Page 10 - Manufacturing Sector

India's Feb business activity accelerates to 7-month high on solid demand

That bolstered the view for the coming 12 months with optimism among manufacturers at the highest since December 2022

Canara Robeco Mutual Fund launches fund on manufacturing theme

The tailwinds are emerging from several fronts - policy reforms like Production-Linked Incentive (PLI) and Make in India, global supply chain diversification, investments and capacity utilisation

India's true manufacturing rival is Vietnam, not China

For India to succeed, it needs to start thinking outward, which means understanding that the investment and business environment there isn't competitive

Balanced approach

Manufacturing needs growth and diversification

Uttarakhand saw sharpest dip in workforce during Covid, says survey

This was followed by the decline in workforce in the states such as Jharkhand (-8.9 per cent), West Bengal (-8.3 per cent), Kerala (- 8 per cent) and Karnataka (-7.8 per cent)

'Marginal' dip in manufacturing jobs during Covid-19 pandemic: ASI

According to ASI data, the employment in the manufacturing sector during the Covid pandemic year (FY21) declined by 3.2 per cent (year-on-year) to 16.08 million

Buoyant demand pushes India's services PMI to 6-month high in January

January figure marks 30 months of the index remaining above the 50-mark since July 2021. A reading above 50 in the survey indicates expansion of the sector and a figure below that suggests contraction

Nearly Rs 41,000 crore unspent from govt's Rs 1.97 trillion PLI fund

This means that 80 per cent of the total allocated amount or Rs 1.56 lakh crore will be used to pay incentives to companies eligible to claim benefits over the next few years

China's factory activity expands on export order boost, shows survey

The export index may have been affected by the Lunar New Year which will fall on Feb. 10 this year, as factories and workers geared up for the pre-holiday shipment of goods

Foxconn India journey gets a leg-up as CEO Young Liu gets Padma Bhushan

At present, the company reportedly has an estimated 15 subsidiaries in India

Sajjan Jindal-owned JSW forays into defence manufacturing business

JSW Group's entry into the defence business reciprocates the Indian Government's confidence in providing impetus through the private sector's participation in building indigenous defence capabilities

Syngene International Q3 results: Net profit rises 1.64% to Rs 111.5 crore

Contract research and manufacturing services firm Syngene International Ltd on Thursday reported 1.64 per cent growth in consolidated net profit at Rs 111.5 crore in the third quarter ended December 2023, impacted by reduced funding in the US biotech segment and transaction costs of the acquisition of a multi-modal facility from Stelis Biopharma. The company had posted a profit of Rs 109.7 crore in the third quarter of last fiscal, Syngene International said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 853.5 crore as against Rs 785.9 crore in the year-ago period, it added. Total expenses in the third quarter were higher at Rs 740.9 crore as compared to Rs 663.2 crore in the same period a year ago, Syngene International said. The company incurred transaction costs of Rs 3.7 crore in the quarter ended December 2023 relating to the acquisition of multi-modal facility (Unit 3) from Stelis Biopharma Ltd (SBL) and the same has b

Govt evaluating 9 proposals on semiconductor manufacturing: MoS IT

The Centre provides financial assistance to semiconductor manufacturers under its $10-billion incentive scheme, announced in 2021

Improving competitiveness

The electronics sector would benefit from global integration

Indian manufacturing unit to be operational by early 2025, says Micron CEO

Global memory and data storage major Micron Technology on Thursday said the first phase of its plant in Gujarat's Sanand will become operational in early 2025. It has already started construction of the plant by roping Tata Projects, and the hiring process has also begun, the US-based company's president and chief executive Sanjay Mehrotra said at the Vibrant Gujarat Global Summit here. "The first phase, which will include 5,00,000 square feet of plant clean room space, will become operational in early 2025," he said. The investment was first announced during the US visit of Prime Minister Narendra Modi in June 2023 and construction had begun in September. Micron has committed to invest over USD 800 million in the plant of the over USD 2.75 billion cost. The "clean room" typically hosts an Assembly, Testing, Marking and Packaging (ATMP) plant which operates in near-zero dust and vibration environment. Mehrotra said the company will ramp up capacity over time as per global demand a

Govt bans imports of cheap screws to support domestic manufacturing

The government on Wednesday imposed a ban on imports of certain kinds of screws priced lower than Rs 129 per kg, a move which would help promote domestic manufacturing. "The import policy of screws...is revised from free to prohibited. However, import shall be free if CIF (cost, insurance, freight) value is Rs 129 or above per kg," the Directorate General of Foreign Trade (DGFT) said in a notification. Products included in the ban are coach crews, machine screws, wood screws, hook screws, and self-tapping screws. India imported screws, bolts, nuts, washers and similar articles worth USD 827 million in 2022-23 and USD 468.15 million during April-October this fiscal. These are imported from countries like France, China, Australia, Bangladesh, Brazil, and Belgium.

Factory growth ends 2023 at 18-month low on weaker new orders, output

'Growth of both output and new orders softened, but on the other hand, the future output index rose since November'

GE T&D India bags 74 million pound order from GE group's British arm

GE T&D India on Friday said it bagged an order worth 74 million pound (Rs 785 crore) from UK Grid Solutions Ltd for supply and manufacturing of HVDC Converter Transformer. Both the entities are part of GE Group and this related party transaction has been approved by shareholders in last annual general meeting held on August 21, 2023, GE T&D India said in a regulatory filing. The company received the order on December 28 in the normal/ordinary course of business from UK Grid Solutions Limited, it said, adding that the transaction is done at arm's length.

Intel partners with Israel to invest $25 bn in new manufacturing facility

The new factory is expected to begin operating in 2028. Intel will operate it at least till 2035

Axis Mutual Fund's thematic fund collects Rs 3,400 cr in NFO period

Axis Mutual Fund on Friday said it has collected over Rs 3,400 crore from the New Fund Offering (NFO) of its manufacturing scheme. Axis India Manufacturing Fund, an open-ended equity scheme, was open during December 1-15. The thematic fund received robust participation from investor segments from over 500 locations in the country and garnered close to 1.5 lakh applications, Axis Mutual Fund said in a statement. Further, fresh inflows accounted for nearly 70 per cent of the applications and the digital channel witnessed an overwhelming participation as well, contributing to nearly 20 per cent the total applications. "A significant 10 per cent of the applicants opted for long-term investments through SIPs (Systematic Investment Plans). Almost 30 per cent of the investors who invested in the NFO were new to Axis Mutual Fund, advocating their faith in us," B Gopkumar, MD and CEO, Axis AMC, said.