The Indian manufacturing sector maintained strong growth momentum at the start of the third quarter (July-September 2023) amid ongoing buoyant demand. According to S&P Global’s India Manufacturing Purchasing Managers’ Index, it marginally fell from 57.8 in June to 57.7 in July. The indices vary between 0 and 100, with a reading above 50 indicating an […]
Hon Hai Technology Group (or Foxconn) signed a Letter of Intent to set up a new mobile components manufacturing facility at a cost of Rs 1,600 crore in Kanchipuram district in the presence of Tamil Nadu Chief Minister MK Stalin on Monday. Giving this information, Tamil Nadu Industries Minister TRB Rajaa said in a tweet […]
Adani Enterprises Subsidiary Raises Rs 3,231 Crore (USD 394 Million) from Barclays and Deutsche Bank for Solar Module Manufacturing Facility. In a significant boost to its business endeavours, an arm of Adani Enterprises has successfully secured Rs 3,231 crore (USD 394 million) from Barclays PLC and Deutsche Bank AG to meet its working capital requirements. […]
Global smartphone shipments declined 7.8 per cent on a yearly basis to 265.3 million units in the second quarter of 2023 (April-June), preliminary data from the International Data Corporation (IDC) showed. International Data Corporation (IDC) is a global market intelligence and advisory services provider. With this, it marks the eighth consecutive quarter of contraction as […]
Samsung Electronics has announced its decision to extend production cuts in response to a challenging global semiconductor market. The company expressed a cautious outlook for the industry, noting that the demand recovery is primarily confined to high-end chips utilised in artificial intelligence applications. The memory chip industry has been experiencing an unprecedented downturn, which had […]
Adani Group’s copper-producing factory in Mundra, Gujarat is set to commence operations in March of 2024. This development is expected to reduce India’s reliance on imported copper and support the country’s transition towards clean energy. Copper plays a vital role in electrification as it is extensively used in various technologies crucial for the energy transition, […]
A higher import duty on capital goods may hinder India’s potential as a global manufacturing hub and hence it should reconsider the import duty to enhance its participation in the global value chain and accelerate the success of its Make in India program, MVIRDC World Trade Center Mumbai said in a report. The report suggested […]
Union Health Minister Mansukh Mandaviya has directed the Drugs Controller General of India (DCGI) to take stringent actions against those pharmaceutical manufacturing companies that make spurious drugs. “It is important for MSME pharma companies to be alert to the quality of drugs and expeditiously move towards Good Manufacturing Processes (GMP) through self-regulation,” the minister said […]
The Tata Group is reportedly nearing an agreement to acquire Wistron’s factory in Karnataka, India, according to the news agency Bloomberg. This acquisition would mark the entry of India’s largest conglomerate into the assembly of iPhones, becoming the first local company to do so. The Wistron factory, valued at over USD 600 million, currently employs […]
Apple has encountered significant hurdles in the production of its highly anticipated Vision Pro augmented-reality headset, leading to major cuts in its production forecasts, according to a recent report by the Financial Times. Citing sources familiar with the matter, the report highlighted design complexities as the primary reason for the setbacks. Launched just last month, […]
