Manufacturing Financial News

COP28 Summit, Adani Group Chairman Gautam Adani has today announced the group's "commitment to revolutionise the cement industry" through sustainable practices. In a post on social media site X (formerly known as Twitter), Adani said group companies Ambuja Cements and ACC are leading sustainable practices in the cement industry, adding that more than 90 percent of their production now recycles fly ash and slag. He further noted that the "significant shift" not only enhances the cement's environmental footprint, but also "marks a substantial step towards sustainability".

Mint. The ISM is tasked with overseeing semiconductor-related proposals and has industry stalwarts like Vinod Dham and Ajit Minocha on its advisory committee. While proposals for semiconductor chip fabs or assembly plants were being evaluated by the ISM, the government should focus on building the fabless design ecosystem which was a low-hanging fruit for companies here, Vishwanathan added.

₹2499 or a weekend pass for ₹2999 by visiting the official website of IBW. This motorcycling festival is organized by Seventy EMG in collaboration with Gulf Syntrac. The motorcycling festival features six diverse tracks, including three race tracks sponsored by CEAT.

₹161.80 apiece after company received new orders worth ₹3,915 crore. In an exchange filing on Wednesday, the company said that it received orders worth ₹3,915 crore, which includes a ₹580 crore order from the Indian Army for AMC of Radars, and orders worth ₹3,335 crore since its last disclosure on September 15, 2023.

Watch | How can India get rid of petrol, diesel? Nitin Gadkari reveals strategy Yesterday, Congress member Ranjeet Ranjan during the question hour in the Rajya Sabha raised the issue of the ill-effect of lithium-ion battery waste dumping. The Congress MP also underscored the risk workers go through in manufacturing units of the storage of lithium-ion batteries. Gadkari seeks support from all stakeholders for vehicle scrapping policy Ranjan stated that there is a research report that highlights the ill effects on the health of workers involved in the process of manufacturing lithium-ion batteries.

India's first significant defence export. The missile is the first such armament developed jointly by India and Russia. These missiles are manufactured by Brahmos Aerospace in India.

The leaders of China and the European Union are holding wide-ranging talks that include their disputes over trade and a deep divide on the war in Ukraine

₹1.84 trillion in FY23. The consolidated order book is at ₹8.8 trillion, led by large hydrocarbon-related projects abroad and strong capex from the industrial sector as well as GCC-related projects. The International business is growing at more than 24% year-on-year.

The heads of state from South America’s Mercosur trade bloc are in Rio de Janeiro for a meeting that is expected to disappoint members hoping to finalize a deal with the European Union

Mihir Vora, CIO, Trust MF, says India’s “oil sensitivity to the GDP has reduced because services exports have boomed. It used to be $100 billion, now we are $240 billion. So, we are far bigger in terms of services exports which is reducing the volatility of oil. Yes, there is a current account deficit, but it is much less volatile than what it used to be. So, our external vulnerability to oil has reduced significantly so that is one. And second, again as we all know, compared to 10 years ago, look at the domestic flows.” We are assuming that FIIs will come back. That is a big assumption. Yes.

Rana Gupta, MD, Manulife Investment Management, says what the Indian government did with Make in India, is in the case where the Indian government is the buyer, whether it is power, railways and all this equipment, they made a local content mandatory. That means the import substitution has to happen. You cannot just import and sell, that was the first phase, that has already happened and happening. The second phase is where we are moving on to now is basically technology absorption. In the second leg that we are going to see investing and deepening valuation within India. First, the import substitution gave the volume. Now that is giving these companies confidence to do value addition, leading to exports. I 2024, global growth is going to slow a bit. But if you take a three-year view, the export story is pretty much alive.” I was just speaking with the head of JCB India head. He was just telling me that we are already the third largest construction equipment market in the world and will move to second largest in the next five-seven years. He also said we have a 20% growth visibility on exports. TRIL, KEI, Apar are saying that there is a major manufacturing capex happening in Europe and the US and India will be the country to feed into that. Are you also convinced on this argument? We have been convinced on this argument for some time.

Ukraine. While the G-7 and its European allies have been trying to find additional ways to squeeze Russia’s economy to constrain its ability to fund its war in Ukraine, diamonds have remained a stumbling block. Earlier attempts to sanction Russian gems in Europe had met resistance from leading importer nations like Belgium, which had argued that a simple ban would just shift the lucrative gem trade elsewhere.

November’s auto sales figures are splendid. Over 2.85 million vehicles were sold last month, according to data released on Wednesday by the Federation of Automobile Dealers Associations.

The floor price is 75 times the face value while the cap price is 79 times. Investors can make an application for the issue for a minimum of 18 shares and in multiples thereafter. The company is offering a discount of Rs 75 per share to the eligible employees of the company. Ahead of the issue, the company's shares are demanding a premium (GMP) of Rs 330 apiece in the grey market. The company plans to raise Rs 1,200 crore from the public issue with fresh equity aggregating to Rs 350 crore and an offer for sale (OFS) of Rs 850 crore. Under the OFS, promoters Fabbrica Italiana Lapis, Sanjay Mansukhal Rajani and Keta Mansukhal Rajani will offload shares. The offer is being made through the book-building process, where 75% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors. The funds raised through the fresh issue are proposed to be utilised for the part funding of the cost of establishing a new manufacturing facility and for general corporate purposes. Doms Industries designs, develops, manufactures, and sells a wide range of 'stationery and art' products, primarily under its flagship brand 'Doms', in the domestic market as well as in over 40 countries internationally. Its core products such as pencils and mathematical instrument boxes enjoy high market shares — 29% and 30% by value in FY23 respectively.

global capability centers (GCCs) in India established a base in a tier II city as companies sought to tap new talent markets, according to data from CBRE. In addition, GCCs across sizes and maturity levels are expanding and consolidating their footprint in India even as global technology demand remains cautious.

Bil Energy System Ltd for liquidation as no viable revival plan was offered to the lenders of the BSE-listed firm that has failed to pay dues of about Rs 167 crore. As part of the process, the National Company Law Tribunal (NCLT) has also appointed G Madhusudhan Rao as the company’s liquidator, said people aware of the development. Last year in December, the Mumbai-based power sector equipment manufacturer was admitted under the corporate insolvency resolution process (CIRP) in an application filed by the State Bank of India after it defaulting on its dues of about Rs 167 crore. When the resolution professional of the company invited bidders, the company received interest from three potential applicants, including Aruna Kailash Shah, Mayank Goyal and Subhalakshmi Investment Advisory. However, the lenders felt that without having clarity on and taking possession of the assets of the bankrupt company, the proposed bidders would not be able to submit an effective resolution plan and, accordingly, on June 3, 2023, the lenders with 100% voting rights decided to initiate the liquidation process of Bil Energy System. The lenders noted that the company was not a going concern for three years before being admitted to CIRP, and that most of its assets are untraceable. “The absence of physical assets, machinery transfers without lender consent before the CIRP, the status of going concern at the insolvency commencement date, and the need for clear demarcation and physical possession of factory land are some of the pressing issues detrimental to getting any value,” said Kalpit Khandelwal, partner at the law firm Aekom Legal.

His comment comes amid a bitter battle between electronics giants Apple and Samsung over the timelines for implementation of the new charging port regulation. Analysts have advised caution saying any hasty decision by the government could impact India's smartphone exports. According to officials aware of the details, while there is consensus on the proposal to adopt USB Type-C as the standard charging port, there are differences over the timeline for implementation. «Samsung is pushing for implementing the charging mandate along with European Union (EU) timeline for smartphones, which is December 28, 2024; Apple suggested an EU+6 months' timeline for new models and an EU+18 months, if existing models are also included in the mandate,» said an official privy of the details. Other smartphone makers such as Vivo, Xiaomi, Lenovo, and Realme also proposed EU+6 months' timeline for smartphones during the meeting, the official added.

By Philip Blenkinsop

Quiver Quantitative — In a recent shift in the U.S. job market, companies have started to ease up on hiring, with November witnessing a notable reduction, particularly in the manufacturing sector. According to the ADP Research Institute and Stanford Digital Economy Lab, private payroll saw an increase of just 103,000, falling short of the anticipated 130,000 increase forecasted by economists. This downturn marks the lowest level of manufacturing job growth since the early stages of 2022.

A conglomerate of unions in Norway says it will take action against Tesla in solidarity with its Swedish colleagues

Kazakhstan and accelerating economic growth. India is one the countries from where Kazakhstan is seeking FDI. As stipulated in the decree, the Investment Promotion Council will have the power to make binding decisions on both central and local government bodies and entities in the quasi-public sector.