PM Modi: 10 key highlights UAE President Sheikh Mohamed bin Zayed Al Nahyan is among the special guests who will attend the Summit. He is in Ahmedabad and will attend the Summit. Among the global leaders to attend the Summit include Australian High Commissioner Philip Green, Malta High Commissioner Reuben Gauci, Ambassador of Netherlands to India Marisa Gerards, President of Timor-Leste José Ramos-Horta, Ambassador of Japan to India Hiroshi Suzuki, Thai envoy to India Pattarat Hongtong, and others.

Jyoti CNC Automation IPO raised ₹448 crore from 37 anchor investors at the upper price band of ₹331 per equity share, on Monday, January 8. Jyoti CNC Automation Limited is a CNC machine manufacturer and supplier. The business is headquartered in India and focuses on producing and distributing CNC machinery.

BENGALURU : Digital tech-focused Arkam Ventures has included electric vehicles and manufacturing as areas of focus for its second venture capital fund, in addition to fintech, skilling, software-as-a-service, logistics, and food agriculture, a top executive said. The second fund, thematically, has a multi-fund thesis, said Bala Srinivasa, managing director at Arkam Ventures. “In this fund, you will see a mix of sectors connected by the digitization thesis.

Budget Measures for EVS: Amid calls to curb use of fossil fuel and improving sentiment of adoption of electric vehicles, India's Budget support and policies become a crucial factor for not only the stakeholders in the industry but for consumers as well who would want the best rates to shift from fuel vehicles to EVs. EV demand in India As per media reports, India's electric vehicle sector achieved a historic milestone in 2023, crossing 1.5 million unit sales, marking a remarkable 46% year-on-year growth for the first time. Want to know nitty-gritties about Budget? Click here The demand for electric vehicles (EVs) in India has surged by over 100% since 2017. In January-November 2023, EV sales skyrocketed to 89,137 units, doubling from 44,489 units in the corresponding period of 2022. Tata Motors, the EV leader, anticipates a slight moderation in 2024 due to a high base. However, they forecast annual electric car sales to reach 1 million units by 2028, supported by new launches and expanded charging infrastructure. Tata Motors aims for EVs to constitute 25% of its sales by 2027 and 50% by the decade's end.

By Joyce Lee and Heekyong Yang

JSW Steel Ltd on Tuesday announced that its consolidated crude steel production for the third quarter of FY24 stood at 6.87 million tonnes, up 8 per cent QoQ and 12 per cent YoY. 

Agrochemicals manufacturer GSP Crop Science is eyeing Rs 1,800 crore in revenue in 2024-25, following its domestic as well as overseas market expansion, a top company executive has said. “In 2022-23, our annual revenue was at Rs 1,600 crore. We are looking at Rs 1,800 crore revenue in FY25. Overall our target is to reach Rs 2,500 crore in next 3-4 years with the addition of overseas business especially in Brazil,” GSP Crop Science Managing Director Bhavesh Shah told PTI.

(Reuters) — Alaska Air (NYSE:ALK) said on Monday its technicians found some loose hardware in the door plug area on some of its Boeing (NYSE:BA) 737 MAX 9 fleet.

BEIJING — Despite pockets of strong growth, China's investment story has been overshadowed in the last year by longer-term problems and tensions with the U.S.

BENGALURU , NEW DELHI : Top leaders of Ola Electric and Firstcry stand to make a windfall in their companies’ upcoming public listing, an analysis of their draft red herring prospectus (DRHP) by Mint showed. The top 10 executives of Bhavish Aggarwal-led e-scooter manufacturer Ola Electric are sitting on a potential cash value of ₹16,792 crore, of which Aggarwal’s stake alone is worth a little more than ₹16,000 crore. The rest of the executives were granted stock options over the years, through the company’s employee stock ownership plan (Esop) policy.

₹20 lakh and that of a goods manufacturer or vendor exceeds ₹40 lakh. A services business is one where nothing tangible is sold. In goods business (read as goods manufacturers and vendors), a tangible good is sold permanently.

Vietnamese automaker VinFast plans to spend up to $2 billion to build an electric vehicle factory in India, the world's third-largest auto market by sales

U.S. health officials say that recalled cinnamon applesauce pouches tied to lead poisoning in U.S. kids contained chromium, a chemical element that can be toxic

The electric vehicle unit of troubled Chinese property developer China Evergrande says its vice chairman has been detained by police on “suspicion of illegal crimes.”

shares fell 8.6% in early U.S. trading on Monday and were set to erase nearly $13 billion in market value following the temporary grounding of some of its best-selling 737 MAX jets by the U.S.

Jyoti CNC Automation has raised Rs 448 crore from anchor investors ahead of the IPO opening on Tuesday. The company has allocated about 1.35 crore shares to various marquee investors at Rs 331 apiece, which is the upper price band for the offer. In the anchor round, leading funds including Goldman Sachs, Nomura HSBC, Edelweiss, Axis MF, Kota MF, Nippon MF, Canara Robeco MF, Invesco India among others participated. Jyoti CNC Automation is one of the world’s leading manufacturers of metal cutting computer numerical control (CNC) machines with the third largest market share in India accounting for approximately 10% market share in FY23. With an expertise built over 2 decades and R&D capabilities, it delivers customised solutions to industries including aerospace and defense, auto and auto components, general engineering, EMS, dies and moulds, and others. Also Read: VC fund Stellaris Ventures sells part stake in Mamaearth for Rs 140 crore via bulk deal The company has a robust order book of Rs 3,300 crore, that will be executed over the span of next few years. Its other strengths include diversified product portfolio and customer base, strong global outreach and the ability to use technology to good effect to capture growing market opportunities. The CNC machine market is likely to clock a 10% CAGR over CY23-27. This growth is expected to be propelled by the growth in the manufacturing industries due to factors such as industrial automation, and integration of computer-aided manufacturing. The company posted a revenue and EBITDA CAGR of 27% and 75%, respectively over FY21-23. From a net loss of Rs 70 crore in FY21, it posted a profit of Rs 15 crore in FY23.

Eicher Motors Ltd, Monday said it has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to develop new products, Electric Vehicles (EVs) products and capacity building, news agency PTI reported. The company has earmarked an investment of ₹3,000 crore, the motorcycle manufacturer said, spread over eight years. The investments are expected to generate about 2,000 direct and indirect jobs in the region.