Manufacturing Financial News

Elon Musk and Jeff Bezos have become the two wealthiest men in the world thanks to their breakthrough technology companies. But Musk, through SpaceX, has long held a big lead in the pursuit closest to their hearts: colonizing space. Now, their space race is entering a new era as Bezos approaches two milestones that, if successful, could chip away at Musk's dominance. Bezos' rocket company, Blue Origin, is planning to soon launch New Glenn, a massive rocket that will compete directly with SpaceX's reusable Falcon 9 rockets. Then Amazon — founded by Bezos, who serves as its board's executive chair — is preparing to deploy Project Kuiper, the company's network of satellites that will challenge SpaceX's Starlink network in providing internet access from space in low Earth orbit.

shareholders have rejected automotive components manufacturer Automotive Axles' proposed transaction with an affiliate company, according to the voting results published by the company. Automotive Axles, a joint venture between the Kalyani Group and Cummins, had sought shareholder approval for transactions worth ₹2,500 crore in FY26 with Meritor HVS India (MHVSIL). About 79% of public institutional investors and 88% of non-institutional investors voted against the resolution, the exchange filing said. Proxy advisory firms opposed the proposal, arguing that the business should be conducted directly through the listed company to benefit all shareholders, rather than through a joint venture.

Nirmala Sitharaman said, terming the growth deceleration in the three months through September to 5.4% as a «temporary blip.» Replying to a debate on the first batch of supplementary demands for grants in the Lok Sabha, the FM also ruled out any «generalised slowdown» in manufacturing, growth in which had slumped to 2.2% in the second quarter. The lower house later approved the first batch of supplementary demand for grants for FY25, involving an additional net spending of ₹44,143 crore.

Subscribe to enjoy similar stories. The minority shareholders of the Kalyani Group company Automotive Axles Ltd (AAL) have rejected related party transactions with Meritor HVS India Ltd (MHVSIL), potentially disrupting its operations. This decision was influenced by concerns raised by proxy advisory firms about transparency and potential erosion of shareholder value.

IEEMA and Chairman of ELECRAMA 2025, said. “Presently, the industry size is USD 70 billion in India, with USD 12 billion in exports. We are poised to grow to a USD 130 billion industry with exports of USD 25 billion by 2030,” Vikram Gandotra told ET. ELECRAMA 2025, the world's largest electrical show, will take place from February 22 to 26, 2025, in Greater Noida. A flagship showcase of the Indian Electrical & Electronics Manufacturers' Association (IEEMA), in collaboration with the Union Ministry of Heavy Industries, it will bring together industry leaders, innovators, and policymakers from around the world. The event will feature exhibitions, technology showcases, networking opportunities, and events that will serve as a springboard for the Indian electrical industry.

Jindal Saw on Tuesday said it has inked a pact to acquire 31.20 per cent equity in ReNew Green Energy. However, the company did not divulge the financial details of this equity acquisition. In a filing, Jindal Saw said, «It has entered into a share purchase agreement with ReNew Green Energy Solutions Private Limited (RGES) to acquire shareholding up to 31.20 per cent equity share capital in ReNew Green MHH One Private Limited (RGMHH), which resulted RGMHH as an associate of the company». The acquisition is with an objective to procure electricity at a concessional rate, the company said.

The data regarding drugs recalled after failing quality tests is not maintained centrally by the Central Drugs Standard Control Organization (CDSCO). During the year 2023-24 (April to March), 2,988 drug samples were declared not of standard quality while 282 drug samples were found to be spurious or adulterated, she said.

Production Linked Incentive (PLI) Schemes for 14 key sectors have been announced with an outlay of Rs 1.97 lakh crore to enhance manufacturing capabilities and exports. «As on August 2024, across 14 sectors, investment of Rs 1.46 lakh crore have been realised, which has resulted in incremental production/sales of over Rs 12.50 lakh crore, employment generation of over 9.5 lakhs, and exports surpassing Rs 4 lakh crore,» he added. Incentives of Rs 2,968 crore in eight sectors and Rs 6,753 crore in nine sectors during 2022-23 and 2023-24, respectively, have been disbursed.

The proposal gained broad support at a meeting chaired by commerce minister Piyush Goyal on Tuesday after small industries dropped initial opposition once they received assurances that they would not be hit by higher steel prices. «It seems the safeguard duty will be imposed after an investigation, likely completed within a month,» said an industry official who attended the meeting. «To address concerns of small manufacturers, large steelmakers will supply them steel at reduced prices.»

equity sale of Rs 500 crore and an offer for sale (OFS) of 21 lakh shares, will close on December 24. The offer is being made through the book-building process, wherein about 75% is reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors.

Finance Minister Nirmala Sitharaman on Tuesday said the lower-than-expected GDP growth of 5.4 per cent in the second quarter was a «temporary blip» and the economy will see healthy growth in the coming quarters. Replying to a debate in the Lok Sabha on the first batch of Supplementary Demands for Grants, she said India has seen «steady and sustained» growth and its GDP growth rate has averaged 8.3 per cent in the last three years. India continues to be the fastest-growing major economy in the world, Sitharaman added. The second quarter growth is only a «temporary blip», and the economy will see healthy growth in the coming quarters, Sitharaman said.

Those interested can buy 21 shares in one lot and in multiples thereafter.

Over the past week, gold prices have dropped by Rs 1,900 per 10 grams, while silver has seen a larger decline of Rs 4,900 per kg.

Ashwini Vaishnaw as Business Reformer of the Year for his significant contributions across different ministries over the last few years. A Wharton Business School alumnus and a former Indian Administrative Service officer, Vaishnaw helms the ministries of railways, electronics & information technology, and information & broadcasting. He has spearheaded policy to make the country a manufacturing hub and is overseeing a massive capital expenditure programme to modernise the Indian Railways. From locally made mobile phones and IT hardware to rolling stock for the railways, his mantra has been to create a conducive environment for both private and public investments and lift domestic production. Even as Made in India mobile phone shipments reached record highs in the last two years under his watch, production-linked incentive (PLI) schemes for IT hardware and telecom equipment have been rolled out. Electronics manufacturing giants such as Apple, Samsung, Dell, HP, Oracle, Jabil and Foxconn have set up new plants in India or expanded existing facilities. “Manufacturing in India has been completely transformed with the country now exporting goods that it imported,” Vaishnaw said last week. India is also set to become a semiconductor centre. Global companies such as Micron and joint ventures such as TataPSMC have already committed billions for manufacturing and assembling chips in India.

food prices moderated, official data released Monday showed. The Wholesale Price Index-based inflation was 2.4% in October. A year earlier, it was 0.4%. On an average, wholesale inflation accelerated to 2.1% in fiscal 2024-25 till November, compared with a contraction of 1.3% in the corresponding period last year.

Incoming White House press secretary Karoline Leavitt comments on President-elect Trump's U.S. industry investments, Mitt Romney's recent supportive statements and tech CEOs flocking to Mar-a-Lago.

S&P Global said on Monday that its flash manufacturing PMI dropped to 48.3 this month from 49.7 in November. Economists polled by Reuters had forecast a flash reading of 49.8. A PMI reading below 50 indicates contraction in manufacturing, which accounts for 10.3% of the economy. A gauge of production at factories declined to 46.0, the lowest level since May 2020, from 47.9 in November.

The eagerly awaited Bharat Mobility Global Expo, set to take place from January 17 at Bharat Mandapam in Pragati Maidan, Delhi, is shaping up to be a major event for electric vehicle (EV) enthusiasts, reported HT Auto. With 34 manufacturers confirmed to participate, the event promises to showcase some of the greatest electric cars, with many manufacturers unveiling new models. Among the key highlights will be Maruti Suzuki’s first-ever electric car and the debut of VinFast, a new entrant from Vietnam.

Aaradhya Disposal Industries, a manufacturer and exporter of high-quality paper products, announced filing of its Draft Red Herring Prospectus (DRHP) with NSE Emerge. The company’s initial public offering comprises a fresh issuance of 36,96,000 equity shares, each with a face value of Rs 10. Khambatta Securities is the sole book running lead manager to the Issue, and Bigshare Services Private is the registrar.

manufacturing sector recorded a steady 5.6% compound annual growth rate (CAGR) in compensation for contractual workers between fiscal years 2021 and 2024, according to the findings of a TeamLease Services report released on Monday. This rise is attributed to inflation, the growing demand for skilled labour and the need for competitive pay to address high attrition rates, said the report, titled ‘A Staffing Perspective on Manufacturing’. The report sheds light on the challenges and opportunities facing the contractual workforce as the sector aims for a $1 trillion valuation by 2025-26.

Sanathan Textiles will open for subscription on December 19, and will close on December 23. The price band has been fixed between Rs 305 to Rs 321 per equity share of face value Rs 10 each for its maiden initial public offer. The IPO is a mix of fresh issue of up to Rs 4,000 million and an offer of sale of up to Rs 1,500 million. Investors can bid for a minimum of 46 equity shares and in multiples of 46 equity shares thereafter.