Manufacturing Financial News

Textile Industry (CITI) on Friday has elected Rakesh Mehra as Chairman, Ashwin Chandran as Deputy Chairman and Dinesh Nolkha as Vice Chairman for two years- 2023-2025. The decision was made during the organisation’s 65th Annual General Meeting (AGM), held virtually. In a statement, the apex body of textile industry said that Dinesh Nolkha has been elected as the vice-chairman at the 65th annual general meeting. Mehra is the chairman of Banswara Syntex, an integrated textile manufacturer and exporter of yarns, fabrics and garments, having a turnover of Rs 1,400 crore, CITI said. He expressed his commitment to fostering collaborative and inclusive initiatives for the overall growth of the textile sector. Reflecting on the industry’s recent challenges, outgoing Chairman T Rajkumar acknowledged the sector’s resilience, citing a 4.33% growth in the country’s cumulative exports of textiles and apparel in August compared to the previous year. India aims to clock $350 billion in apparel and textiles market size including $100 billion exports by 2030.

IPOs Next Week: The primary market witnessed some major listings in both main board and small- and medium-sized enterprise (SME) segments in the last week of September, which kept investors engaged with subscriptions and listings. Moving on, the first week of October sees strong market buzz - as several initial public offering (IPO) issues are closing and new companies are set to make their debut on D-Street. Let's take a look at some of the companies that are closing for subscription this week, along with few that are getting listed on the bourses.

NIPER) at Gandhinagar. «The Union government has taken a holistic approach and begun the process for the development of a cost-effective, sustainable and affordable process for 16 APIs (active pharmaceutical ingredient) and two KSMs (key starting material),» he said.

Zelenskiy said on Saturday he wants to turn Ukraine's defence industry into a «large military hub» by partnering with Western weapons manufacturers to increase arms supplies for Kyiv's counteroffensive against Russia. He was speaking at a forum his government convened with international producers to discuss how to jointly develop industrial capacity to build and repair weapons in Ukraine despite constant Russian bombardment. «Ukraine is in such a phase of the defence marathon when it is very important, critical to go forward without retreating. Results from the frontline are needed daily,» Zelenskiy told executives representing more than 250 Western weapons producers. «We are interested in localizing production of equipment needed for our defence and each of those advanced defence systems which are used by our soldiers, giving Ukraine the best results at the front today,» he told the forum in Kyiv. Zelenskiy said that air defence and de-mining were his immediate priorities.

Dell is considering a fresh investment in its research and development (R&D) centre in Bengaluru, an official statement said on Saturday. The Dell team comprising Michael Dundas of Global Manufacturing Operations and Technology, Alan Richey, Senior Vice President, Legal, and Tabrez Ahmad, Director, Asia Pacific and Japan, Govt Affairs and Public Policy held meetings with Karnataka Large and Medium Industries and Infrastructure Minister M.B. Patil, in Austin, on Friday, as per the state Large and Medium Industries Ministry.

₹740 crore through an initial public offering (IPO). The company's IPO comprises a fresh issue of up to ₹240 crore and an offer-for-sale (OFS) of equity shares aggregating up to ₹500 crore by a promoter and investors, according to the draft papers.

semiconductor sector has witnessed growth driven by enhanced digitalisation and technology adoption across fields such as AI, IoT, healthcare, and communications. The revenue of the global semiconductor industry touched $601.7 billion in 2022, showcasing the potential for it to evolve into a trillion-dollar industry by 2030. In recent years, India's wish to establish itself as a prominent player in the global semiconductor industry has gained significant traction.

AP reported that Union President Shawn Fain told workers in a video appearance that the strikes were escalated because Ford and GM refused “to make meaningful progress" in contract talks. Jeep maker Stellantis was spared from the third round of strikes. Also Read: United Auto Workers present new counter-proposal to Chrysler parent Stellantis ahead of planned strike Ford and GM responded strongly as tensions in the verbal dispute with the union escalated further.

2023 saw 38 million sq ft of office space taken up in the top six cities, nearly matching the absorption during the same period in 2022, indicating strong momentum despite global uncertainty, as per a Colliers study. The southern cities accounted for nearly 60% of office space demand in the first nine months of 2023. Among the top six cities, Bengaluru and Delhi-NCR led the way, comprising half of India's total office space demand.

New Delhi: Kia India, the Indian subsidiary of South Korea’s Kia Corp., one of the leading sport utility vehicle (SUV) makers in India, will explore capacity expansion options only after 2025, despite its facility at Anantpur in Andhra Pradesh operating at more than 100% capacity, a senior company executive told Mint. Kia’s Andhra unit, which started with a capacity of 300,000 units following a $2 billion infusion by the parent, expanded its annual capacity to 350,000 units last year. Now, it seeks to de-bottleneck the existing facility further by removing inefficiencies and optimizing the manufacturing processes to enhance production to 400,000 units, said Hardeep Singh Brar, national head, sales and marketing, Kia India.

The Canadian economy rebounded slightly last month but still saw little growth, backing a case for the central bank to keep rates on hold despite inflation remaining elevated.

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Advent International on Friday announced the completion of its majority acquisition of Hyderabad-based listed contract development and manufacturing organisation (CDMO) Suven Pharma. Advent acquired 50.1% stake in Suven at an agreed price of Rs 495/share in December last year a firm promoted Venkat Jasti and his family members for Rs 6,313 crore paying ₹495 per share.

Europe's largest carmaker, Volkswagen (OTC:VLKAF)(ETR:VOWG_p) announced Friday that the automaker plans to build its new generation of Trinity EV at its factory in Zwickau, canceling plans for an all-new factory that were championed under the group's former CEO.

₹325 crore and an offer for sale of 79 lakh equity shares by a promoter Krishan Lalit Bansal, according to the piping solutions provider Currently, Bansal owns 74.74 per cent stake in the company. In addition, the company may consider mobilising ₹65 crore in a pre-IPO placement round.

Ms Monika Garware, Vice Chairman and Joint Managing Director of the Company chaired the meeting in accordance with the provisions of the Companies Act, 2013. At the said AGM, the shareholders of the Company passed the following resolutions by the requisite majority in respect of: During the meeting, Ms Monika Garware informed about the re-launch of the 'Safety Glazing' window film for the domestic market driven by strong demand. This innovative product seamlessly integrates effective solar control with advanced safety features in line with government regulations on light transmission.

By Padraic Halpin and Max A. Cherney

Make in India' in the defence sector, the Indian Air Force is going to place orders for 156 more Prachand Light Combat Helicopters, with HAL, which would be deployed at both the China and Pakistan front by the IAF and the Indian Army. The two services have already inducted 15 of these choppers in their fleet in the last 15 months after holding trials in the most extreme weather conditions and terrain in the world. «The Indian Air Force as the lead service has moved a proposal to the government for buying 156 more Prachand choppers as a joint acquisition case which is likely to get approved soon,» senior defence officials told ANI. Recently, Indian Air Force chief Air Chief Marshal VR Chaudhari had announced from foreign soil about the force's intent to buy around 100 more Light Combat Aircraft Mark 1A to push indigenisation. The combined total of the two projects in terms of worth is over Rs 1.5 lakh crore. Of the 156 choppers, 66 would be inducted by the Indian Air Force while the rest 90 would be acquired by the Indian Army. Meeting the Indian Air Force requirement of being a completely Indian Designed, developed and manufactured weapon system, the Prachand has been extensively test-flown by Hindustan Aeronautics Ltd (HAL). The attack helicopter has been built as per the requirements of the Indian armed forces to operate both in desert terrains and high-altitude sectors. Prachand is the world's only attack helicopter that can land and take off at an altitude of 5,000 metres (16,400 ft), which makes it ideal to operate in the high-altitude areas of the Siachen glacier and Eastern Ladakh. It is also capable of firing a range of air-to-ground and air-to-air missiles and can destroy air defence operations of the

The Biden administration is releasing a playbook on best practices for training workers as the low 3.8% unemployment rate and years of underinvestment have left manufacturers, construction firms and other employers with unfilled jobs

GENEVA (Reuters) -Global health aid agency Unitaid has written to Johnson & Johnson (NYSE:JNJ)'s (J&J) CEO Joaquin Duato, urging «immediate action» to expand access to the company's tuberculosis drug bedaquiline, which is protected by patents hindering generic alternatives.

Aditya Agarwal, Co-Founder, Wealthy.in, says it is all about whether “I am picking stocks on my own versus trusting a professional fund manager to pick stocks for me. Let us say as an investor, I believe pharma is poised for growth. I fundamentally believe that in the next 10 years, we could have really large pharma companies in India. So, I am bullish on pharma as a sector, but I may not be so confident as to what companies are the best companies in pharma, which companies because every company goes through a different dynamics and so I might sort of trust a fund manager through a mutual fund route rather than trying to sort of go down it on my own.” There is a lot of buzz going on around sector specific action in the market. We are looking at quarterly numbers now. What specific sectors do you expect to outperform in maybe a few quarters’ time? Sector investing is very interesting and sometimes very exciting because all sectors go through cycles and if you catch a sector in its right cycle, then you can make outsized returns but that is also the downside of it because if you catch a sector in the wrong cycle, then you end up not being able to generate as much as Sensex or indexes returning.