Page 12 - Manufacturing Sector

Manufacturing drags industrial production growth to 4.3% in December

In the first three quarters of FY23 (April- December), IIP grew 5.4 per cent against 15.2 per cent during the year-ago period

Escorts Kubota posts 6% YoY decline in Dec quarter profit to Rs 180 crore

Farm and construction equipment manufacturer Escorts Kubota Ltd on Wednesday posted a 6.7 per cent decline in consolidated net profit to Rs 180.8 crore in the third quarter ended December 31, 2022. The company had posted a consolidated net profit of Rs 193.71 crore in the same period last fiscal, Escorts Kubota Ltd said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 2,291.35 crore as against Rs 1,998.29 crore in the year-ago period, it added. Total expenses were higher at Rs 2,141.47 crore, up from Rs 1,756.7 crore in the corresponding quarter a year ago. During the quarter the company sold 28,025 units, up 10.7 per cent from 25,325 units in the year-ago period. The agri segment revenue rose 12.4 per cent at Rs 1,708 crore as compared to Rs 1,519.3 crore in the same period last fiscal. Construction equipment sales volume were at 1,209 machines, up 5 per cent as against 1,151 machines in the same period a year ago, with the

UP GIS-23: 56% investment proposals received in manufacturing sector

The Manufacturing sector among all other sectors has attained close to 56 per cent of the total investment

Budget measures key trigger for consumer durable firms battling high prices

Any proposal to boost manufacturing, demand would help sector and listed companies

Manufacturing, services sector log 8.27% attrition in Q3: Report

The average attrition rate across manufacturing and services industries increased sequentially to 8.27 per cent in the October-December quarter, a report said on Monday. With a continuance of the 'Great Churn', attrition across industries witnessed a 0.46 percentage point increase from an average of 7.81 per cent in the second quarter to 8.27 per cent in the third quarter, according to TeamLease "Employment Outlook Report". The report is forward looking statistics for 'Intent to Hire' for January to March 2023, for both manufacturing (nine industries) and services sectors (14 industries), which is based on a survey of 874 small, medium and large companies. The report revealed that the Information Technology industry in the services sector had higher average attrition (27.19 per cent) compared to Healthcare and Pharmaceuticals industry in the manufacturing sector (15.67 per cent). It found that healthcare and pharmaceuticals industries saw double digit attrition rates (15.67 per ce

Budget 2023-24 wishlist: Here're the key challenges in manufacturing sector

The IIP manufacturing for November expanded to its highest in five months after a subdued performance in October 2022

India-UAE summit to highlight manufacturing, agritech fields: Organisers

The event, which is to be held on January 24, is being held in cooperation with Dubai Chamber and will be addressed by Piyush Goyal, Minister of Commerce & Industry

COVID-19 pandemic strongly impacted manufacturing in India: Study

COVID-19 strongly impacted the manufacturing sector in India, according to a study which provides new insight into how countries respond to systemic shocks such as the pandemic. Previous attempts to quantify the impact of COVID-19 mostly looked only at the pandemic in a single dimension, such as gross domestic product or a country's unemployment rate. The latest study, published in PLOS One, explored resilience across a variety of social, economic and political domains in several countries, including the US, Brazil, India, Sweden, New Zealand and Israel. "We found significant discrepancies between what experts had predicted would be the most resilient countries if struck with a pandemic," said Sara Del Valle, from the Los Alamos National Laboratory in the US. The researchers found that the most pandemic-impacted sectors also differed across countries. The study shows that human health, public administration and defense were strongly impacted in the US and Sweden, while manufacturi

As manufacturing sector disappoints, FDIs chase services sector: Ind-Ra

Despite the Narendra Modi government's high-octane push to boost manufacturing through the 'Make in India' initiative, foreign investors continue to chase bets in the services sector, a domestic rating agency said on Wednesday. India Ratings and Research also said a bulk of the foreign direct investment (FDI) in manufacturing is not greenfield or fresh investments which should otherwise be the aspirational aspect. despite the government's effort to attract more investments in the manufacturing sector through 'Make in India' campaign, the FDI inflow is still tilted in favour of the services sector, the rating agency said. this could be because doing business in the services sector is less complicated than doing business in the manufacturing sector in India, the agency, an arm of Fitch Ratings, said. It said services sector FDI increased to USD 153.01 billion in the services sector during April 2014 to March 2022 from USD 80.51 billion during to April 2000 to March 2014, while the ..

Profitability focus to drive gains for Mahindra CIE Automotive

The company is selling its loss-making German CV forging business

Does India need PLI to become a toy manufacturing powerhouse?

Toy imports have come down by 70% in the last three years, while export is up by 60%. Govt is now mulling a PLI scheme to give the sector a fillip. Will the scheme help the toy manufacturing sector?

Foxconn, Dixon leverage PLI route to boost manufacturing potential in India

How two poster boys of the government's signature manufacturing programme are deploying it to grow in India

Toy makers face a 'glocal' challenge, but Chinese dependence far from over

Local manufacturers have blossomed under new government policy but are yet to significantly move up the quality value chain or reduce dependence on China

India looks to bring 50 products under quality control order by next fiscal

India is looking to bring as many as 50 products such as aluminium, copper items, and household electrical appliances under the quality norms by the second quarter of 2023-24, a move aimed at containing import of the sub-standard goods and boost domestic industry. According to a communication of the department for promotion of industry and internal trade (DPIIT), it is continuously engaged with BIS (Bureau of Indian Standards) and concerned stakeholders for identification of products for which quality control orders (QCOs) could be issued. The items, under these orders, cannot be produced, sold/traded, imported and stocked unless they bear the BIS mark. It said that the DPIIT is in the process of formulating QCO for various products. These orders are issued by the department in consonance with the WTO Agreement on Technical Barriers to Trade (TBT) for industries falling under its domain. It is our endeavor to issue about 50 QCOs by the second quarter of 2023-24. In this regard, ..

Jammu & Kashmir tops scheme to assist microenterprises, shows govt data

Under the central sector scheme notified in 2008, 62,808 jobs were created by 7,851 assisted projects in Jammu & Kashmir till November 30 this year

Govt clears Rs 357 cr for Foxconn under PLI scheme for phone manufacturing

The PLI for large-scale electronics manufacturing sector launched with an aim to make India a competitive destination for electronics manufacturing

India public cloud service market to be worth $13 bn by 2026: Report

BFSI and manufacturing among leaders in public cloud adoption, as demand grows from other sectors

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

Bengal seeks more investment in cement sector, says minister Shashi Panja

West Bengal Commerce and Industry Minister Shashi Panja on Wednesday invited more investment in manufacturing, including cement, into the state. The industry has responded positively and at least two companies expressed keenness to invest in the state in the coming years. At an interactive session on cement organised by the Indian Chamber of Commerce, Panja said that that state can be a destination for cement companies, given the growing demand in the east and the availability of coal in abundance in this region. Cement companies have been struggling with coal shortage that has pushed their cost significantly in the last few quarters. The West Bengal government is trying to develop the Deocha Pachami coal block in Birbhum district. Companies such as Purvanchal Cement of Assam and Mangalam Cement of the BK Birla group stated that they have long-term plans to have grinding units in the state to meet the growing demand. "We have been allotted a raw material block in Chhattisgarh and