Manufacturing Financial News

Power stocks were among the top gainers on Tuesday, riding the bullish momentum in the past month, as investors bet that the government's increased thrust on manufacturing would boost the demand for energy. The BSE Power Index, which gained 10% in the last month, rose 1.5% on Tuesday.Analysts believe the favourable government policies for the sector, continued peak power deficits and the country's shift towards clean energy will drive the re-rating of power stocks.

Hydrogen fuel cell company HDF Energy aims to become a bigger player in the Southern Hemisphere by using part of an old Holden car factory to manufacture 12-metre metal “boxes” containing fuel cells providing electricity.

Stocks that traded heavily or had substantial price changes Tuesday: Lowe’s, Fabrinet rise; Macy’s, Canadian Solar fall

Narendra Modi on Tuesday said India will soon become a USD 5 trillion economy and is poised to become the growth engine of the world in the coming years. Speaking at the BRICS Business Forum Leaders' Dialogue, Modi highlighted that «mission-mode» reforms has improved the ease of doing business in India and invited businesses to be part of the country's development journey. While mentioning about the strides made by India on the digital payments front, Modi said there are many possibilities for using the Unified Payments Interface (UPI) for BRICS. He also said that Brazil, Russia, India, China and South Africa (BRICS) together can contribute significantly to global welfare, particularly of the Global South. The prime minister, who is in South Africa to participate in the first in-person summit of BRICS nations since 2019, told the gathering that despite the turmoil in the global economy, India today is the fastest growing major economy in the world. «Soon, India will become a USD 5 trillion economy.

₹8,000 crore to be spent on capital expenditure and acquisitions between 2021 and 2025. About 10% of the allocation was for acquisitions and company has already spent it. “We have already invested the allotted ₹600 crore- ₹800 crore for mergers & acquisitions (M&A), but we aren’t constrained by those targets, we are only constrained by opportunities and demand growth...We also have global ambitions in this.

IMA) has urged the government to withdraw the regulation that mandates doctors to prescribe generic medicines, saying it should not be enforced till there is assurance that the medicines meet quality standards. In a letter to the health minister on Tuesday, the association also asked the government to allow professional associations to use pharma funding for continuing medical education (CME) sessions (CMEs) and educational/research activities in a transparent and bonafide manner, and to make digitalisation desirable yet optional. A day earlier, health minister Mansukh Mandaviya had called a meeting to discuss issues related to the newly notified regulations by the National Medical Council (NMC). The NMC's regulations, issued earlier this month, stated that all doctors must prescribe generic drugs, failing which they face a penalty, including suspension of their practice licence. The IMA's letter said it is a «matter of great concern» since prescribing only generic drugs directly impacts patient care and safety.

The five-year plan, which became operational from April 2022, may now be extended until March 2028 from the original deadline of March 2027, sources said. As many as 95 companies have been admitted to the scheme that looks to promote local manufacturing of new technology products such as electric vehicles (EV) through subsidies. However, none of these companies submitted any claims for the first year of the scheme ending March 2023 and, hence, there was no disbursement from the government. Subsequently, several participant companies requested the government to consider an extension of the scheme by a year, sources said.

Ola Electric has applied for certification to claim incentives under the government's production-linked incentive (PLI) scheme, becoming the third auto company eligible for subsidies after Tata Motors and Mahindra & Mahindra, a senior industry executive aware of the development said. All three are eligible to claim subsidies under the ₹25,938 crore-PLI scheme for auto and auto parts makers floated by the ministry of heavy industries (MHI) to promote local manufacturing. «It (certification for Ola Electric) is in process. Three Indian companies have so far applied for certification (to Automotive Research Association of India or ARAI) under PLI Auto.

NEW DELHI : Maruti Suzuki, Mahindra & Mahindra & Hyundai Motor India are among automakers that have offered initially at least a dozen vehicle models for testing under India’s first crash-test safety rating programme, which is modelled after the Global NCAP, according to industry officials. The government’s Bharat New Car Assessment Programme (BNCAP) will award a star rating out of five for adult and child occupant protection respectively to passenger vehicles based on their performance in a crash test at a speed of 64 kmph. The test, which is completely voluntary for automobile companies, will begin from October.

Hindalco Industries Ltd has plans for a partnership with the railways and will invest about ₹2,000 crore to bring new extrusion and fabrication technologies to India, Kumar Mangalam Birla, chairman, Hindalco, said at the company’s 64th Annual General Meeting (AGM). “We are even more excited to partner Indian railways and the passenger coach manufacturing ecosystem for the ambitious high-speed Vande Bharat trains.

₹1,200 crore of the leading holistic creative products player in the Indian stationery and art products market comprises a fresh issue aggregating up to ₹350 crore and an offer for sale (OFS) aggregating up to ₹850 crore. The offer for sale comprises of equity shares aggregating up to ₹800 crore million by corporate promoter, F.I.L.A.

Global Investors Summit, 2023. CM Dhami has requested Prime Minister Narendra Modi to inaugurate the summit which is scheduled to be held in Uttarakhand in November this year. The meeting was held at Hotel Pacific, Dehradun.

NEW DELHI : Strong domestic cement demand led to cement companies reporting strong double-digit volume growth during the previous quarter but the limited improvement in realisations and lower-than-expected decline in costs meant that overall performance was a mixed bag. Data compiled by Mint for 42 cement companies showed that the net profit improvement was tepid at 5.8% year-on-year (y-o-y) during Q1. Also, on a sequential basis the net profit declined 12%.

Indian market is a predominantly generics market: Branded, trade and INN. All these three categories are me-too drugs but marketed and distributed differently. Branded generics are promoted to doctors, while trade generics are sold through the trade network (with higher margins), and usually not promoted to doctors.

MUMBAI : Non-bank financier Profectus Capital, which lends to small businesses, wants to fund newer areas aligned to the government’s incentivized local manufacturing scheme and grow its book to ₹4,500 crore by end of this fiscal, chief executive officer K.V. Srinivasan said. Founded in 2017 by Srinivasan, who was earlier the chief executive of Reliance Commercial Finance, Profectus is backed by private equity firm Actis.

₹2,000 crore to bring new extrusion and fabrication technologies to India that are critical to building Vande Bharat trains in the country, Kumar Mangalam Birla, chairman, Hindalco Industries Limited, said at the company’s 64th annual general meeting (AGM). “We are even more excited to partner Indian Railways and the passenger coach manufacturing ecosystem for the ambitious high-speed Vande Bharat trains.

CNBC-TV18 on Tuesday. The Department of Consumer Affairs (DoCA) and the Bureau of Indian Standards (BIS) have approved the proposal and an official notification is expected in the next few days, said the report citing sources. Currently, the sale of gold across 288 districts is allowed only if the yellow metal is hallmarked.

Vedanta Ltd founder Anil Agarwal on 22 August took to the microblogging website saying entrepreneurship can be a lonely experience. Also known as the 'metal king' of India, Agarwal emphasized people should empower and support their family and friends who are currently on their entrepreneurial journey.

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Hindalco Industries Limited has joined hands with Indian Railways to invest around ₹2,000 crore to bring new extrusion and fabrication technologies to India, Kumar Mangalam Birla, chairman, Hindalco Industries Limited, said at the company’s 64th annual general meeting (AGM). “We are even more excited to partner Indian railways and the passenger coach manufacturing ecosystem for the ambitious high-speed Vande Bharat trains.

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