Page 9 - Manufacturing Sector

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.

Manufacturing sector expected to reach $1 trn by 2025-26 led by Gujarat

The automobile, electronics, and textile sectors in India have witnessed surge in investment and will lead the manufacturing sector's growth in India, according to a report by Colliers

Manufacturing sector lags despite over 13% growth in GVA in Q2FY24

Though this was higher than 12.9% in the first quarter, it was nowhere close to 25% that the Modi government wants it to be

Domestic electronics manufacturing up 4-fold to Rs 8.22 trn in FY23: MoS IT

Domestic electronics manufacturing increased over 4-fold to Rs 8.22 lakh crore in the last 10 years, Parliament was informed on Wednesday. Minister of State for Electronics and IT Rajeev Chandrasekhar informed the Lok Sabha that India has now reached a stage where 99.2 per cent of mobile handsets being used in the country are manufactured domestically, and from being an importer in the segment, the country has now become an exporter. "In FY 2013-14 the electronics manufacturing was Rs 1,80,454 crore (USD 29.8 billion) and has grown significantly to Rs 8,22,350 crore (USD 102 billion)in FY 2022-23, which is further expected to grow up to Rs 23,95,195 crore (USD 300 billion) by 2026," the minister said. He said the country exported mobile phones worth USD 11.1 billion in financial year 2022-23. "We have become a mobile exporting country with USD 11.1 billion exports in FY 2022-23 as compared to a mobile importing country in 2014-15 when almost 74 per cent of all mobile phones sold i

India's manufacturing PMI rises to 56 in November on easing prices

The survey also notes that there was a substantial increase in the overall levels of new work received by Indian goods producers in November

Amid China outbreaks, India can position itself as manufacturing hub: GTRI

With China witnessing repeated outbreaks of respiratory ailments, India can position itself as a global manufacturing hub by enhancing its supply chain capabilities and investing in healthcare infrastructure, think tank GTRI said in a report. India can leverage its workforce and manufacturing potential in sectors like mobile phones and laptops, the Global Trade Research Initiative (GTRI) said. According to the report, China has experienced several outbreaks due to close human-animal contact, including COVID-19 (2019), H7N9 bird flu (2013), H5N6 bird flu (2014), and H10N3 bird flu (2021). While these outbreaks had varying impacts, COVID-19 notably escalated into a global pandemic. These outbreaks, especially COVID-19, have prompted a reevaluation of global supply chains and reliance on China for manufacturing. Businesses are considering alternatives like reshoring or diversifying supply sources to mitigate risks. "India is positioned to benefit from this trend by enhancing its supp

Plastic exports grew 9.4% to $933 mn in Oct on festive demand: Plexconcil

Plastic exports grew 9.4 per cent year-on-year to USD 933 million as the raw material prices declined and festive demand in key markets increased, Plexconcil said on Thursday. The country's plastic exports stood at USD 852 million in October 2022, industry body Plastics Export Promotion Council (Plexconcil) said in a statement. "We are very pleased to see a positive movement in exports of most of the product segments in October. There is an increase in demand following the festival season in the key markets. "We also saw a decline in raw material prices, which boosted exports. We hope that this trend continues into the next few months, and we are able to achieve overall growth despite the dampening performance in the past six months," Plexconcil Executive Director Sribash Dasmohapatra said. Exports of consumer and houseware products improved by 6.3 per cent in October, primarily due to higher sales of tableware and kitchenware made of plastics, builders ware of plastics and furnitu

Amrit Kaal 2047: Manufacturing a prosperous Bharat

40 per cent of the net value added in manufacturing today is from just 3 states - Maharashtra, Gujarat, and Tamil Nadu

Manufacturing accelerates in Q2, likely to sustain in FY24: Ficci study

57% respondents have plans for investments and expansion in the next six months

India's October manufacturing PMI slips to 55.5, lowest in eight months

The hiring activity and business confidence slipped to a five-month low in October, said S&P Global