Page 21 - Manufacturing

Remaking PLI: Can a revamp of the scheme plug the gaps and speed things up

PLI is Prime Minister Narendra Modi's dream scheme to transform India into a manufacturing hub for the world

No commitment on setting up fab plant in India, says Intel India MD

Viswanathan said that India has just begun its journey in the manufacturing space and has 'enough runway for growth'

US to launch $5 billion research hub to stay ahead in the chip race

"They're investing quite a few dollars on chip design and chip manufacturing in China right now, as our main competitor," Locascio said.

Lenovo to expand manufacturing capacity, begin laptop exports in 2 years

Smart devices maker Lenovo plans to expand production capacity of Motorola mobile phones and laptops to meet domestic requirements as well as serve export markets, senior company officials said on Wednesday. Speaking with reporters at Lenovo Tech World event here, the company's executive vice president and president for international markets, Matthew Zielinski, said that the company also has plans to make servers in India. "Our goal is to continue to expand capacity, increase capacity on the PC side. It also makes sense to export PCs to other parts of the world (from India). Then the third part is producing and manufacturing servers locally which I think is the next version of the PLI 3.0 that we're currently exploring," Zielinski said. He was responding to a question on the export potential of Lenovo products from India. At present, Lenovo's mobile phone division Motorola exports devices from India. The company has a laptop manufacturing unit in Chennai from where it meets 35 per

Azad Engineering Q3 results: Profit rises to Rs 16.8 crore, revenue up 49%

Hyderabad-based Azad Engineering on Tuesday reported more than three-fold increase in Profit After Tax (PAT) at Rs 16.8 crore for the three months ended December 2023. The company had posted a PAT of Rs 3.83 crore in the year-ago period, according to a statement. The revenue from operations in the third quarter of the current fiscal rose 49 per cent to Rs 89.23 crore from Rs 68.8 crore in the same period a year ago. The company's energy segment accounted for 81 per cent of the total revenue while aerospace and defence business contributed 17 per cent. The exports revenue accounted for 88 per cent. "We delivered 49 per cent Year-on-Year revenue growth in both Q3 FY24 and 9M FY24. This growth is marked by a 3x YoY growth in our aerospace and defense segment. "In the coming years, we expect the this business will contribute to our revenues on par with the energy segment, with oil and gas coming in second," Rakesh Chopdar Chairman & CEO of Azad Engineering, said. The company made it

Usha Martin Q3 results: Profit rises 28% to Rs 107 cr on reduced expenses

Usha Martin on Tuesday posted a 28 per cent rise in its consolidated net profit at Rs 107.51 crore in the December quarter due to reduced expenses. It had clocked a profit of Rs 84.07 crore in the October-December period of 2022-23, the company said in an exchange filing. The company's total income fell to Rs 802.98 crore over Rs 838.03 crore a year ago. Its total expenses were trimmed to Rs 665.09 crore from Rs 731.28 crore in the third quarter of last fiscal. Usha Martin's wire rope manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and, the UK produce the widest range of wire ropes that find application in various industries across the world.

Novo Nordisk buys three plants for $11 billion to boost Wegovy output

Novo's biggest shareholder is buying Catalent Inc., one of the world's biggest drug-manufacturing companies, for $16.5 billion, including debt. In a three-way arrangement

Employment in manufacturing sector grew by 7% in 2021-22: Govt data

Employment fell marginally in 2020-21 due to the pandemic but gained momentum in 2021-22 with 7 per cent year-on-year growth in the manufacturing sector, according to the Annual Survey of Industries. "In fact, the estimated number of persons engaged in this (manufacturing) sector in 2021-22 has exceeded the pre-pandemic level (that is 2018-19) by more than 9.35 lakh," a Ministry of Statistics and Programme Implementation (MoSPI) statement said. At the same time, it added that average emoluments also registered an increase. Average salary earned per employee in this sector had gone up by 1.7 per cent in 2020-21 and 8.3 per cent in 2021-22, in comparison to respective previous years, it explained. "Due to the Covid pandemic, there had been a marginal fall in employment in 2020-21, which was more than compensated in the subsequent year i.e. in 2021-22, with total estimated employment in the sector showing a robust growth of 7.0 per cent year-on-year (Y-o-Y)," it said. The number of .

Global chip sales forecast to jump 13% after rocky 2023: Industry group

The Semiconductor Industry Association (SIA) forecast a 13.1% jump in global chip sales to $595.3 billion, compared with a drop of about 8% in sales in 2023

India targeting 15-20% share of global electronic GVCs by FY26: MoS IT

Chance for India to be an export-driven manufacturing hub, says Rajeev Chandrasekhar

Govt, industry discuss ways for successful implementation of PLI schemes

Senior government officials and industry players have discussed ways to enhance collaborations and create a clear action plan for successful implementation of PLI schemes, an official statement said on Sunday. Around 1,200 delegates including beneficiary companies under the PLI (production linked incentive) scheme for 14 sectors and officials met on February 3 to discuss and chart out the strategy for effective and seamless implementation of these schemes, the commerce and industry ministry said. Officials from ministries and departments, including NITI Aayog, electronics, IT, telecommunications, heavy industries, renewable energy, and pharmaceuticals, participated in the discussions. The opening session was followed by two interactive sessions covering all the 14 sectors, with the objective of exploring areas of collaboration between the government and industry champions and creating a clear action plan for successful implementation of PLI Schemes. "The opening session was followe

Existing taxation structure for corporates very reasonable: Revenue secy

The existing taxation structure for corporates with a 22 per cent tax is "very reasonable" when compared to an economy of the size of India and hence the concessional tax regime which was in force for four years for new manufacturing units was not extended beyond March 2024, Revenue Secretary Sanjay Malhotra said. In an interview with PTI, Malhotra said the Interim Budget 2024-25 provides for continuity in taxation regime and the benefits given to taxpayers in the last years are showing results in the form of huge buoyancy in personal income tax. "Taxpayer services have been a major focus of the government and this will continue going forward. Taxpayer services includes rationalisation, simplification and trust-based taxation with less scrutiny and more pinpointed assessments and use of technology. We are hopeful taxpayer services will continue to improve helping us in compliance and improving tax collection efficiency," Malhotra said. To a question on why the concessional tax regim

PLI scheme to support industry only initially, not create dependency: Goyal

'Ultimately, competition will prevail,' he said, urging industry to be more outward-looking in terms of scaling businesses

PLI to only give kickstart, ultimately competition will prevail: Goyal

The industry should look at the measures under the Production-Linked Incentive (PLI) scheme as an initial support because going forward, the industry has to face competition to grow further, Commerce and Industry Minister Piyush Goyal said on Saturday. He asked the PLI incentive beneficiary firms to share their "constructive criticism and feedback for better implementation of the scheme". The idea is to make India a manufacturing powerhouse and there is a long journey ahead, he said. More than 1,200 stakeholders, including government officials and industry players are meeting here and deliberating on the progress of 14 PLI schemes. The scheme incentives should not be seen as crutches and "we are not looking to make you dependent on government subsidies. This is only like a kickstart... "The PLI scheme is only meant to give you that little bit of a boost to kickstart your effort and please look at it as a kickstart, an initial support (because) ultimately competition will prevail,"

Honda Motorcycle domestic overall sales rise 42% to 419,395 units in Jan

Exports grew a whopping 102 per cent year-on-year at 36,883 units in the previous month, it stated

India's manufacturing PMI rises to four-month high of 56.5 in January

New orders placed with Indian goods producers rose at a sharp pace in January and were the strongest in four months

NTPC, Numaligarh Refinery ink pact to explore green chemical projects

NTPC Ltd on Tuesday said it has signed a non-binding agreement with Numaligarh Refinery Limited (NRL) to explore partnership opportunities for green chemical projects. While NTPC Ltd is an entity under the Ministry of Power, Numaligarh Refinery Limited (NRL) is a subsidiary of Oil India Ltd, engaged in the business of refining and marketing petroleum products. "NTPC and NRL to build a strategic partnership for green chemicals and green projects. NTPC signed a non-binding MoU with NRL for partnership opportunities in the proposed bamboo-based bio-refinery at NTPC Bongaigaon and other green projects," the statement said. The two CPSEs, through this MoU, intend to enhance their footprint in green chemicals and foray into sustainable solutions to advance the efforts towards achieving the nation's Net-Zero targets and be partners in the development of the northeast region, it said. NTPC is committed to achieving 60 GW of renewable energy capacity by 2032 and being a major player in the

Wheels India Q3 results: Net profit at Rs 12.58 cr amid low-demand

Wheels India, a company manufacturing wheels for trucks and passenger vehicles, has registered a net profit of Rs 12.58 crore for the October-December 2023 quarter, attributing it to the impact of low-demand tractor and mining wheel segments, the company said on Tuesday. The Chennai-headquartered company registered a net profit of Rs 15.36 crore during the corresponding quarter of the last financial year. Revenues during the quarter under review grew to Rs 1,131 crore driven by a strong recovery in exports, as compared to Rs 1,018 crore registered in the same period of last year. Export revenues stood at Rs 307 crore for the quarter under review as compared to Rs 205 crore recorded in the corresponding quarter of last year. "The profits in Q3 were impacted by low demand in the tractor and mining wheel segments and by the floods that affected our Padi plant in the first week of December 2023. There was no power for a week at the plant and we were not able to run it to full capacity i

'Samsung plans to start making laptops at its Noida factory this year'

Korean electronics major Samsung plans to start manufacturing laptops at its Noida factory in India this year, a senior company official said on Monday. Terming India as its important manufacturing base, Samsung Electronics President and Head of Mobile eXperience (MX) Business TM Roh told reporters here that the preparation for the laptop manufacturing is in progress in India. "We will start manufacturing laptops this year at the Noida factory. Preparations are already underway," said the official, who is on an India visit. Roh said India is an important manufacturing base for the company, and it has received support at various levels from the state and central governments. The company will continue to cooperate with the government to strengthen manufacturing in India, he added. The company has recently launched its flagship Galaxy S24 series smartphone with a key focus on artificial intelligence capability in the device. Samsung has announced that it will also manufacture Galaxy

Television may cost 10% more as prices of open cells continue to increase

The retailer said some manufacturers might pass it on in a staggered manner as they also sit on some amount of inventories