Manufacturing Financial News

SoftBank Group-owned chip designer Arm is getting investment interest from several major tech firms for what is expected to be one of this year's biggest initial public offerings. Arm has been in talks with about 10 companies, including Amazon.com, Intel, Alphabet and Nvidia, about investments ahead of its IPO.

India units of overseas automobile and component manufacturers have stepped up their search for manpower in the country to drive their expansion plans, said industry executives. There is a 20-40% increase in demand for specialised talent in the auto captives this year in roles such as engineering, research and design, and IT, they said.

retail packs of daily essentials lighter without changing their prices to offset steep inflation last year have started putting grammage back into the packs amid cooling inflation of key ingredients and reduction in packaging costs. Industry executives said the gains from declining input costs are being passed on to consumers by directly putting back grammage in packs, specially for categories in popular price points of ₹10, ₹20 and ₹25, where frequent price changes are inconvenient.

Sen. Josh Hawley, R-Mo., discusses the trade war with China and Democrats' 'ideological commitment.'

SAO PAULO (Reuters) — Ford's Brazilian unit on Friday said it reached a transfer agreement with the government of Bahia state to give it ownership of a factory complex closed since 2021.

Investing.com — Helped by forecasts for record world oil demand this month, coming no less from the closely-followed International Energy Agency, crude prices finished with a seventh straight week of gains — the longest winning streak since June 2022.

electric scooter manufacturer in India at present, is looking to double its market share in the e-scooter market to 25-30% by the end of fiscal year 2024, a top company executive told Mint. The company hopes to be able to produce 20,000-units each month by then. The company is also working on a new scooter platform, and will expand its offering to segments beyond performance scooters, into the family, convenience, and value segments, where rivals such as TVS Motor Company and Ola Electric play.

MUMBAI : Poonawalla Fincorp Ltd might look at private equity (PE) investments for achieving its business targets, the company’s chairman Adar Poonawalla, said in an interview. After selling its housing finance business to TPG earlier this year, the group has enough headroom to pursue both organic and inorganic growth, he said. The leverage at present is quite modest—remaining below two times, Poonawalla added.

automobile sector, said people aware of a preliminary draft note prepared by the Ministry of Heavy Industries (MHI). This outlay could either be used for the launch the third phase of the FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles in India) scheme, or incentivising green technologies at the manufacturers' end or for the vehicle buyers. «Automakers have made representations and there are consultations underway with them and other stakeholders.

Bill 2022, which seeks to repeal the 83-year-old Drugs and Cosmetics Act 1940 is likely to be placed before the Cabinet next week, said people with knowledge of the matter. The Bill seeks to regulate the import, manufacture, distribution and sale of drugs, medical devices and cosmetics.

China's top-selling automobile manufacturer, BYD Co (OTC:BYDDF) Ltd ADR (OTC:BYDDY), has ignited a surge of online attention after the automaker signaled for unity, calling for the industry to band together and “demolish the old legends.”

(Reuters) — SoftBank Group-owned chip designer Arm is getting investment interest from several major tech firms for what is expected to be one of this year's biggest initial public offerings.

covid-19 pandemic since March 2020," said an official statement. The IIP growth was below projections made by economists at Bank of Baroda, who pegged it at 5.5% for June. Manufacturing growth, at 3.1%, brought down the overall growth rate after 14 of the 23 sectors in manufacturing registered negative growth, said Madan Sabnavis, chief economist at Bank of Baroda.

Shoora Designs IPO: Shoora Designs IPO opens for subscription on Thursday, August 17, and closes on Monday, August 21. The small-to-medium enterprises (SME) IPO is a fixed price issue and the total issue size is ₹2.03 crore. Shoora Designs IPO is a fresh issue comprising 4,23,000 equity shares of the face value of ₹10, aggregating upto ₹2.03 crore.

Glenmark Pharma on Friday reported an 18% year-on-year (YoY) drop in net profit to Rs 173 crore in Q1FY24. The company attributed the net profit drop to an exceptional item of Rs 52 crore in the quarter that comprises remediation cost of manufacturing sites in India and Monroe (US). Revenue from operations rose 22.5% YoY to Rs 3402 crore in Q1FY24.

Electric vehicle sales in the country are expected to hit the 10 lakh annual sales mark by the end of the decade, Tata Motors, which anticipates green vehicles to account for 50 per cent of its total sales by that period, said on Friday. The Mumbai-based auto major, which crossed 1 lakh cumulative EV sales milestone, currently gets 14-15 per cent of its overall sales from electric models on a quarterly basis. «Five years back, electric vehicles used to sell just 90 units a month. Today these sell 8,500 to 9,500 units a month, which is like 100 times more...five years back the industry had sold about 2,000 cars and we are talking about already an annualised run rate this year of more than one lakh units so it's a 50 times growth,» Tata Motors Passenger Vehicles Managing Director Shailesh Chandra told reporters. Chandra, who also heads the company's passenger electric mobility vertical, noted that with enhanced charging infrastructure and with other automakers also entering the EV space, the vertical is set for sustained growth.

global financial crisis. German gross domestic product has clocked three quarters of negative or zero growth , making the country the worst performer among major eurozone nations since 2019. Previously it was the top performer.

₹13,000 crore ($1.6 billion), news agency Reuters quoted a top trade official on 11 August as saying. As per details, the government pays local manufacturers -- under the $24 billion scheme -- when targets such as sales are met, aiming to boost investment in manufacturing.

₹13,000 crore in FY24 to firms that are seeking benefits under the production linked incentive (PLI) schemes, secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said at a press briefing in Delhi on Friday. The government disbursed ₹2,900 crore till March 2023 out of ₹3,400 crore claims received under the scheme. Singh also indicated that consultation is also under process to make changes in the schemes that are not performing as expected.

production linked incentive (PLI) scheme for the automobile sector, Parliament was informed on Friday. In a written reply to the Lok Sabha, Minister of State for Heavy Industries Krishan Pal Gurjar said that the ministry is implementing two PLI schemes — automobile and auto components, and advanced chemistry cell (ACC) battery storage.

manufacturing output owing to pressures from the global slowdown and lower domestic demand pushed industrial growth to a three-month low of 3.7% in June compared with 5.3% in May, belying hopes of a broad-based recovery, according to experts. “The sequential slowdown was led by the manufacturing sector, while the mining and electricity sectors witnessed an improvement in their growth performance amid deficient rainfall in the month,” said Aditi Nayar, chief economist, Icra.