Page 22 - Manufacturing

Pernod Ricard's H1FY24 sales in Indian mkt up 4%, expects high growth in H2

French spirit maker Pernod Ricard has reported a 4 per growth in sales in the Indian market during the first half of the current financial year. The company, which follows July to June fiscal year, has witnessed a "strong market demand for spirits" in India, according to the latest earnings statement from Pernod Ricard. Moreover, a "strong growth" is expected in the second half (January to June 24) from India, which is the second largest market globally for Pernod Ricard after the US. Its international brands Jameson, Absolut and The Glenlivet reported a "very strong growth" in the Indian market during the period, the company said. Besides, its Indian whisky portfolio Seagram's which includes IMFL (Indian-made foreign liquor) brands such as Blenders Pride, Imperial Blue and Royal Stag also reported over 4 per cent growth in sales, Pernod Ricard added. The company had an "acceleration in Q2 net sales against easing comparables", according to the earnings statement. Globally in the

Sam Altman seeks US govt nod for AI chip manufacturing venture: Report

OpenAI did not respond to a request for comment, while the Department of Commerce declined to comment on "individual conversations"

Meerut Metro sets example of India's world class building prowess: Puri

Union Minister Hardeep Singh Puri on Friday hailed indigenously designed metro train set for the Meerut section of the Delhi-Ghaziabad-Meerut corridor as an example of India's capability to build finest infrastructure. The first look of the Meerut Metro train set was unveiled on Friday and was handed over to National Capital Region Transport Corporation at Savli, Gujarat. Addressing the event virtually, Puri said, "Establishing a robust public transportation system in metropolitan cities is a fundamental aspect of our vision for India's urban rejuvenation. Since 2014, the government has laid emphasis on improving the quality of services offered to urban dwellers." The minister added, "The indigenously designed and manufactured MRTS train set for the Meerut section of the Delhi-Ghaziabad-Meerut corridor demonstrates our capabilities of building world-class infrastructure." Puri said that from 248 km of operational metro lines in 2014, India's metro network has increased to 905 km so

Manufacture or service: Must we choose?

This debate is futile in India's development journey

Deeper reforms

PLI alone will not bring in investment

IT ministry fears losing out to China, Vietnam in smartphone exports race

Lower tariffs on components is key to India's ambitions to attract smartphone manufacturers

Manufacturing sentiment remains upbeat in Q3, Q4 for FY24: Ficci survey

The survey found that 85 per cent of respondents in the current fourth quarter of the financial year 2023-24 are expecting a higher number of orders compared to 73 per cent in the previous quarter

PLI scheme's progress slows in key sectors, affecting manufacturing goals

Even as the investment exceeded the government's estimate in the previous financial year, progress was not uniform across all schemes

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