Manufacturing Financial News

Apple has plans to scale up production in India by over five-fold to around $40 billion (about 3.32 lakh crore) in the next four-five years, according to government sources. The official, who did not wish to be named, said the company has crossed the $7-billion production mark in the last financial year. An email query sent to Apple did not elicit any reply.

LG Chem Ltd has entered a partnership with China's Huayou Group's subsidiary Youshan, it said on Sunday, to build a joint electric vehicle (EV) battery material plant in Morocco to diversify its portfolio. Huayou has joined the growing number of Chinese electric vehicle and battery companies seeking to expand overseas to get closer to their foreign clients and benefit from local incentives.

India’s image as a leading space technology player and reaffirming its position as an attractive investment destination. India is just the fourth country after the US, Russia, and China to achieve a soft landing on the moon, and at a reasonable cost of $75 million. India’s space economy is expected to grow to $12.5 billion by 2025. The multiplier effects of space technology expertise will spill over into component manufacturing, satellite systems, telecom, and assembly, and most importantly, it will create highly skilled and high-paying jobs. India is making its entry into another high-skill Industry — semiconductors.

Missile Cum Ammunition (MCA) Barge, Yard 77 (LSAM 9) was launched by Cmde G Ravi, Warship Production Superintendent (Visakhapatnam), on Friday at Guttenadeevi, East Godavari, Andhra Pradesh (the launch site of M/s SECON), ministry of defence said in a statement. With all major and auxiliary equipment/systems sourced from indigenous manufacturers, this barge is a proud flag bearer of the “Make in India” initiatives of the ministry of defence. «Contract for construction and delivery of 08 x Missile Cum Ammunition (MCA) Barge was concluded with M/s SECON Engineering Projects Pvt Ltd, Visakhapatnam, a MSME, in consonance with “Aatmanirbhar Bharat” initiatives of the Government of India. The MSME shipyard has already delivered first MCA Barge on 18 Jul 23 and has launched Second Barge on 18 Aug 23.

Moneycontrol, the pharma company is in talks with four investment banks to prepare for a listing in 2024. In April this year, Akums' top executives had told Mint that they were working towards a stock market listing in two to three years. Joint managing director Sanjeev Jain at Akums told Mint in an interview, "We are planning an initial public offering (IPO) in a span of 2-3 years".

Thailand's Prime Minister Srettha Thavisin said on Sunday the country expected to receive investment of at least $5 billion from Tesla, Google and Microsoft. «Tesla would be looking into an EV manufacturing facility, Microsoft and Google are looking at data centres,» he said, without detailing whether the $5 billion was expected to be a combined investment or made individually by each company.

Click here! Speaking about these trains, the statement says that as compared to the current fastest train along the route, Rourkela- Bhubaneswar – Puri Vande Bharat Express and Kasaragod - Thiruvananthapuram Vande Bharat Express will be faster by about 3 hours; Hyderabad – Bengaluru Vande Bharat Express by more than 2.5 hours; Tirunelveli-Madurai- Chennai Vande Bharat Express by more than 2 hours; Ranchi – Howrah Vande Bharat Express, Patna – Howrah Vande Bharat Express and Jamnagar-Ahmedabad Vande Bharat Express by about 1 hour; and Udaipur - Jaipur Vande Bharat Express by about half an hour. "In line with the Prime Minister’s vision to improve connectivity of important religious places across the country, Rourkela- Bhubaneswar – Puri Vande Bharat Express and Tirunelveli-Madurai- Chennai Vande Bharat Express will connect important religious towns of Puri and Madurai.

Micron broke ground for its $2.75-billion (Rs 22,854 crore) chip packaging plant at Sanand in Gujarat on Saturday, marking a significant milestone in India’s goal to emerge as a hub for global semiconductor manufacturing. The Idaho-headquartered company, which had announced its intent to invest in India during Prime Minister Narendra Modi’s trip to the US in June, received a fast-track approval for its proposal, becoming the first overseas company to commence construction under the ambitious $10-billion India Semiconductor Mission.

MotoGP descends to Greater Noida for the inaugural Indian Grand Prix. The world’s fastest and most high-profile motorcycle racing championship will stage the 13th round of its 2023 edition in India, just a year after plans for MotoGP Bharat were first announced. The addition of India to the calendar is part of MotoGP’s expansion plans into Asia’s major two-wheeler markets.

best winter tires can make all the difference. In this guide, we'll explore some of the top winter tire options for various types of vehicles as per report by Auto 123. In the past, trucks and SUVs often came equipped with rugged yet less performance-oriented tires. However, times have changed, and many SUVs and pickups now offer more capable and versatile tires. If you own a vehicle with specialized off-road tires, it's essential to have them inspected by a tire specialist to ensure their suitability for winter conditions. In certain regions, only tires bearing the winter emblem—a mountain silhouette with a snowflake—are permitted during winter due to their superior performance on snowy and icy roads.

India's leading automobile manufacturer Tata Motors on Saturday inaugurated its third registered vehicle scrapping facility (RVSF) in Surat with a capacity to recycle 15,000 vehicles per year. Named Re.Wi.Re — Recycle with Respect,' the third RVSF in Surat — set up after Jaipur and Bhubaneswar — uses environmentally-friendly processes and has the capacity to disassemble 15,000 end-of-life vehicles safely and sustainably each year, it said in a statement. The RVSF is developed and operated by Tata Motors' partner Shree Ambica Auto to scrap end-of-life passenger and commercial vehicles of all brands, it said. «We are confident that these decentralised facilities will benefit our customers, foster economic growth, generate employment opportunities and fulfil the need of eco-friendly vehicle scrapping,» Balaji said. Re.Wi.Re.

cranksets separating, including, six reports of injuries like bone fractures, joint displacement, and lacerations, Japanese manufacturer Shimano has decided to recall bonded 11-Speed Hollowtech Road cranksets. According to the U.S. Consumer Product Safety Commission, the recall includes about 680,000 cranksets that were sold in the U.S. from January 2012 to August 2023, costing between $270 and $1,500.

Ather Energy posted a more than fourfold rise in operating revenue to Rs 1,783 crore in the financial year ended 31 March, even as net loss widened more than twofold to Rs 864 crore because of a sharp increase in expenses. The electric scooter maker, backed by Hero MotoCorp Ltd, had recorded an operating revenue of Rs 408 crore on loss of Rs 344 crore in FY22.

Telecom Regulatory Authority of India (Trai) has recommended that the applicable gross revenue of telecom operators be reduced against the indigenous networking and telecommunications equipment (NATE) volumes procured in their respective networks. In the list of recommendations on ‘Promoting Networking and Telecom Equipment Manufacturing in India’ released by the sector regulator on Saturday, it has also suggested the introduction of local value addition norms in performance linked incentives scheme (PLI scheme), tax relief as part of fiscal incentives, and setting up a dedicated master fund towards to address the relative cost disability faced by the industry, among others. “It has been recommended that Government should follow a nudge approach and Telecom Service Providers (TSPs) should be incentivised to deploy indigenously manufactured equipment by reducing their Applicable Gross Revenues on annual net basis, by an amount equivalent to the aggregate certified value of indigenous NATE deployed in respective telecom networks during a financial year,” Trai said. It has recommended the establishment of a dedicated master fund – the NATEDF — Networking and Telecommunications Equipment Development fund along the lines of the Electronics Development Fund (EDF). This fund should provide for venture capital funding in public-private partnership mode to start-ups in need of accelerator support. “For the same, at least 15% of NATEDF's total pool of Rs 10,000 crores should be earmarked as Committed Public fund for Daughter fund(s) for innovation practice,” Trai said. Trai also said that telecom software should be recognised as a separate category, and suggested setting up a dedicated fund, Telecom Software Development Fund.

Ashwini Vaishnaw said on Saturday. Without divulging specifics of the proposals, the minister said the projects will focus on a special area where India can emerge as a leader at the global level. While speaking with PTI on the sidelines of the groundbreaking ceremony of Micron's semiconductor plant, Vaishnaw said that the global semiconductor company is noticing the progress made by India in the segment and Prime Minister Narendra Modi's capability to execute large and complex policy decisions.

Green Hydrogen Fuel Cell Bus at Kartavya Path in Delhi on September 25. Green Hydrogen, produced using renewable energy sources, holds the potential to play a pivotal role in low-carbon and self-reliant economic pathways, read the Ministry Petroleum and Natural Gas press release. It offers the prospect of harnessing domestically abundant renewable energy resources year-round and across various sectors, either as a fuel or an industrial feedstock. Green Hydrogen has the capacity to replace fossil fuel-derived feedstocks in industries like petroleum refining, fertilizer production, and steel manufacturing, read the press release. Fuel cell technology, powered by hydrogen, is emerging as a significant component of the e-mobility landscape. The electrochemical reaction in a fuel cell converts hydrogen at the anode and oxygen from the air at the cathode into water, releasing electrical energy in the form of electrons, read the press release. Fuel cells boast remarkable efficiency compared to other mobility solutions and provide distinct advantages such as extended range and shorter refuelling times in comparison to battery-powered vehicles. Hydrogen gas is stored onboard in cylinders, typically at a pressure of 350 bar. IndianOil has embarked on a scientifically designed program to conduct operational trials of 15 Fuel Cell buses fueled by Green Hydrogen on specific routes in Delhi, Haryana, and Uttar Pradesh, read the press release. The launch of the first set of two fuel cell buses from India Gate on September 25, 2023, marks a significant milestone in this endeavour. This program represents India's maiden initiative to dispense green hydrogen at 350 bar for operating fuel cell buses. Additionally, IndianOil has established

Toyota Rumion petrol variant will remain unaffected. The Rumion is equipped with a 1.5-litre K-Series petrol engine and is available with both manual and automatic transmission options. It is jointly manufactured by Maruti for both Maruti and Toyota.

Coimbatore: Textile and clothing sectors must have a holistic approach with a long-term vision to seize the opportunity in the global market, industry officials said on Saturday.

gold closed with a weekly gain of 0.10% at $1,925 and was up 0.31% on Friday. The week ending September 22 was marked with crucial monetary policy decisions of three key central banks — Federal Reserve, Bank of England and Bank of Japan. The US Federal Reserve, in a widely expected move, skipped a rate hike at its FOMC monetary policy meeting concluded on September 20. However, the Federal Reserve's stance was hawkish as the Central Bank increased the projected rate for 2024 to 5.10% from 4.60%, which implies a rate cut of 50 bps as against the previous estimate of a 100 bps rate cut.

Tata Projects on Saturday announced its collaboration with Micron Technology to construct an advanced semiconductor assembly and test plant in Sanand, Gujarat. The company in a statement said the contract awarded to Tata Projects solidifies the company’s proficiency in large-scale, sustainable infrastructure development in the Indian manufacturing landscape. According to the statement, situated in the Gujarat Industrial Development Corporation area of Chaarodi, Sanand, the project spans an expansive 93 acres of land.