Manufacturing Financial News

NEW DELHI : The Indian economy shot past expectations to clock an impressive 7.6% growth in the September quarter, retaining its crown as the world’s fastest-growing major economy. That’s a major step-up from 6.3% in the corresponding period of the previous fiscal year. While manufacturing, mining and construction put up a robust show, agriculture cooled thanks to an erratic monsoon, National Statistical Office (NSO) data showed.

General Motors (NYSE:GM) announced Thursday that the Detroit automaker expects substantial decreases in electric vehicle manufacturing expenses by 2024 while simultaneously ramping up the production of more lucrative vehicle models.

drug regulator has unearthed widespread use of industrial grade excipients — which is unfit for human consumption — in manufacturing medicines in the country. The startling revelation came after the Central Drugs Standard Control Organisation (CDSCO) conducted an investigation and multiple inspections following international complaints regarding the issue. It was observed that «unlicensed traders» supplied industrial grade gelatin, propylene glycol and other excipients imported from different countries to the pharmaceutical manufacturing units. As per the Drugs and Cosmetics Act, only pharma grade excipients shall be used in medicine, the Drug Consultative Committee (DCC), which advises governments on uniform implementation of the Drugs and Cosmetics Act, observed in its recent meeting.

Mint in the week gone by. The second quarter was a mixed one for India Inc, with strong profit growth but the rise in revenues remaining subdued. Meanwhile, the GDP growth figures for the second quarter are also out.

MUMBAI : The Indian Institutes of Technology (IITs) are bracing for a sobering placement season. For the thousands of to-be engineers in the class of 2024, the number of hirings is likely to taper, even while salaries may not fall much. “This year, we added more companies, but there is a 20% dip among the regular recruiters since many say they had over-hired last year.

NEW DELHI : JSW Group has entered into a joint venture with China’s SAIC Motor, which markets MG Motor cars in India, and will own a 35% stake in the new entity that will focus on manufacturing electric vehicles in the country. The rest of the ownership has not been decided yet, company executives said. JSW Group’s Parth Jindal and SAIC Motor’s president Wang Xiaoqiu signed agreements for the transaction at the MG Motor office in London, the companies said on Thursday.

Piramal Pharma Ltd on Thursday said VetDC Inc, an erstwhile partner, has filed a civil suit against its wholly-owned arm Piramal Pharma Solutions Inc seeking damages of up to USD 8.91 million (nearly Rs 75 crore) in a court in the US. Piramal Pharma Solutions Inc (PPS) and VetDC had entered into a supply agreement in 2018 under which PPS manufactured and supplied certain products to VetDC.

Arvind Panagariya said on Thursday. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining, and services sectors, the government data showed on Thursday. The Gross Domestic Product (GDP) expanded 6.2 per cent in the July-September period.

Dixon Technologies' subsidiary Padget Electronics will manufacture Xiaomi smartphones at its new Noida factory that has been set with Rs 256 crore investment, it said on Thursday. The factory was inaugurated by IT Minister Ashwini Vaishnaw which is likely to generate around 5,000 new jobs. The manufacturing facility has an annual production capacity of 25 million units.

GDP numbers driven by a strong rebound in the manufacturing sector suggest that private capex spending is gaining steam, experts said. India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services sectors, the government data showed on Thursday.

ICRA. While manufacturing and construction emerged as the best performers, the services and agriculture sectors saw a setback, with their growth printing lower than in the previous quarter.

Gujarat are investigating the deaths of three people after they allegedly consumed a contaminated medicinal syrup, state government and police officials said on Thursday. The deaths took place over the last three days in the district of Kheda, district collector KL Bachani told Reuters. The syrup may also have caused two more deaths in Kheda in the past few days but this has yet to be confirmed, senior state government officials said. «Preliminary investigation has shown chemical contamination in the syrup. Investigation has also shown that the syrup was brought from outside the state.

Green Hydrogen and Green Energy Sector across the VGGS Roadshows and Delegation Visits. To incentivize investments in the green hydrogen domain, the Government of Gujarat has introduced a land allotment policy offering benefits to companies engaged in green hydrogen projects.

The pick up in the index of eight core industries, which constitutes 40% of the index of industrial production, will likely lift IIP growth, which dipped to 5.8% in September, say experts. “IIP growth for the month would tend to be in the 6-8% range provided support comes from consumer goods where there are mixed pictures being seen in the run up to the festival season,” said Madan Sabnavis, chief economist, Bank of Baroda. Vehicle sales were up 19% in the 42-day festive season, with two-wheeler sales, an indicator of rural demand, driving growth. Two-wheelers recorded 21% growth, according to Federation of Automobile Dealers Associations (FADA). The core number further provides support to India’s growth momentum, which was reinforced by second quarter GDP data.

Investing.com — U.S. futures traded higher Thursday, ahead of the release of key inflation data which could guide future Federal Reserve interest rate decisions.

Also Read: Nifty 50, Sensex jump 5% each in November; Investors earn over ₹24 lakh crore Several factors contributed to this impressive rally. The decline in crude oil prices, a reduction in US bond yields, a weakened US Dollar Index, robust Q2 earnings, and strong domestic liquidity played pivotal roles. Additionally, positive GDP estimates from S&P Global Ratings, projecting India to achieve a GDP growth rate of 6.4% for FY24, added to the optimistic sentiment.

₹23.04 crores and it is entirely a fresh issue of 28.8 lakh shares. On the second day by 6.00 PM, Deepak Chemtex IPO was subscribed 89.23 times. The public issue subscribed 126.77 times in the retail category, 10.95 times in QIB, and 106.03 times in the NII category by November 30, 2023 .

The euro retreated and stocks climbed as decelerating European inflation added fuel to broader rate-cut expectations that have spurred a global rally in assets this month. 

Investing.com -- The major stock indices in the U.S. head into the final day of trading in November on pace to post their best months since last year. Markets are also gearing up for the publication of the Federal Reserve's favored inflation gauge, as traders attempt to suss out the central bank's future policy plans. Elsewhere, Microsoft (NASDAQ:MSFT) is set to take a position on the board of OpenAI following days of tumult at the celebrated artificial intelligence start-up.

By Aftab Ahmed

Padget Electronics, a wholly owned subsidiary of Dixon Technologies, on Thursday inaugurated a new smartphone manufacturing facility in Noida in the presence of Union Minister of Electronics and The company has invested Rs 256 crore in the facility that takes up 2.7 lakh square feet and has an annual capacity of 25 million units, the company said in a statement. «It is a momentous step towards our commitment of boosting the local smartphone manufacturing system in India,» Sunil Vachani, executive chairman, Dixon Technologies said in a statement.