Manufacturing Financial News

Faridabad, a vibrant city located in the northern Indian state of Haryana, has undergone a remarkable transformation in recent years. While it was traditionally known for its strong industrial and manufacturing sectors, it has now evolved into a thriving hub for luxury housing.

Ashwini Vaishnaw on Monday said the government was «fully committed» to Foxconn's plans to expand its manufacturing footprint in the country. «Fully committed to support and facilitate,» Vaishnaw said on X (formerly Twitter) and quoted the Foxconn India representative V Lee's LinkedIn post on Sunday where he had wished Prime Minister Narendra Modi on the occasion of his birthday and said the Taiwanese contract manufacturer was “aiming for another doubling of employment, FDI (foreign direct investment), and business size in India” by this time next year.

Supreme Court agreed to hear on Monday a plea challenging a Madras High Court order staying the sale and manufacture of Ganesha idols made of plaster of Paris. A bench of Chief Justice DY Chandrachud and justices J B Pardiwala and Manoj Misra agreed to hear the matter at the end of the board of listed cases after senior advocate Shyam Divan cited urgency in the matter owing to the Ganesh Chaturthi festival on Tuesday. «This is a matter which requires urgent hearing. The division bench of the high court has passed the order on Sunday evening by which it had stayed the single judge's order permitting the sale of Ganesha idols made of plaster of Paris,» Divan said. The bench had initially asked Divan to follow the standard operating procedure for listing of urgent matters by sending an e-mail to the apex court.

₹66 to ₹70 per equity share of face value of ₹10 each. Madhusudan Masala IPO lot size is 2,000 equity shares and in multiples of 2,000 equity shares thereafter. Madhusudan Masala IPO, which is worth ₹23.80 crores, is completely a fresh issue of 3,400,000 equity share; there is no offer for sale (OFS) component.

cement sector as construction activities take a back seat due to the monsoon. However, this time demand remains buoyant due to weak monsoon, elevated pre-election spending, infrastructure development, and sustained demand from real estate as well as capex-intensive industrial projects. Cement prices have largely been stable from June 23 to exit across regions, except for the north, where prices have increased in July ’23. Cement manufacturers have raised prices by INR30-35/bag in the East from the beginning of Sep’23 and another hike of INR30/bag has been announced w.e.f.

₹30 per share, 30% higher than the issue price of ₹23. However, after a strong debut the shares were locked at 5% lower circuit. Jiwanram Sheoduttrai Industries IPO opened for subscription on Friday, September 8, and closed on Tuesday, September 12.

Madanagopal Ramu, fund manager and the head of equity at Sundaram Alternate Assets believes the rich valuations in specific segments of mid and small-cap space are the biggest risk for the markets. In an interview with Mint, he said one can hold some cash at this time and invest in stocks with long-term growth potential during corrections. Crude price historically is a short-term cyclical factor and a difficult one to judge. We always see market corrections due to crude, typically, as an opportunity to invest and in portfolios, we make use of this correction to invest in some good opportunities, which we would’ve stayed away from due to valuations.

Global Biofuel Alliance. A total of 19 countries and 12 international organisations have agreed to join the alliance with India, USA, and Brazil, the founding member countries. The alliance is aimed at creating and promoting the adoption of biofuels and expanding bioenergy access across the world.

The chief investment officer at Nippon Life India Asset Management Ltd. says it’s increasingly difficult to find opportunities in the $3.8 trillion market, where benchmarks have just hit record highs.

By Scott Murdoch

Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: BMW electrifies Mini; Tesla on the cusp of a breakthrough; and UAW strikes back.

VedantaThe company's Committee of Directors will meet today to consider the proposal for issuance of non-convertible debentures (NCDs) on a private placement basis as part of its routine refinancing that is undertaken in ordinary course of business.Restaurant BrandsMarquee funds including ICICI Prudential Life, Nomura, Goldman Sachs, Societe Generale, Tata MF, Citigroup, Avendus among others picked up stake in Restaurant Brands via block deals on Friday.Read more: Here's the trade setup for today's sessionGensol EngineeringGensol Engineering has acquired 54.38% of Scorpius Trackers Pvt Ltd and by virtue of this, Scorpius is now a subsidiary of Gensol.Indian OilIndian Oil approves additional investment of Rs 904 crore in Hindustan Urvarak and Rasayan.HALThe defence acquisition council (DAC) has approved acceptance of necessity (AON) for procurement of 12 Su-30MKI Aircraft with associated equipment and avionics upgradation of Dornier Aircraft from HAL.BEL Bharat Electronics Ltd (BEL) received an order of Rs 2,118.57 crore from Cochin Shipyard for supply of various equipment.Texmaco RailThe company's Board has approved a proposal to raise up to Rs 1,000 crore by way of issuance of equity shares through qualified institutions placement.Tata SteelThe UK is to pump 500 million pounds ($621 million) into Tata Steel to help decarbonise its Port Talbot site in Wales.Vodafone IdeaVodafone Idea has made a payment of Rs 1701 crore to the Department of Telecommunications (DoT) towards the annual installment for spectrum acquired in the 2022 auctionSterlite Tech Sterlite Tech has launched state-of-the-art manufacturing facility in Lugoff, South Carolina — The Palmetto Plant.DB RealtyRekha Jhunjhunwala's stake in DB Realty increased to

The a2 Milk Company has cancelled the exclusive manufacturing and supply rights for most of the infant formula supplied by New Zealand’s Synlait, as tensions between the two groups worsen.

PTI citing a top company executive. “Options for electrification (of vehicles) is something we are studying right now because the customer is at the centre and his (customer's) needs have to be satisfied. Globally, we have a vast expansion of the EV portfolio.

National Company Law Appellate Tribunal (NCLAT) granted a stay on initiating bankruptcy proceedings against Ind-Swift Ltd, an affiliate company of Ind-Swift Laboratories, which is selling a part of its pharma business to the Piramal-Bain-backed India Resurgent Fund for ₹1,650 crore, shows a court document. Ind-Swift was admitted for corporate insolvency on September 12 on a petition by trader creditor Allcare Containers claiming overdues of ₹3.12 crore, according to an order passed by the Chandigarh National Company Law Tribunal (NCLT). Last week, the NCLAT stayed the insolvency process till October 30 after the company said that it had settled the principal dues of Allcare but needed time to negotiate the terms of interest payment. Ind-Swift has a 16% stake in Ind-Swift Laboratories, which is selling its active pharmaceutical ingredients and contract research and manufacturing services businesses to the India RF-linked entity, first reported by ET on July 21. The company officially announced the deal on September 6, stating that its board had approved a proposal to sell these two businesses to Synthimed Labs, a portfolio company of the India RF for ₹1,650 crore.

NEW DELHI : India must follow mindful and environmentally conscious consumption and production rather than the single-minded pursuit of growth at any cost, federal policy think tank NITI Aayog vice chairman Suman K. Bery said in an interview. Bery proposed that emerging economic realities, including the potential of services exports, India’s prospects of becoming an agriculture superpower, and the dwindling potential of the manufacturing sector to create jobs due to increased productivity, warrant a review of the traditional notions on which development models are built.

NEW DELHI : The Union government is working on a production-linked incentive (PLI) scheme worth ₹12,000 crore for heavy machinery used in mining and construction, two people aware of the development said. The heavy industries ministry is currently seeking industry inputs on product coverage, implementation and quantum of incentives, the people said on condition of anonymity. The scheme size may vary between ₹8,000 crore and ₹12,000 crore, but discussion on this is yet to conclude.

NEW DELHI : Micron Technology Inc. intends to build several semiconductor assembly and packaging units in India in addition to its proposed fabrication unit, minister of state for electronics and information technology Rajeev Chandrasekhar said, as the US-based company takes a long-term view of the country as a market and manufacturing destination for semiconductors. The minister said Micron’s first investment in India catalyzed the transition of fence sitters willing to consider the country as a serious part of their semiconductor assembly and eventually manufacturing plans; therefore, it was in the government’s interest to ensure that the company’s first plant is operational and functional at the earliest.

Companies considering India as an investment destination are concerned over long-term outlook of the India-China relationship, besides factors such as competitiveness, the Centre-state polity, societal conflicts, short-term infrastructure and skill availability, said Nick Allan, chief executive of risk consultancy firm Control Risk. This is particularly relevant, considering several American, European, and Japanese companies are exploring India as a key part of their China-plus-one strategy. “In the long term, you know, people question, where’s India and China’s relationship heading? There’s no question that India is emerging as a competitor in a number of spheres to China.

₹596 crore in FY22. Its profit after tax was at ₹10.8 crore, according to a 22 December report by ratings agency ICRA Ltd. It reported revenues of ₹439 crore in the first seven months FY23, up 32% from a year ago.

NEW DELHI : The union health ministry may shortly notify proposed amendments to rules in order to make good manufacturing practice (GMP) mandatory for all pharmaceutical firms after a spate of scandals linking Indian-made drugs to children’s deaths abroad. With the Indian drugs failing quality checks in other countries, the government recently made GMP mandatory for micro, small and medium enterprises manufacturing drugs.