India's industrial production growth less than estimates: Morgan Stanley
On a seasonally adjusted sequential basis, IP contracted by 7.1 per cent month on month (MoM), versus growth of 2.5 per cent in June. According to the report, although growth slowed across the board, mining was the only sector to contract, by 3.3 per cent. Manufacturing activity growth slowed to 3.2 per cent, and electricity production to 2.3 per cent.
India to be a key hub to accelerate digital, IoT adoption globally: Siemens
India will play a key role in the global rollout of the 'Siemens Xcelerator' programme, said Peter Koerte, Chief Technology Officer and Strategy Officer, Siemens AG. The accelerator offers a comprehensive portfolio that includes digital and Internet of Things (IoT)-enabled offerings (software, hardware and digital services) from Siemens, and certified third parties.
Turnover/fixed assets ratio mixed for Indian industries: Bank of Baroda
An improvement in this ratio for 13 sectors indicates that the recovery has been real. The metals group, along with some intermediates like chemicals as well as textiles, have registered higher ratios. However, for 25 sectors, the picture, however, is still a concern as the ratio of turnover to GFA is still lower than pre-pandemic times. These sectors are more in the services segment, besides consumer goods and capital goods.
India's industrial production grew 19.6% in May
India's industrial production grew by 19.6 per cent in May 2022, the National Statistical Office said. According to the Index of Industrial Production (IIP) data released by the NSO, the industrial growth in May was 19.6 per cent, higher than the growth logged the previous month. In terms of the use-based categories, all the sub-indices except consumer non-durables displayed a high double-digit growth in May 2022, she said.
MSMEs to get subsidies to adopt 'zero defect zero effect' practices
Through the journey of ZED certification, MSMEs can reduce wastage substantially, increase productivity, enhance environmental consciousness, save energy, optimally use natural resources, and expand their markets. Under the scheme, MSMEs will get subsidies as per the cost of ZED certification: micro enterprises at 80 per cent, small enterprises at 60 per cent, and medium enterprises at 50 per cent, respectively, a statement said.
Round tripping of industrial inputs by large players unfavourable to local value chains
According to Ashok Kumar Agrawal, National Convener, Indian Industrial Value Chain Council (IIVCC), "As the country is rapidly rising from the ravages of the pandemic, there is a need to nurture and protect local manufacturing value chains, so that all participants, from large to small, medium and micro enterprises can benefit.
After end of Covid third wave, commercial realty out of the woods
Commercial realty had taken a hard hit as a large number of workforce started working from their homes in March 2020 in the wake of the health crisis.With the economy reopening post a massive vaccination drive, many employees are now returning to their offices. Besides, demand for new office spaces too has emerged.
Hariom Pipes makes strong listing, shares up 51% above issue price
At 2.13 p.m., the shares of the company traded 51 per cent higher at Rs 231 on the National Stock Exchange (NSE), against its issue price of Rs 153. Reportedly, the firm's initial public offering issues were subscribed 7.93 times and it saw strong response from the retail investors.
Reliance New Energy Ltd acquires assets of Lithium Werks
Reliance Industries' subsidiary Reliance New Energy Ltd on Monday signed definitive agreements to acquire "substantially" all of the assets of Lithium Werks BV for a total transaction value of $61 million, including funding for future growth.