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power sector expansion plans, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) said that India's power sector is facing a 30 per cent shortage of CRGO steel, essential for electric motors and transformers. With domestic production meeting only about 10-12 per cent of demand, India relies heavily on imports, it added. It said the immediate cause of the CRGO steel shortage is import uncertainty caused by the delayed license renewals by the Bureau of Indian Standards (BIS) for many foreign suppliers from Japan, South Korea and China.

Shakti Pumps (India) Ltd (SPIL) has reported a multifold jump in consolidated profit after tax in the quarter ended September to Rs 101.4 crore, on account of a surge in revenues. It had posted Rs 6 crore profit after tax (PAT) in the July-September quarter of the preceding 2023-24 fiscal, the company said in statement issued on Monday. During the second quarter, the company's revenue from operations also rose four-fold to Rs 634.6 crore, from Rs 152.8 crore a year ago.

C-295 aircraft facility inaugurated in Vadodara was earlier supposed to be set up in Nagpur and alleged that under Prime Minister Narendra Modi's instructions, the Centre and the Mahayuti dispensation have conspired to ensure the "wholesale surrender" of Maharashtra's interests. Congress general secretary in-charge communications Jairam Ramesh said the people of Maharashtra will give a befitting reply to the PM and his colleagues for their betrayal of the state. The opposition party's attack came after Prime Minister Modi and his Spanish counterpart Pedro Sanchez inaugurated the Tata Advanced System Limited (TASL)-Airbus facility to manufacture C-295 military aircraft in India. The Tata-Airbus facility is the first private sector final assembly line for military aircraft in India. «Today, the non-biological PM is in Vadodara to launch the Tata-Airbus C-295 aircraft facility. This exact same project was supposed to be set up in Nagpur, but was shifted to Gujarat in 2022 on the eve of the assembly elections there,» Ramesh said in his post on X.

West Bengal government has extended the ban on manufacturing, storing and selling gutkha and pan masala products containing tobacco or nicotine for another year, starting November 7. The order was issued by the state health department on October 24, citing public health concerns.

Narendra Modi made a significant observation. «All of you have witnessed unprecedented growth and transformation in India's aviation sector in the last decade,» he said. «We are already working to make India an aviation hub. This ecosystem will pave the way for Made-in-India civil aircraft in the future… This factory is going to play a major role in the design and manufacturing of civil aircraft to meet the future needs of India and the world.» The TATA advanced systems limited (TASL) Campus in Vadodara will manufacture C-295 defence transport aircraft, the first private sector final assembly line for military aircraft in India. Under the C-295 programme, 16 aircraft will be delivered directly by Airbus from Spain and remaining 40 will be made in India. TASL is responsible for making these 40 aircrafts in India in partnership with Airbus. Also Read: PM Modi and Spain’s Pedro Sanchez inaugurate Tata Aircraft Complex in Vadodara for C-295 manufacturing

Cyient, on Monday announced the acquisition of a 27.3% stake in Azimuth AI, a fabless custom ASIC company, for a consideration of $7.25 million. The strategic investment will expand Cyient’s capabilities across the semiconductor industry, said the Hyderabad headquartered firm in an exchange filing. This is the third such M&A deal entered by Cyient this month.

Subscribe to enjoy similar stories. Recently, the government marked the occasion of one decade of ‘Make in India.’ It was a trigger for many commentators to bring out their knives (sorry, keyboards) and point out that India’s manufacturing gross value added (GVA) as a share of total GVA has not risen, etc, contending that the programme has failed. Some find a way to see silver linings around clouds and some are adept at the opposite.

Ravi Dharamshi, who backed Waaree Energies when hardly anyone else was talking about it, have made multifold returns on the solar energy stock, which got listed on the stock exchanges today. Madhu Kela's wife, Madhuri, owned 33,41,700 shares, or 1.27% equity in Waaree Energies. Disclosures made by the company in its red herring prospectus (RHP) show that Kela participated in a private placement in June 2023 and purchased 7.25 lakh shares at Rs 550 per share.

JSW Steel will cut down its capital expenditure in the current fiscal by ₹3,000-4,000 crore as it postpones the expansion planned for its blast furnace-3 at Vijayanagar to next year, and has transferred its slurry pipeline to JSW Infrastructure. India’s largest steel manufacturer will be spending ₹16,000 – 17,000 crore on capex this year as against ₹20,000 crore it had planned earlier, chief executive officer Jayant Acharya said. In July, JSW Steel transferred its slurry pipeline, which is currently under development, in Odisha to group company JSW Infra, effectively reducing its capex outgo, Acharya told ET in an interaction. JSW Infra will be purchasing the over 300 kilometre long slurry pipeline for ₹1,700 crore.

Waaree Energies dropped nearly 10% to Rs 2,294.5 on the BSE after their strong debut on the exchanges on Monday. The stock debuted at Rs 2,550 on the BSE, reflecting a premium of Rs 1,047 or 69.7% over the IPO price of Rs 1503. «Waaree Energies Limited made a strong listing, reflecting investor confidence in the company's growth potential and financial stability. Investors may consider booking part profit here, and those who want to hold it for the long term may keep a stoploss of 2000,» said Shivani Nyati, Head of Wealth at Swastika Investmart.

Waaree Energies will debut on the exchanges today. Ahead of the listing, the company's shares are trading with a GMP of Rs 1225 in the grey market. Considering the upper price band of Rs 1503, the stock is expected to list at 81% premium over the issue price.

Artificial Intelligence is making computers an instrument for everyone and not just for the privileged few, believes Jensen Huang, the iconic founder and chief executive of chip maker Nvidia. He allayed the fears that AI could consume jobs or replace humans and said that the technology will make everything more efficient and productive, saving key resources and elevating human capabilities. In a free-wheeling conversation with Sruthijith KK at the ET Conversations event in Mumbai on Friday, Huang, 61, who steered the company out of turbulent early years and turned it into a $3.43 trillion behemoth that it is today, said that he still wakes up fearing that Nvidia could even now go out of business. No one in technology should get too comfortable or complacent, said the top boss helming the world’s second most valued company. His message to India’s IT services industry was unequivocal: Move from the back office to the front office and lead the AI revolution. Edited excerpts: I want to start with a core technical question. How is your leather jacket holding up in the Mumbai heat? (Laughs) It’s fine. Thank you! I enjoy the heat.

Subscribe to enjoy similar stories. Over the past decade, if there’s one word that has become synonymous with business, it’s “renewables". Every major corporation, big or small, is rushing to claim its share of the green energy pie.

Subscribe to enjoy similar stories. Increasingly aware Indian consumers are set to use new greenwashing guidelines to launch class action lawsuits against companies for flouting ESG— environmental, social and governance—norms, experts said. A class action is a legal mechanism that allows a group of people with a common grievance to file a single case against a party rather than separate lawsuits.

Subscribe to enjoy similar stories. A top government panel is likely to approve a ₹4,000-crore production linked incentive (PLI) scheme next month to boost the domestic production of specialty steel and curb imports, two persons in the know of the development said.

Subscribe to enjoy similar stories. The Adani Group is in advanced discussions with the Odisha government to build its first greenfield cement factory, two years after embarking on its cement odyssey with a series of acquisitions. Group company Ambuja Cements Ltd is likely to build the 4 million tonnes per annum (mtpa) unit at a cost of ₹3,000-3,500 crore, said two people aware of the matter, including a government official.

Subscribe to enjoy similar stories. BENGALURU , MUMBAI : The highly anticipated biography of Ratan Tata, which hit bookstores on Friday, less than three weeks after his death, was reportedly published without the late industrialist’s stamp of approval. Tata distanced himself from ‘Ratan Tata—A Life’ and ended the agreement late last year because he felt “discomfited" by the overly flattering references about him in the manuscript he had received, according to an executive familiar with the situation.

Subscribe to enjoy similar stories. Creating meaningful employment opportunities for those who seek paid work among India’s nearly 900 million working-age individuals is a central concern for policymakers. Along with the number of jobs, the job quality and distribution across the country are critical for ensuring widespread economic prosperity for most Indians.

food safety departments in Ghaziabad and Noida are conducting intensified inspections at food outlets and sweet shops to combat rising incidents of food adulteration. This proactive approach is essential as the festive season often sees a spike in the demand for sweets, increasing the potential for unsafe food practices, as reported by TOI.

passenger vehicle market is witnessing a paradox this festive season: some models command waiting periods of up to 96 weeks with no discounts while others are offering cash discounts as high as ₹4.5 lakh to manage inventory pileups. This highlights a growing segmentation between premium and volume players in one of the world's largest auto markets even as most PV dealers report a 10% month-on-month sales growth in October after a relatively slow start in the festive season. Several mainstream manufacturers are offering substantial discounts on select models to stimulate sales while Toyota's Land Cruiser leads the waiting period chart at 96 weeks, according to data collated by Jato Dynamics. MG leads the discount wave with up to ₹450,000 off on its Gloster SUV, followed by Mahindra's XUV400 and Hyundai's Kona with discounts of ₹300,000 and ₹200,000. At the same time, several electric vehicles and premium SUVs from manufacturers like BYD and Hyundai continue to see waiting periods ranging from 4 to 32 weeks.

Pedro Sanchez will begin a three-day official visit to India on Sunday-the first by a Spanish head of government in 18 years-which officials said will focus on defence industry partnership and cooperation in infrastructure and the Mediterranean region. Sanchez will land in Vadodara within 24 hours of German chancellor Olaf Scholz's departure from India, making it a back-to-back meeting with two European heads of government for Prime Minister Narendra Modi. In Vadodara, Sanchez and Modi will inaugurate the Tata Advanced Systems Ltd's (TASL's) final assembly line facility for the C295 aircraft on Monday, according to officials.