MANUFACTURE PARTS
JSW Energy plans ₹1.15 L cr capex to diversify operations
JSW Energy announces a strategic shift towards becoming an energy products and services provider, with plans to invest ₹1.15 lakh crore in capital expenditure to achieve 20 GW generation capacity and 40 GWh storage capacity by 2030. The company is expanding its portfolio to include new energy solutions like green hydrogen and battery storage systems. JSW Energy's move aligns with industry trends as other players also diversify beyond power generation. Share prices closed higher at ₹736.5 on the BSE after the news.
India to be deep tech powerhouse and big part of Siemens' game plan
Siemens AG plans to increase software and digital services sales to 20%, with India being a key player in this strategy, according to CEO Roland Busch. The company has invested in expanding its software portfolio and collaborating with Microsoft on AI technology. India is a vital region for Siemens, where it aims to grow its human resources capital and manufacturing capabilities, targeting both local and global markets.
Women in India face a jobs crisis. Are factories the solution?
As international brands limit their dependence on China by shifting some manufacturing to India, the trend holds the potential to generate significant numbers of manufacturing jobs - especially for women, who have largely been excluded from the ranks of formal Indian employment.
Tata Hitachi to invest Rs 200cr in FY'25, localisation remains top priority
Tata Hitachi Construction Machinery has announced a Rs 200 crore investment in its manufacturing plants to boost quality, innovation, and localisation. The company aims to increase localisation levels to 70% in 2-3 years. The company plans to produce 60-tonne dump trucks in India and introduce more models under the 'Atmanirbhar' policy. Managing Director Sandeep Singh highlighted the importance of localisation for cost control and expressed optimism for infrastructure development post-Union budget.
Rafale’s India operations get a strategic push; Dassault establishes maintenance facility near Jewar Airport
Dassault Aviation is advancing plans to establish a Maintenance, Repair, and Overhaul (MRO) facility near Jewar International Airport for India’s Mirage 2000 and Rafale fighters. This move supports India's aspiration to locally manufacture the latest Rafale versions under the "Make in India" initiative. Engine maker Safran SA also intends to set up an MRO facility for Rafale engines in Hyderabad, aiming for operations by 2025 and potential local production of M-88 engines. These developments are crucial as India seeks to bolster its defense capabilities amidst regional security challenges, including from China's expanding military presence.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
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Karnataka losing out in manufacturing race; CXO churn in startups
New-age companies are choosing to set up manufacturing facilities in neighboring states like Maharashtra and Tamil Nadu, bypassing Karnataka. More on this in today's ETtech Morning Dispatch.
TVS Mobility arm acquires Italy-based automotive components supplier
TVS Mobility's subsidiary, SI Air Springs, has acquired Roberto Nuti Group to enhance its global market position and product range. The acquisition will enable them to leverage their distinctive skills and expertise in suspension systems, fostering significant international growth potential.
'We hire more women because they are more disciplined', says Ola founder Bhavish Aggarwal on Foxconn controversy
Ola's founder Bhavish Aggarwal reaffirmed the company's commitment to employing women, including married women, amid reports of Foxconn's discriminatory practices. Ola's FutureFactory in Tamil Nadu employs an all-women workforce, with plans to extend this model to its new Gigafactory. Aggarwal emphasized that women are disciplined and dexterous, and Ola aims to address the low representation of women in the workforce by hiring at all levels, including senior management.
VCs chase auto parts makers to hitch a ride on EV journey
Smaller component makers for electric vehicles (EVs), many of which started with other businesses before pivoting to their current business mainstays, are increasingly attracting interest from venture capital firms amid a boom in EV sales. The boom in EV sales, as demonstrated in the sales of passenger EVs jumping 91% and of commercial EVs tripling year-on-year (YoY) in FY24, has meant that the demand for parts has also soared.
Ola Electric to invest $100 million in gigafactory
Ola Electric founder Bhavish Aggarwal said is developing a 4680 form of battery cells, which is more energy-dense and advanced than the 2170 form of battery cells it currently sources for its electric scooters.
Fiscal discipline key to India's growth prospects: Sanjay Nayar
So, we will have to also think about how we channel the energies towards more advanced and more modern techniques and technology, because that is what we need right now.
Wait for earnings and Budget to identify attractive sectors for investment: Deepak Shenoy
These companies are quite cyclical, moving between downturns and upturns. Recently, there has been an upturn for Muthoot and Manappuram, partly because IIFL, a major player in the gold financing space, faced some RBI action leading to a slowdown in its gold lending portfolio.
Risk-based audits of drug units to begin from July 1
The revised Schedule M, which is considered more stringent than the World Health Organization's (WHO) good manufacturing practices (GMP) in certain areas, was notified on December 28, 2023. Companies with turnover of over ₹250 crore will have to comply with the upgraded version of Schedule M, starting July 1, and the remaining others, which are largely micro, small, and medium enterprises (MSMEs), have been given a year's time to comply. Inspections on those firms will begin from January 1, 2025.
25% of new hires are married women; nearly 70% workforce are women: Apple iPhone maker Foxconn
Foxconn clarified to government that 25 per cent of new hires are married women and safety protocol banning metal is not discriminatory. Ministry of Labour sought report on married women issue at Foxconn India Apple iPhone Plant. Foxconn emphasised that safety protocol applied to all, not just Hindu women. They brushed away media reports saying it was a misinterpretation.
Ather Energy’s new plant to come up in Maharashtra, confirms cofounder Swapnil Jain on X
To be set up at an investment of Rs 2,000 crore, the electric scooter maker’s new plant will produce up to one million vehicles and battery packs per year.
Saddle up the new bronco
Of the lot, all save Apple run and enable AI applications. Apple's stock price went up recently, after it, too, announced some of its own AI offerings. What does the dominance of tech companies mean for humanity? Does society need to arm itself with anything new either to take advantage of evermore ubiquitous AI, or to guard against possible harm from such prevalence of AI?
Boeing may have installed many faulty parts on new 737 Max planes, whistleblower alleges
A Boeing quality inspector alleges that the company mishandled and lost track of hundreds of faulty parts, some possibly installed on new 737 Max planes. Whistleblower claims detailed in a complaint to OSHA were made public by a Senate subcommittee. Boeing is reviewing the claims amid ongoing scrutiny over safety and quality practices.
Industry executives a worried lot: Why India-China tensions are equal to a big headache for electronics makers
Indian electronics manufacturers have suffered $15 billion in production losses and 100,000 job cuts due to escalating tensions with China. Visa delays for Chinese executives are hindering the industry's expansion plans, leading to a $10 billion export opportunity loss and $2 billion in value addition loss. Government probes into Chinese companies operating in India have further impacted the sector.
Bangladesh military complains about faulty Chinese parts
Bangladesh, a major buyer of weapons from China, has accused Chinese companies of supplying faulty parts and technical problems with its imported military hardware. The Bangladesh military has accused Chinese companies of supplying faulty spare parts for corvettes, petrol crafts, and onshore patrol vehicles, with manufacturing defects and technical challenges. The Bangladesh Air Force has alleged technical problems with Chinese-made F-7 fighter jets and short-range air defense systems, and has faced issues with firing ammunition for its Chinese-made K-8W aircraft.
How China pulled so far ahead on industrial policy
The problem for the West, though, is that China's industrial dominance is underpinned by decades of experience using the power of a one-party state to pull all the levers of government and banking, while encouraging frenetic competition among private companies.
Stay put? Raise cash? What should be your portfolio strategy in runup to the Budget?
Kunj Bansal, NISM, recommends a divided investment approach, focusing on long-term and trading portfolios. He elaborates on portfolio strategies pre-Budget, the pharma sector's defensive appeal, and recent underperformance driving market interest. The IT sectoe has corrected significantly and depending on how things shape up we might see the buying interest coming back.
Two-wheeler makers ride high on record sales of branded spare parts
Royal Enfield, Bajaj Auto, and Hero MotoCorp saw record revenue in FY24 from branded parts and accessories sales, driven by a preference for branded spares. Revenue growth was boosted by premium models like Xpulse and Splendor motorcycles. Hero MotoCorp plans to expand its Global Parts Centre to capitalize on the growing market.
Huawei's new phone uses more China-made parts, memory chip
Huawei's Pura 70 Pro showcases China's tech self-sufficiency advancements through increased use of Chinese suppliers, including HiSilicon's NAND memory chip, and Kirin 9010 processor, challenging U.S. sanctions and impacting the smartphone market.
New sectors to take GDP trajectory higher; a large part of allocations should be in midcaps: Harendra Kumar
Harendra Kumar anticipates GDP growth over the next five to ten years to come from sectors that traditionally never existed in India. For example, EMS players are doing really well. A huge semiconductor ecosystem is going to come. We are going to see a listing of EV players. Midcaps show greater growth potential. Auto sector expected to yield big returns.
Expect capex for EV components to cross Rs 25,000 cr in next 3-4 years: ICRA
Icra forecasts Rs 25,000 crore investment by auto component industry in 3-4 years for electric vehicle parts, with a strong focus on enhancing EV production, localisation, and addressing manufacturing challenges.
Greaves Retail inks tech transfer pact with EV parts maker Tsuyo
Greaves Retail partners Tsuyo for tech transfer pact to revolutionize L3 segment, empowering individuals and businesses with low-speed electric 3-wheeler solutions.
Rewari factory blast: Four workers succumb to injuries
Boiler blast at spare parts manufacturing facility in Dharuhera industrial area caused four deaths and over 10 injuries. Ajay, Vijay, Ramu, Rajesh from Uttar Pradesh died. Three at PGIMS Rohtak, one at Safdarjung Hospital. 40 workers sustained burn injuries. FIR filed.
Electronics parts PLI: Centre, companies get on call with ₹20,000 crore outlay on the agenda
As per MeitY, building an electronics components and semiconductor ecosystem is at the heart of electronics manufacturing and is a naturally extended outcome towards producing the finished electronics products. "An electronic device consists of a high density of components and the manufacturing of these components holds immense job and value addition potential," Meity said, while seeking inputs from the industry.
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