Manufacturing Financial News

NEW DELHI : The government is set to rationalize tariffs for inputs and sub-components used for making electronics goods, according to minister of electronics and information technology Rajeev Chandrasekhar. The ministry of electronics and information technology has been in discussions with the revenue department under the ministry of finance to review the tariffs or import duties on the components that are needed for local production of finished goods that is being scaled up. “We have in the last budget also made our point of view known to the department of revenue.

Foxconn, Taiwan-based Apple supplier, has said that they are planning to double their investment and workforce in India within the next twelve months, according to V Lee' LinkedIn post on the occasion of Prime Minister Narendra Modi's 73rd birthday. Taiwan-based Foxconn, the world's largest contract manufacturer of electronics, has rapidly expanded its presence in India by investing in manufacturing facilities in the south of the country as the company seeks to move away from China.

₹7-10 per kg of cost to the tea sold. Still, it generates large unsold odd-lots. In any case, only about 40% of the tea gets sold through tea auctions.

By Paul Lienert

Airbus C295 medium tactical transport aircraft in India will be a «game changer» as it would facilitate the creation of a world-class aerospace ecosystem in the country that would help in manufacturing other planes in the long-run, Indian Ambassador to Spain Dinesh K Patnaik said here. The Indian Air Force received the first C295 aircraft on Wednesday, two years after New Delhi sealed a Rs 21,935-crore deal with Airbus Defence and Space to procure the planes. Under the deal, Airbus will deliver the first 16 aircraft in 'fly-away' condition from its final assembly line in Seville by 2025 and the subsequent 40 aircraft will be manufactured and assembled by Tata Advanced Systems (TASL) in India as part of an industrial partnership between the two companies. «The C295 project will be a game-changer project as it will create a world-class aerospace ecosystem in India,» Patnaik told PTI in an interview. The first 'Make in India' C295 is set to come out of a production facility in Vadodara in September 2026 and the final aircraft is expected to be delivered to the IAF by August 2031. It will be the first military aircraft to be produced in India by a private consortium. Officials said India is looking at procuring more C295 aircraft to replace the Indian Air Force's ageing transport fleet. After Airbus handed over the first plane to the IAF, Patnaik said the C295 project is not only about procurement of the aircraft but it carries much more significance in terms of the creation of an aerospace eco-system in India. «We still do not have a private aerospace eco-system in India whereas all major countries have such ecosystems.

Bitcoin's bulls are demonstrating their might, driving the world's premier cryptocurrency past the significant $26,000 benchmark.

If the United Auto Workers strike isn't settled soon, consumers will see higher prices for new cars — and not just the ones from Detroit

ITI, a central PSU under the ministry of communications, had a dream run over the past week with a stellar rally of nearly 60% in just five days. The main trigger was that the company has developed its own branded Laptop and Micro PC in the market that matches international quality and performance. Branded as ‘SMAASH’, the products have already been deployed in the market, and ITI has won many tenders competing against MNC brands like Acer, HP, Dell and Lenovo. The two flagship products — Laptop and Micro PC have been designed in association with Intel Corp with which an MOU has been signed for design and manufacturing. In the last six months, the stock has delivered multibagger returns to investors, rising 116%. The price has also hit a fresh 52-week high during the last week. Technical analysts say while existing investors might want to sit on gains and wait for more upside, but at the same time can book partial profits. «Investors who are still holding stocks like ITI, and SJVN, which have seen good run, might consider taking a partial profits on their investments and can trail the balance,» said Aamar Deo Singh of Angel One. «The daily chart shows a vertical up move from 149 to 213 level, almost a 57% up move.

Sensex and Nifty50 ended the week on strong footing hitting new all-time highs with PSU Banks, auto and IT stocks leading the gains. Amid a host of important domestic and global events lined up during this week.

Starting with the Federal Reserve on Wednesday and ending with the Bank of Japan two days later, monetary policy will be determined at key meetings across half of the Group of 20. Advanced-economy central banks, accounting for six of the 10 most-traded currencies, may draw particular focus as global policymakers adapt to the theme US officials set out at Jackson Hole in August: that rates are likely to stay higher for longer. All evidence suggests inflation isn’t fully tamed across much of the world, and the ongoing rise in crude oil prices is stoking worries of yet more pressure. So no-one will dare to declare that their job is done, even amid the prospect that central banks in countries from the UK to Switzerland on Thursday could open the door to a pause, as happened last week in the euro zone. Setting the tone for all of them will be new projections from the Paris-based OECD on Tuesday. With weak demand from China depressing global trade, and the outlines of a stagflationary scenario forming in Europe, the apparent resilience of the US economy could prove the only bright spot. That backdrop may prompt the Fed itself to keep rates on hold, but maybe pencil in another increase for later this year. What Bloomberg Economics Says: “We think the FOMC will strike a balanced tone at its Sept.

Hindustan Times, the Indian Army is also ramping up its weapons including guns, rocket systems, and missiles. Army's five-pronged strategy, which will cost thousands of crores, evolved after assessing the needs of the artillery regiments on a battlefield. Citing an official, the HT report said all regiments would be equipped with advanced 155mm artillery gun systems, inducting missiles and rockets with longer ranges, lethal ammunition, reorganisation of surveillance, and shortening the sensor-to-shooter loop for swift detection.

passenger vehicle segment is all set to scale a new peak, selling more than 4 million units this fiscal year, with sport utility vehicles driving the demand by accounting for nearly half the volume. Sales of passenger vehicles, which were 2.5 million units a decade ago, have picked up speed after a blip during the initial period of the Covid wave. Sales touched 3.8 million units in the fiscal year ended March 31, 2023, a record which will be broken this fiscal year with the number likely growing to 4.1 million units, according to industry experts. SUV sales are projected to be around 1.9 million units this year, a multi-fold increase from 363,000 units 10 years ago in FY14.

Apple's iPhone 15 may have a blockbuster launch in India, with advance bookings for the new series, which started Friday, already exceeding by 20-25% the numbers that the previous model received during the entire seven-day pre-order period last year, chief executives of leading retailers said. The most in-demand variants are the base iPhone 15 and the costliest iPhone 15 Pro Max, which is priced between Rs 1,59,900 and 1,99,900. Apple is also going to have its highest ever launch-phase stock of 270,000-300,000 units, or double of what it had last year for the iPhone 14 series, they said. Some retailers said they took pre-bookings right from the next day of the product unveiling due to the craze towards Apple's smartphones, even though official pre-bookings started this Friday at 3 pm.

US Federal Reserve policy meeting outcome, foreign fund inflow, crude oil prices, global cues, and more. Domestic benchmark indices Sensex and Nifty hit their fresh record highs last week with frontline index Nifty50 breaching the psychological 20,000-mark on the back of strong macroeconomic indicators such as lower consumer price index (CPI) print, demand optimism in China, and hints of a pause in rate hike by the US Federal Reserve. The tone was positive from the beginning which strengthened further with rotational participation from the index majors across sectors.

solar panels. It was backed by UK Export Finance (UKEF), the UK government's export credit agency, with a GBP 475,000 guarantee issued under its Bond Support Scheme that helped secure the order, according to the report. “Building on our existing export successes, support from Lloyds Banks and UKEF helped us to secure this latest growth opportunity and further develop our established international presence.

Rajnath Singh on Saturday said the work on the BrahMos missile manufacturing site in Lucknow is likely to be completed by March next year. Singh was speaking in Gomti Nagar here on the second day of the tour of his parliamentary constituency. «The work on BrahMos missile project is also going on at a fast pace and after next February-March, the missile manufacturing will begin on the soil of Lucknow,» the BJP leader said. Developed by an India-Russia joint venture, the BrahMos supersonic cruise missile can be launched from submarines, ships, aircraft or from land platforms. The work on the Defence Research and Development Organisation (DRDO) lab will also be completed soon, Singh said. He said there were 11 other projects in Lucknow that have been undertaken.

By Davit Kirakosyan

Madhusudhan Masala IPO: The initial public offering (IPO) of small and medium-sized enterprises (SME) Madhusudhan Masala will open for subscription on Monday, September 21. The homegrown spice manufacturer has set the price band at ₹66 to ₹70 per share for the public issue. The SME IPO will close on Thursday, September 21.

Mundra, Gujarat, according to a top company official. Gas Recovery and Recycle Limited (GR2L), an MSME (micro small and medium enterprise) business in Surrey, claims to have developed, patented and exported cutting-edge technology to reduce the energy consumption, carbon footprint and cost of manufacturing solar panels.

Ashok Leyland has signed an agreement with the Uttar Pradesh Government for setting up a greenfield plant that will make electric buses, the company said in a statement. The Hinduja Group flagship will invest Rs1000 crore into the facility over the next few years, it said.

Indian Air Force in a recent announcement, officially declared plans to buy around 100 more made-in-India LCA Mark 1A fighter jets, giving a boost to the indigenous aerospace sector. Indian Air Force chief Air Chief Marshal VR Chaudhari announced this plan in Spain in an exclusive interaction with ANI upon receiving the first C-295 transport aircraft in Spain. Air Chief Marshal VR Chaudhari told ANI at the Airbus aircraft manufacturing facility that "The LCA was developed from the ground up for replacement of the large MiG series fleet including the MiG-21, MiG 23 and MiG-27 aircraft.