Page 42 - Manufacturing

Manufacturing in dire straits: Output up just 1.1% compared with 2019-20

Electricity output has grown around 11%; consumer durables and non-durables have contracted 6.7% and 2.4%, respectively

FM Sitharaman asks India Inc why it is hesitant to invest in manufacturing

Finance Minister Nirmala Sitharaman on Tuesday sought to know from industry what is holding it back from investing in manufacturing, even though foreign investors show confidence in India. Drawing parallel between India Inc and mythological character 'Hanuman', Sitharaman said the government is willing to engage with the industry and take policy action. This is the time for India We cannot miss the bus, she added. She said the government has brought in production linked incentive scheme, cut tax rates to encourage the domestic industry to invest in manufacturing. No policy can be end in itself.. it keeps evolving as we go on. That applies even to industries that have come in the sunrise sector for which we have given policy support through an incentive. I would equally want to know from the Indian industry why is it that they are hesitant (to invest). We will do everything to get the industry come and invest here..(but) I want to hear from India Inc what's stopping you?, she ...

Harsha Engineers IPO to open on Sep 14; price band set at Rs 314-330/share

Harsha Engineers International, manufacturer of precision bearing cages, on Friday said it has fixed a price band of Rs 314-330 per share for its Rs 755-crore initial public offering (IPO). The initial share-sale will open for public subscription on September 14, and conclude on September 16, the company announced. The Rs 755-crore public issue consists of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer-for-sale (OFS) of up to Rs 300 crore by existing shareholders. As a part of the OFS, Rajendra Shah, Harish Rangwala, Pilak Shah, Charusheela Rangwala and Nirmala Shah will offload shares. The offer also includes a reservation for subscription by eligible employees. Proceeds from the fresh issue to the tune of up to Rs 270 crore will be utilised for debt payment, up to Rs 76 crore for funding working capital requirements towards purchase of machinery, up to Rs 7.12 crore for infrastructure repairs and renovation of the existing production facilities and for

Planet Scuba India ropes in CREST to manufacture dive equipment in India

The company will introduce CREST Diving to DRDO's DEBEL and will aim to make India an alternative to China as a manufacturer of dive equipment

India's manufacturing growth stays robust in Aug, inflation eases

S&P Global's Manufacturing Purchasing Managers' Index dips slightly to 56.2 in August from 56.4 in July

Govt issues 63 show cause notices to makers, importers of weighing machines

The government has issued 63 show cause notices to the manufacturers and importers selling weighing and measuring instruments on e-commerce platforms, seeking details of compliance with legal requirements. It has been observed that some manufacturers and importers of these instruments are selling the person weighing machines and kitchen scales on the e-commerce platforms without complying with the legal provisions, an official statement said on Tuesday. "Centre, through the Department of Legal Metrology has issued 63 show cause notices to the manufacturers/importers of the weighing and measuring instruments for seeking details of compliance," it said. It noted that unauthorised sales on e-commerce sites have not only created deficiency in service to the consumer but have also caused revenue loss to the government. "The notices were issued to manufacturers/ importers/ sellers on e-commerce platforms, seeking details of the approval of model, manufacturing/importer/dealer license and

Insured assets worth Rs 150 cr affected in fire at Neemrana unit: Havells

Assets worth Rs 150 crore, which were fully insured, were affected in the massive fire at its Neemrana-based manufacturing unit, said consumer electrical goods manufacturer Havells India. On July 27, a massive fire had broken out at Havells factory at Neemrana in Rajasthan's Alwar district. There was no human loss/injury and the entire building, plant and machinery, and inventories at the Neemrana plant were fully insured, said a regulatory update from Havells India. "The company has now ascertained the book value of the assets affected due to the incident as around Rs 150 crore, which is fully insured," it said. Havells' Neemrana unit is the largest and most automated water heater plant in India. Established in 2004 and spread over 1,94,249 square metres, Havells also manufactures lighting fixtures, CFLs, HID lamps and motors here. For the financial year ended on March 31, 2022, Havells India's revenue was at Rs 13,888.53 crore.

July auto sales rise 10% YoY as chip availability improves: SIAM

Market for entry-level passenger cars, two-wheelers and three-wheelers yet to recover

Meity looks to tweak the PLI scheme for top IT hardware companies

In its first year, the PLI scheme for IT hardware did not perform according to expectations

Need to boost manufacturing to create jobs, says Anand Mahindra

"Only 40 per cent of the labour force that is capable of working is actually working or looking for work. The biggest sufferers are youth and women," said Mahindra.

Engineering company Fabrication Bazar raises Rs 7 cr in seed round

Fabrication Bazar, which was founded in 2016 by Dwaipayan Dutta and Mohit Garg, has developed a cloud fabrication and tracking platform for manufacturing

Ford India sets Aug 10 deadline for employees to conclude severance talks

Ford India had increased its offer from 87 days to 124 days of average equivalent wages per completed years of service

What is the DESH Bill?

The govt is likely to introduce the Development of Enterprise and Service Hubs (DESH) Bill in the upcoming monsoon session of Parliament. How will it overhaul the ecosystem of special economic zones?

3 workers succumb to burns after fire at candle making unit in Karnataka

Three people, who were scalded in a fire tragedy at a sparkler birthday candle manufacturing factory, have succumbed to their injuries, police here said on Sunday.

Why have Special economic zones (SEZ) not taken off in India?

Special economic zones have delivered mixed results in India. The government is now working on a new law to address some of the problems. Here's India's experience with SEZs so far and the challenges

Godi India to set up lithium-ion cell giga factory; gets BIS certification

Godi India is the first in the country to have certification from the Bureau of Indian Standards' for lithium-ion cells made using its home-grown technology

No respite for manufacturers as inflation continues to weigh on the economy

As India's business optimism slid to a 27-month low of 50.9, economists say they do not see a respite for manufacturers from cost inflation in the near term

Zetwerk buys Pinaka Aerospace to expand defence manufacturing business

Zetwerk has made two other acquisitions and the total value of all three deals is approximately Rs 100 crore

Murugappa Group posts 23% rise in net profit in FY22, manufacturing grows

Murugappa Group's turnover increased by 31 per cent to Rs 54,722 crore, as against Rs 41,706 crore in 2020-21

Indian economy gains momentum on pent-up demand after reopenings

The upturn in recovery of Indian economy was fueled by an expansion in services activity and a robust growth in core infrastructure industries