Page 2 - Manufacturing Growth

Govt to hold off on introducing PLI schemes, evaluates existing initiatives

Launched three years ago with an allocation of Rs 1.97 lakh crore, the PLI scheme aimed to boost domestic manufacturing and draw investments

AMSL to defence equipment manufacturing facility in Telangaga at Rs 150 cr

Apollo Micro Systems Ltd (AMSL) is planning to set up a defence equipment manufacturing facility in Telangana at an investment of Rs 150 crore. The proposed facility will come up on an area of 3 lakh sq ft at its facility in Hyderabad, AMSL said in a statement on Monday. "Apollo Micro Systems Ltd proposes to set up a state-of-the-art defence equipment manufacturing facility in Hardware Park, Hyderabad. The company has estimated total investment in the upcoming ventures to be around Rs 150 crore," it said. The company said it is planning to complete the project in nine months. The company recently incorporated a wholly owned subsidiary -- Apollo Defence Industries Private Ltd -- to take forward its plans of manufacturing defence equipment. This subsidiary will focus on forming alliances and technological partnerships with international companies to provide cutting-edge defence solutions and serve the nation, the statement said. Baddam Karunakar Reddy, Founder and Managing Director

Casio to start local manufacturing of watches in India by the end of 2023

Leading Japanese consumer electronics maker Casio would start local manufacturing of watches by the end of this year in India, which is a priority market for the company, a top company official said on Wednesday. The company is working with a local partner here, where quality evaluation is going on and expects to launch its first Made-in-India range of watches by the end of this year, said Casio India, Managing Director Hideki Imai. "We expect this to happen before the end of this year," Imai told PTI. Casio is encouraged by its sales in India in the last financial year that ended on March 31, 2023, recording a high double-digit growth in revenue numbers and the highest operating profit. "We are prioritising the Indian market, which has the highest growth potential. India has the highest number of youth, below 35 years and we have recognised that fact. We are optimistic about growing the business here in India," said Imai adding the parent company expects the India unit to deliver

Top Headlines: Manufacturing firms shine, defence exports treble, and more

Business Standard brings you the top headlines at this hour

Manufacturing sector companies outperform on the bourses in 2022

But it remains a laggard on the bourses over the past decade

Work out strategies to draw global manufacturers to India: FM to industry

Finance Minister Nirmala Sitharaman on Friday asked Indian industry to work out strategies as to how businesses operating in developed countries can look at India as a production or sourcing hub amid recession fears in the western countries. India has brought in a lot of facilitation and tweaking of rules to attract foreign investment into India and is also engaging with industries who want to co-locate in the country, the minister said. "As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India. "Even as they are headquartered there, it might be useful for them to think of sourcing many things from here and producing from here at least for markets in this part of the globe," Sitharaman said at an event here. She said the suspected long-drawn recession, which is likely to affect Europe, is not just going to affect expo

Rural distress harming MSMEs, pulling down manufacturing: Economists

Government's PLI schemes can help manufacturing and reduce import dependence in some sectors, say some experts

Manufacturing picked up in Sept qtr, may sustain for 6-9 mths: FICCI study

61% respondents in survey reported higher production level in September quarter over the year-ago period, as against 55% who reported higher output in June quarter of FY23

Syngene International's net profit rises 53% to Rs 102 crore in Q2

Syngene International on Wednesday reported a 53 per cent rise in consolidated net profit at Rs 102 crore in the second quarter ended September 2022 on the back of higher revenue. The company, which is an integrated research, development and manufacturing services firm, had posted a consolidated net profit of Rs 66.7 crore in the same period last fiscal, it said in a regulatory filing. Consolidated revenue from operations during the period under review stood at Rs 768.1 crore as against Rs 610.2 crore in the year-ago quarter, it added. "The quarter saw positive performances across all divisions. Our research divisions -- discovery services, including Synvent, our integrated drug discovery platform, and the dedicated centres showed sustained growth. Discovery chemistry in particular saw buoyant customer demand," Syngene International Ltd Managing Director and CEO Jonathan Hunt said. Growth in development services was led by existing clients renewing contracts and setting up ...

India's retail inflation dips below 7% in July; IIP growth in double digits

RBI, in its latest monetary policy committee meeting had raised the rates by 50bps to 5.4 per cent, higher than the pre-pandemic level.

Syngene International Q1 PAT slips 4% to Rs 74 cr; revenue rises 8%

Contract manufacturing services firm Syngene International on Wednesday reported a 4 per cent decline in profit after tax to Rs 74 crore for the first quarter ended June 2022. The company had posted a PAT of Rs 77 crore in the April-June quarter of last fiscal. Its revenue from operations rose to Rs 644 crore in the first quarter against Rs 595 crore in the year-ago period, the company said in a statement. The first quarter results were against a strong quarter last year due to sales of Remdesivir, it added. Excluding the impact of Remdesivir, the underlying revenue from operations growth in the quarter stood at around 30 per cent year-on-year, it stated. "The first quarter results were in line with our expectations and reflect strong underlying performance across all our business divisions. The contribution from the development and manufacturing services divisions drove the growth momentum against a low base in the previous year," Syngene International MD and CEO Jonathan Hunt ..

Worsening outlook

Fundamentals warrant stock price correction

Covid-19 pandemic has India scrambling to boost its manufacturing sector

High-contact services jobs from airlines to hotels and malls to multiplexes were the first to collapse amid protracted lockdowns aimed at containing the virus

China's economy grows more slowly than expected in second quarter

China's economy grew more slowly than expected in the second quarter, as slowing manufacturing activity, higher raw material costs and new Covid-19 outbreaks weighed on recovery momentum

Covaxin manufacturing may get a booster shot as demand for vaccines grows

Bharat Biotech also has another site at Bengaluru that is currently making vaccines other than Covaxin

Tesla Inc to start with sales, manufacturing in India next year: Report

Tesla Inc will come to India early next year, country's transport minister Nitin Gadkari told national daily the Indian Express on Monday.

PLI scheme explained: Modi govt's subsidy plan to boost local manufacturing

The government yesterday approved a Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 trillion over a five-year period. The scheme will help encourage domestic manufacturing, reduce imports and generate employment as the government works to bolster economic growth. The financial outlay for the new scheme will be Rs 1,45,980 crore.

20 sectors identified for boosting manufacturing and export: Piyush Goyal

According to sources, govt is gearing up to place tighter restrictions on import of 371 items worth $127 billion. These include toys, plastic goods, sports items and furniture

India's factory slump deepens in May, headcount slides: PMI

Asia's third-largest economy will contract this quarter for the first time since the mid-1990s

HCL Tech bets on strong demand across sectors to continue growth momentum

The company, which posted 15.5 per cent rise in revenue in the December quarter, is also seeing strong growth in the European and US markets.