Manufacturing Growth

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But it remains a laggard on the bourses over the past decade

Finance Minister Nirmala Sitharaman on Friday asked Indian industry to work out strategies as to how businesses operating in developed countries can look at India as a production or sourcing hub amid recession fears in the western countries. India has brought in a lot of facilitation and tweaking of rules to attract foreign investment into India and is also engaging with industries who want to co-locate in the country, the minister said. "As much you are preparing yourself for a long-drawn recession in the Western world, in the Developed world, I think it is also the best time for you to work out strategies for drawing those manufacturers from there to India. "Even as they are headquartered there, it might be useful for them to think of sourcing many things from here and producing from here at least for markets in this part of the globe," Sitharaman said at an event here. She said the suspected long-drawn recession, which is likely to affect Europe, is not just going to affect expo

Government's PLI schemes can help manufacturing and reduce import dependence in some sectors, say some experts

61% respondents in survey reported higher production level in September quarter over the year-ago period, as against 55% who reported higher output in June quarter of FY23

Syngene International on Wednesday reported a 53 per cent rise in consolidated net profit at Rs 102 crore in the second quarter ended September 2022 on the back of higher revenue. The company, which is an integrated research, development and manufacturing services firm, had posted a consolidated net profit of Rs 66.7 crore in the same period last fiscal, it said in a regulatory filing. Consolidated revenue from operations during the period under review stood at Rs 768.1 crore as against Rs 610.2 crore in the year-ago quarter, it added. "The quarter saw positive performances across all divisions. Our research divisions -- discovery services, including Synvent, our integrated drug discovery platform, and the dedicated centres showed sustained growth. Discovery chemistry in particular saw buoyant customer demand," Syngene International Ltd Managing Director and CEO Jonathan Hunt said. Growth in development services was led by existing clients renewing contracts and setting up ...

RBI, in its latest monetary policy committee meeting had raised the rates by 50bps to 5.4 per cent, higher than the pre-pandemic level.

Contract manufacturing services firm Syngene International on Wednesday reported a 4 per cent decline in profit after tax to Rs 74 crore for the first quarter ended June 2022. The company had posted a PAT of Rs 77 crore in the April-June quarter of last fiscal. Its revenue from operations rose to Rs 644 crore in the first quarter against Rs 595 crore in the year-ago period, the company said in a statement. The first quarter results were against a strong quarter last year due to sales of Remdesivir, it added. Excluding the impact of Remdesivir, the underlying revenue from operations growth in the quarter stood at around 30 per cent year-on-year, it stated. "The first quarter results were in line with our expectations and reflect strong underlying performance across all our business divisions. The contribution from the development and manufacturing services divisions drove the growth momentum against a low base in the previous year," Syngene International MD and CEO Jonathan Hunt ..

Fundamentals warrant stock price correction

High-contact services jobs from airlines to hotels and malls to multiplexes were the first to collapse amid protracted lockdowns aimed at containing the virus

China's economy grew more slowly than expected in the second quarter, as slowing manufacturing activity, higher raw material costs and new Covid-19 outbreaks weighed on recovery momentum

Bharat Biotech also has another site at Bengaluru that is currently making vaccines other than Covaxin

Tesla Inc will come to India early next year, country's transport minister Nitin Gadkari told national daily the Indian Express on Monday.

According to sources, govt is gearing up to place tighter restrictions on import of 371 items worth $127 billion. These include toys, plastic goods, sports items and furniture

Asia's third-largest economy will contract this quarter for the first time since the mid-1990s

The company, which posted 15.5 per cent rise in revenue in the December quarter, is also seeing strong growth in the European and US markets.

This is the second contraction in the sector on a quarterly basis in the past eight years - since the new GDP series started in 2012-13

September saw the slowdown in the manufacturing sector - which accounts for 78 per cent of the index

According to the latest CSO data, IIP contraction in August has been further revised downwards to 1.4 per cent from the provisional 1.1 per cent decline estimated last month