Page 18 - Manufacturing

GOVO clocks Rs 100 cr revenue in FY24, targets Rs 1,000 cr by FY28: CEO

Audio electronics brand GOVO targets to be a Rs 1,000 crore entity by FY2027-28, a top official of the company said on Wednesday. The Bengaluru-based audio electronics brand, established in 2022, clocked a revenue of Rs 100 crore in FY2023-24, GOVO CEO and Co-founder Varun Poddar said. "So in FY24, we closed at around Rs 100 crore and we grew around six times, seven times from what we were last year and our goal for the next three years is to go to a thousand crore top line with a 15 per cent to 20 per cent market share. In FY27-28, we are targeting to be a thousand crore company," he told PTI in an interaction. When asked about factors fueling growth, he said that the company plans to expand the category, increase its market share and go for premiumisation in the category. GOVO also plans to add more products and more segments in the near future, he added. "We have a robust in-house customer service team. We are very closely in touch with all our customers, constantly taking thei

UP govt eyes Rs 5K cr investments for defence manufacturing corridor

Developers will make modern provisions for energy conservation, waste management, firefighting, noise, water and air pollution

Sundaram-Clayton Q4 results: PAT at Rs 20.73 cr, total income at Rs 540 cr

Auto-component manufacturer Sundaram-Clayton Ltd has recorded a standalone profit for the quarter ending March 31, 2024, at Rs 20.73 crore. The city-based company had registered a standalone profit of Rs 17.61 crore in the corresponding period of last year. For the year ending March 31, 2024, the standalone net stood at Rs 64.52 crore. The standalone total income grew to Rs 540.01 crore, from Rs 533.78 crore registered in the same period of last year, Sundaram-Clayton Ltd said in a BSE filing. For the financial year ending March 31, 2024, the standalone total income was Rs 1,375.90 crore. During the quarter under review, the company said it invested Rs 41.53 crore in its overseas subsidiary Sundaram Holding USA Inc. The Board of Directors at its meeting held on March 26, declared an interim dividend of Rs 5.15 per share, absorbing a sum of Rs 10.42 crore for the financial year ending March 31, 2024, and the same was paid to shareholders on April 4.

US chip production capacity may treble by 2032, says industry group

The Washington-based SIA, which lobbied hard for the Chips Act, is eager to show that the legislation is paying off. It also wants the government to devote more funding to the cause

Lam Research plans semiconductor fabrication supply chain in India

Lam Research Corporation on Wednesday announced its plans to expand its global semiconductor fabrication equipment supply chain to include India. The company said it is assessing capabilities across various supply chain segments and is exploring India-based suppliers who can collaborate to fulfil the need for precision components, custom parts, high purity gas delivery systems and other assemblies that go into cutting-edge semiconductor wafer fabrication equipment. The global semiconductor industry is expected to grow to 1 US dollar trillion in annual revenue by the end of this decade, according to experts," the NASDAQ-listed global semiconductor manufacturing equipment maker said in a statement. As demand for semiconductors increases, there is an even greater need for collaboration and global engagement of expertise, intellectual property, materials, and talent, it said, adding, Lam has been operating in India for more than 20 years, benefiting from its prime location close to ...

TVS SCS wins new business deal for Eicher's bus facility in Baggad

VECV has been associated with TVS SCS since 2006 for in-plant logistics operations at its truck plant in Pithampur

Rockwell Automation to expand in India with more factories, tech workers

The industrial automation equipment maker, which completed 40 years in India in 2023, counts many manufacturing giants, including Reliance Industries, Mahindra Group and MRF, as its customers

HP India in talks with Dixon Technologies, VVDN for laptop assembly

VVDN has already partnered with Hewlett Packard Enterprise (HPE) to assemble servers for the US company at its Manesar plant in Haryana

The absence of a quality mindset

Policymakers and the corporate sector need to understand that without adopting global quality standards, India cannot become a global manufacturing hub

Delhi Police busts two manufacturing units making adulterated spices

Two manufacturing units of adulterated spices allegedly operating in the city's Karawal Nagar area were busted and three persons were arrested for it, police said on Sunday. Fifteen tonnes of adulterated Indian spices and raw material were recovered from their possession, they said. Dilip Singh (46), Sarfaraj (32), and Khurseed Malik (42) were identified as the accused. Police said that they received a tip-off that some manufacturers or shopkeepers in northeast Delhi are involved in manufacturing and selling adulterated Indian spices under the name of brands. "We formed a team to investigate the matter and on May 1, our teams got more information about the units that are running in Karawal Nagar area," Deputy Commissioner of Police (crime) Rakesh Pawariya said. The officer further said that teams conducted a raid and Dilip and Khursheed were apprehended. Dilip told police that he is the owner of the manufacturing unit and Khursheed informed that he was the supplier of the adultera

HMD plans to make India a key manufacturing hub for its phone exports

Nokia was the first mobile brand which was exported out of India from its own manufacturing plant in Tamil Nadu

Swiss Military to invest Rs 56.5 crore on new manufacturing unit in Haryana

Global lifestyle brand Swiss Military on Friday said it will set up its first fully owned manufacturing unit in India in Haryana with an initial investment of Rs 56.5 crore. The company plans to set up its first fully owned manufacturing unit for luggage and travel gear in Faridabad, Haryana, Swiss Military Consumer Goods Ltd said in a statement. Spread over 1.21 acres and a built-up area of about 85,000 sq ft, the proposed plant will have a production capacity of 10 lakh pieces per year, it added. The targeted completion for the manufacturing unit will be within 8 months by Dec 31, 2024 at an initial investment of Rs 56.50 crore, the company said. "Our own manufacturing capabilities will help establish Swiss Military's commitment to modernisation within the travel gear sector in the Indian market and to shorten go-to-market timelines with new products," Swiss Military Consumer Goods Ltd Managing Director Anuj Sawhney said. He further said, "It will also significantly bolster our

Indices rebound on record GST collections, positive manufacturing data

Kotak Mahindra Bank was the biggest loser, dropping 2.95 per cent after the bank announced the exit of its joint managing director KVS Manian

Micron Tech's India-made semiconductor chips set for global debut in 2025

Demand, pricing, customer need will determine the specific allocation of the chips, says company's senior executive

Rockwell to open new manufacturing unit in Chennai by first half of 2025

The 98,000-square-foot facility-with space for potential expansion-will help Rockwell build a more resilient, agile, and sustainable supply chain in the Asia Pacific region

ICEA bats for chip design, manufacturing to be treated as strategic sector

Industry body ICEA has recommended various measures, including encouraging large Indian corporates to invest in semiconductor design and treating chip design and manufacturing as a strategic sector, to place India at the forefront of semiconductor product design and IP creation. India Cellular and Electronics Association (ICEA), in its latest report, also recommended that India should establish an exclusive market exchange for electronics and hi-tech industry. This would drive growth and innovation across the industry, while also creating capacities to become a global hub for electronics and semiconductor manufacturing, it said. "India needs to be vigilant and forge a coalition to prevent dumping of higher node and memory chips from China, otherwise we risk a situation similar to a display wherein most global TFT-LCD companies have gone under," the ICEA report said. The report advocates for significant governmental and policy support, recommending the inclusion of 'mask sets' ...

Manufacturing funds: Invest with 5 to 7-yr horizon to cope with eco cycles

Add these schemes to your portfolio only after building a core using diversified funds

India's positive demand trends fuel flash composite PMI to 62.2 in April

The index measuring the month-on-month change in the combined output of India's manufacturing and service sectors was inside growth territory for the 33rd consecutive month

Centre bets on 'Swades' moment for semiconductor industry's talent

Expects thousand-odd Indian engineers to return from Southeast Asia, US

Modernisation of SCL fab plant likely to cost govt Rs 20,000 crore

The government has offered two models to those showing an interest in setting up the fab plant