Page 19 - Manufacturing

Heating equipment maker JNK India IPO receives 49% subscription on 1st day

The initial public offer of heating equipment maker JNK India received 49 per cent subscription on the first day of bidding on Tuesday. The initial share sale received bids for 53,86,212 shares against 1,10,83,278 shares on offer, as per data available with the NSE. The quota for Qualified Institutional Buyers (QIBs) got subscribed 67 per cent while the portion for Retail Individual Investors (RIIs) received 48 per cent subscription. The non institutional investors part fetched 25 per cent subscription. The Initial Public Offer (IPO) has a fresh issue of up to Rs 300 crore and an Offer For Sale (OFS) component of up to 84,21,052 equity shares. Those offloading shares in the OFS are promoters Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd, and Mascot Capital and Marketing Pvt Ltd, and a shareholder Milind Joshi. The price range for the offer is fixed at Rs 395-415 a share. On Monday, JNK India Ltd said it has garnered Rs 195 crore from anchor investors. At the uppe

Govt aims to make India attractive for manufacturing, services: Sitharaman

Union Finance Minister Nirmala Sitharaman on Saturday said the Centre has tailored policies to make India an attractive destination for manufacturing and services, and the aim was to produce not just for the domestic market but for exports as well. She was responding to a query on American tech billionaire Elon Musk postponing his meeting with Prime Minister Narendra Modi. "Policies have been made to attract investments. We want manufacturers and investors to come and produce not just for India but also for exports. We will try to attract manufacturers and investors through policies," she told reporters. Tesla CEO Musk on Saturday said his visit to India has been delayed due to the company's heavy obligations. "When big companies show interest to come to India, we will do everything to make it attractive for them to come and invest. In that process, if there is anything to discuss, we will certainly discuss. But whatever we have done, we have done it through policy," Sitharaman ...

Elon Musk's Tesla initiates formal dialogue with govt on new EV policy

Meeting attended by other global and Indian OEMs sought to offer clarity on EV manufacturing scheme

UK-based refractory maker Vesuvius Group to invest Rs 1,000 crore in India

Vesuvius India Ltd, a part of the UK-based refractory maker Vesuvius Group, on Thursday said it plans to invest around Rs 1,000 crore in the country over the next few years. Chief Executive of Vesuvius Group, Patrick Andre, said given the growth situation in India, the quantum of investments to be made in the country will reach close to Rs 1,000 crore within a few years. The Kolkata-headquartered Vesuvius India also inaugurated a new mould flux manufacturing plant at Vishakapatnam. The facility is designed to meet the increased demand for flux, a vital component for the continuous casting process at steel plants, the company said in a release. "India has always been a strategic market for the group. The manufacturing capabilities in India will enhance our competitive position in the country and also contribute to the socio-economic development of the communities where we operate, said Biswadip Gupta, chairman of Vesuvius India. The flux manufacturing plant in Visakhapatnam is the .

Funskool seeks to transform India into global hub for toy manufacturing

Toy manufacturer Funskool India, part of tyre major MRF Group, has taken up expansion at its manufacturing facilities in Tamil Nadu to make India a global hub for toy manufacturing. The expansion work at its premises in Ranipet, would effectively double the manufacturing capacities. The upgraded facilities in both Unit 1 and 2 of the manufacturing facilities represent a substantial investment in Funskool's production capabilities, a company statement here said on Wednesday. "Funskool India has experienced remarkable growth over the years. With this expansion, we solidify our position as a leader in India's toy industry and move closer to our goal of transforming India into a global hub for toy manufacturing" Funskool India Ltd Chairman Arun Mammen said after inaugurating the upgraded facilities. Besides the two units at Ranipet, Funskool India has 1.62 lakh sq ft of manufacturing space at its first plant in Goa. "Our commitment to the Make in India initiative is stronger than ever

US industrial production rises for second month on boost from manufacturing

Manufacturing, which accounts for three-fourths of total industrial production, is showing signs of turning a corner after more than a year of sluggish activity, helped by resilient consumer demand

Making iPhone camera modules in India: Apple in talks with Titan, Murugappa

Apple is in talks with the Murugappa Group and Tata Group's Titan Company to produce sub-components needed for iPhone camera modules

China industrial overcapacity has peaked as global demand picks up: EIU

Overcapacity pressure is milder in electrical machinery including batteries and solar panels, the automotive sector and pharmaceuticals, the EIU said

Silent drive: Electric vehicle capital Hosur navigates the election circuit

Beyond the buzz of Ola and Tata, Hosur ignites India's electric evolution, quietly

PLI incentives for FY24 remain at Rs 6,800 crore, far from govt estimates

Singh shared government's plans to make PLI schemes for textiles, bulk drugs, food products, and solar PV modules relatively attractive by adding more product lines and extending the timelines

Zoho announces manufacturing power tools under its new venture 'Karuvi'

Zoho is the parent company of well-known technology brands, including ManageEngine, Zoho.com, TrainerCentral, and Qntrl

We will use GenAI across our portfolio to simplify experiences: Cisco Prez

Chittilapilly talks about the progress of the Chennai plant, small and medium businesses (SMBs), and trends in tech spending

PLI for mobiles has choked production growth: Zetwerk's Josh Foulger

It suggested that a PLI 2.0 for mobile phones should be modelled on the revamped PLI for IT hardware so that incentives are linked to value addition to avoid the failures of the first scheme

Metastable Materials plans to expand high-yield battery recycling capacity

Founded in October 2021, the company's current manufacturing facility, located in Bangalore, holds a capacity to extract 5 tonnes of materials per day

RBI launches manufacturing cos survey, a key input for policy formulation

The Reserve Bank has launched the next round of quarterly order books, inventories and capacity utilisation survey of manufacturing companies, a key input for the monetary policy formulation. The 65th round of survey is for the reference period January-March 2024 (Q4:2023-24), the central bank said. The Reserve Bank has been conducting the order books, inventories, and Capacity Utilisation Survey (OBICUS) of the manufacturing sector on a quarterly basis since 2008. The information collected in the survey includes quantitative data on new orders received during the reference quarter, backlog of orders at the beginning of the quarter, and pending orders at the end of the quarter. It also collects data on total inventories with a breakup between ?nished goods (FG), work-in-progress (WiP) and raw material (RM) inventories at the end of the quarter, item-wise production in terms of quantity and value. The level of capacity utilisation (CU) is estimated from these responses. "The surve

Pegatron in talks to hand over its only iPhone plant in India to the Tatas

Tata, one the largest conglomerates in India, will operate the joint venture through its Tata Electronics unit, the second source said

Average salary hike in India likely to be 8-11% this year: Randstad India

The junior professionals are likely to outshine senior professionals in terms of salary hike percentage

AC industry expects double-digit growth, 11.5 mn unit sales this season

Sale of air conditioners has seen a relatively slow start, contrary to expectations, but manufacturers remain confident of registering double-digit growth to cross the 11.5 million unit sales-mark this year. Leading players in the AC industry said "favourable weather forecast of a scorching summer" and increase in disposable income are likely to push up sales. Top manufacturers such as Daikin, Panasonic, LG Electronics, Blue Star, Godrej Appliances and Lloyd, expect up to 25 per cent growth this year, along with a substantial contribution from tier-III towns and smaller centres, which are emerging as promising markets for the category. Sale of energy-efficient 5-star inverter-technology-based models will have a higher contribution from metro cities and other big markets, while affordable 3-star ACs will continue to dominate the semi-urban and rural markets, they said. Brands have already introduced a new lineup with smart features such as IoT, energy-efficient models with low ...

JAM ties up with MAE to invest Rs 2,700 crore in carbon fibre plant

Composite materials producer Jindal Advanced Materials (JAM) has collaborated with Italy's MAE S.p.A. to invest Rs 2,700 crore to set up a carbon fibre plant of 3,500 metric tonnes annual capacity. With the development, JAM is set to become a key supplier of carbon fibre, a statement said. According to the statement, JAM has signed an agreement with Italian speciality chemical fibre manufacturer MAE S.p.A. to set up India's first carbon fibre facility of 3,500 metric tonnes (MT) annual capacity at an investment of Rs 2,700 crore. The facility will offer a comprehensive range of intermediates viz prepregs, fabrics, multiaxial and carbon fibre composites catering to diverse industrial needs. OP Jindal family scion Abhyuday Jindal has invested in the company. The company aims to penetrate industrial markets, offering lightweight carbon fibre solutions. JAM's ambitious plan includes the production of low-tow to high-tow carbon fibres, with the capacity expansion projected to reach 10

Wipro-GE Healthcare to invest Rs 8K crore to 'Make in India for the World'

The products slated for export include positron emission tomography-computed tomography (PET-CT) used for cancer diagnosis, CT, and magnetic resonance imaging (MRI) coils