Manufacturing Financial News

₹142 crore for the June ended quarter (Q1 FY24). Revenue from operations rose 14% YoY to stand at ₹896 crore. Earnings before interest, tax, depreciation, and amortisation (Ebitda) for the quarter stood at ₹243 crore, with a margin of 27.1%, an improvement of 290 bps.

India's imports from China across at least 25 major commodity groups such as consumer electronics, auto components, and iron and steel products rose in fiscal 2023, the government told parliament on Wednesday. The statement, which listed Chinese imports in a total of 31 commodity groups, comes amid New Delhi's concerted efforts to reduce its trade deficit with China since border tensions flared in 2020.

Li Auto (NASDAQ:LI) announced Tuesday evening its intention to surpass the sales of BMW (ETR:BMWG), Mercedes-Benz (ETR:MBGn), and Audi (ETR:VOWG_p) in China by 2024. This ambitious goal comes as the emerging Chinese automaker accelerates the introduction of new vehicle models and ramps up its manufacturing efforts.

Parliament was informed on Wednesday. Minister of State for Electronics and IT Rajeev Chandrasekhar in a written reply to the Lok Sabha said that semiconductors worth Rs 1,29,703 crore were imported in 2022-23.

₹700 crore this fiscal, Rushabh Borkar, associate director at Crisil Ratings said. “While this will increase their debt levels, overall capital structure and coverage metrics will not be materially impacted because of improved cash accruals. Gearing and interest coverage of our sample set will remain comfortable at 0.6 time and 11.5 times, respectively." Crisil analysed luggage makers that account for 90% of the organised sector’s revenue.

Tata Realty and Infrastructure Ltd (TRIL) has bought over 1.02 lakh square metres of land in Bengaluru from Graphite India Ltd for Rs 986 crore. In a regulatory filing earlier this week, Graphite India said that a committee of directors approved a proposal to sell 1,02,349.33 square metres of land in Bengaluru for an aggregate consideration of Rs 986.13 crore to TRIL's two subsidiaries TRIL Bengaluru Real Estate Five Ltd and TRIL Bengaluru Real Estate Six Ltd. The land has been sold, along with the structures standing thereon having an aggregate built-up area of 12,674 square feet, the filing said.

semiconductor subsidy funding in a bid to boost the country's competitiveness with China's science and technology efforts. The White House is marking the one-year anniversary on Wednesday of President Joe Biden's signing of the landmark «Chips for America» legislation providing $52.7 billion in subsidies for US semiconductor production, research and workforce development.

The inaugural chairman of the $15 billion National Reconstruction Fund, Labor’s primary vehicle to reboot domestic manufacturing, says he aims to lure back investment dollars that would otherwise flow to Joe Biden’s vast clean industry program.

₹40 lakhs or equivalent value per annum for appearing in advertisements or campaigns on any medium or format. Previously, the guidelines included only those earning ₹20 lakh from endorsements. The updated guidelines also expand the definition of "celebrity" to include notable personalities such as doctors, authors, activists, and educationists, extending beyond the traditionally recognized field of entertainment and sports.

doing business, no matter what the rankings say. We cannot sit back and say that we will sidestep these problems by growing only along the services route. Global exports in labour-intensive products like garments and textiles, toys, footwear make up ~1,040 Billion dollars.

ALBUQUERQUE (Reuters) — President Joe Biden will take his economic pitch to New Mexico on Wednesday with remarks at the groundbreaking of an Arcosa (NYSE:ACA) wind tower manufacturing facility at which the White House said he will highlight a U.S. clean energy and manufacturing boom.

New Delhi: Uttar Pradesh sold the maximum number of automobiles during the June ended quarter (Q1 FY24), followed by Maharashtra and Karnataka, according to data from the Society of Indian Automobile Manufacturers (Siam). In the passenger vehicle (PV) category, Maharashtra was the leader, selling 12% of total number of PVs sold in the country.

Maruti Suzuki India announced a significant achievement on Wednesday as its pre-owned car segment surpassed the remarkable milestone of 50 lakh units sold since its inception. The company first introduced its pre-owned car brand, Maruti Suzuki True Value, back in 2001. Marking 22 successful years in the industry, Maruti Suzuki True Value has solidified its position as India's most trusted pre-owned car brand, garnering the loyalty of 50 lakh delighted customers, according to a statement by Shashank Srivastava, Senior Executive Officer of Marketing & Sales at Maruti Suzuki India Ltd (MSIL).

domestic manufacturing is rightly placed. For nearly three decades from 1962 to 1988, car buyers in South Korea were forced to buy locally manufactured cars because the Korean government had imposed a ban on all imported automobiles till 1988 and the import of Japanese automobiles till 1998. Economist Ha-Joon Chang, in his book, Edible Economics, has talked about how until the early 1990, the Korean government made sure that Hyundai and other firms got access to high subsidised credits.

Mahindra & Mahindra Ltd (M&M Ltd) on Wednesday rolled out a new wheel harvester under the Swaraj brand in the domestic market as it looks to tap aggressively the farm mechanisation market in the country. With its latest offering, the brand is aiming for a 15-20 per cent market share in the wheel harvester segment in the long-term, Harish Chavan, Chief Executive Officer at Swaraj Division, said. Manufactured at the company's new farm machinery facility at Pithampur near Indore in Madhya Pradesh, the new 'Swaraj 8200 Wheel Harvester' will be available from the upcoming crop season for the customers through its dealerships pan-India, he said. «The mechanisation in the harvesting space (in the country) is still picking up. We want to give shape to it and that is the reason we want to participate now aggressively as we are participating in tractor segment,» Chavan told PTI. He said that with the tractor industry growth reaching an all-time high, the agri mechanisation sector is also growing very fast and farmers are increasingly adopting mechanisation practices. «We want to make sure that we at Mahindra Group and at Swaraj are able to leverage this opportunity and for this reason we are launching this new wheel harvester,» he said.

Former Fortescue Metals executive Russell Scrimshaw says his rare earths company will get into production several years sooner because of Wednesday’s decision to partner with China’s biggest rare earths importer.

Investing.com — Chinese consumer inflation shrank in July, indicating that local liquidity and spending remained weak amid slowing business activity, while a decline in factory gate inflation also continued through the month.

Dipan Mehta, Director, Elixir Equities, says the next three to five quarters are very interesting for Siemens, ABB, and other high tech capital goods manufacturing companies. They have largely restructured their businesses. They are focused only on products and services where they have a clear cut technology edge.

laptops, tablets, and personal computers. According to the notice, from 1 November 2023, the import of these restricted items would now require a valid license. The new law implies that laptop and computer giants like Apple, Dell, Lenovo etc., cannot simply manufacture their products elsewhere and sell them in India.

Foxconn, the world’s largest contract manufacturer. This year the Taiwanese giant has built or expanded factories in India, Mexico, Thailand and Vietnam. The Chinese production sites once beloved by Western companies are firmly out of fashion.

₹17,000 crore PLI scheme for IT hardware to attract laptops, tablets, and other hardware makers to India after its first version with a lower allocation failed to take off. India imports about $8 billion worth of laptops and tablets every year.