Mining industry records significant growth in February, cumulative growth at 8.2%
Iron ore production increased by 9.6% to 252 million metric tons (MMT) during the 11 months of February 2024 to February 2023. Key Points
ThePrintRailways raises FY25 loco production target by 27 per cent
According to the latest plan, 1,300 WAG 9H locomotives will be made annually in FY26 and FY27, while 200 units of the WAP 7 variant will be manufactured every year in this period. Besides locomotives, the production plan for 50 Amrit Bharat trains has also been approved for FY25. This will mean production of 1,230 coaches at the production units of the railways. Key Points
Economic TimesOnion production to decline in 2023-24: First Advance Estimate
The production of the politically sensitive kitchen staple, onions in the country during the year 2023-24 (July-June)is expected to drop to around 25. 473 million tonnes compared to around 30.208 million tonnes last year due to a lower yield in key producing states of Maharashtra, Karnataka, Andhra Pradesh and Rajasthan, according to First Advance Estimate for the year released by the agriculture ministry on Thursday. Key Points
Economic TimesMaruti Suzuki's investment plans unveiled at Vibrant Gujarat Global Summit 2024
New Delhi [India], January 10 (ANI): Toshihiro Suzuki, President of Suzuki Motor Corporation (SMC), unveiled Maruti Suzuki’s investment plans in the state of Gujarat, signalling a significant stride in the automotive sector in a major development announced during the Vibrant Gujarat Global Summit 2024 on Wednesday. In the first announcement, Maruti Suzuki India Ltd. entered […] Key Points
ThePrintTea production falls by 6.18pc to 127.12 mkgs in Nov 2023
For tea estates in Darjeeling and gardens located at higher elevations, the last date for plucking of green leaves was December 11, 2023. The same for North Bengal's Dooars and Terai regions was December 23. Key Points
Economic Times
ONGC share price with gains of more than 2% among highest Nifty 50 gainers today
Stock Market Today- With gains of more than 2% ONGC was amongst highest Nifty 50 gainers . The analysts estimate for ONGCs net realizations stood at $70-75 a barrel for FY24and hence drop in Brent prices to $76 a barrel levels does not impact earnings outlook much. Key Points
mintNMDC iron ore output jumps 17% in April-Nov 2023 period
India Business News: State-run iron ore miner NMDC Ltd delivered its best-ever November performance with a production of 3.38 million tonnes of iron ore and sales of 3.79 Key Points
Times Of IndiaMaruti looking to enhance flexibility in production to roll out vehicles as per market demand
Maruti Suzuki India aims to enhance production flexibility to align with market demand trends. The company plans to prioritize the production of high-selling utility vehicles while reducing the output of entry-level cars. This strategy is intended to address shifts in customer preferences and improve operational efficiency. Key Points
Economic TimesEddie Redmayne and Gayle Rankin bring 'Cabaret' to life on Broadway
Eddie Redmayne and Gayle Rankin are set to star in the Broadway production of Cabaret at the August Wilson Theatre. Directed by Rebecca Frecknall, the immersive show will transport audiences to the decadent world of Weimar Germany. With its immersive setting and themes of courage and resilience, the production promises to be a captivating experience. Performances begin on April 1, 2024, and theater enthusiasts can expect a riveting journey through love and identity. Key Points
Economic TimesLower manufacturing or dubious data? Govt figures show some of India’s output below 2011-12 levels
Index of Industrial production data shows production in several sectors lower than 12 yrs ago. This may be true for some sectors, but also implies data collection process needs an update. Key Points
ThePrint
Goldman Sachs sees no immediate impact on oil inventories from Israel attacks
Goldman Sachs predicts that the recent attacks in Israel will not have an immediate major impact on oil market inventories. However, it believes that these attacks decrease the likelihood of normalized relations between Israel and Saudi Arabia, which could have led to increased Saudi oil production. The conflict has caused oil prices to rise, with Brent crude trading around $87 a barrel. Goldman Sachs maintains its forecast that Brent will reach $100 by June 2024, but notes that there has been no impact on current global oil production. The escalating conflict also raises the risk of broader regional tensions and could impact Iran's oil production. Key Points
Economic TimesTea production decreases by around 4 pc to 177.95 mkgs in August
Tea production across India declined by around four per cent to 177.95 million kilograms in August this year as compared to the output in the year-ago month. The production volume in August last year was 185.48 million kgs (mkgs). Key Points
Economic TimesAt 12.1%, infra sector growth rises to 14-month high in Aug
The growth of eight key infrastructure sectors rose to a 14-month high of 12.1% in August against 4.2% a year ago, mainly due to expansion in production of coal, crude oil, and natural gas, according to the official data released on Friday. Key Points
The Tribune IndiaIndian EV cell maker Log9 flags production hit on delayed visas to Chinese experts
Log9 Materials, an Indian lithium-ion battery manufacturer, has warned that its production in Bengaluru could be affected due to the delay in the arrival of Chinese experts caused by the Indian government's delay in approving visa applications. Log9 depends on Chinese engineers to set up machinery and upgrade existing ones at its facility, and a delay in visas could hamper its production. Key Points
Economic TimesLS passes bill to provide fixed 50-year production lease for offshore minerals
A bill to provide a fixed 50-year production lease for offshore minerals was passed by Lok Sabha on Tuesday amid protests by the opposition over the situation in ethnic-violence hit Manipur. Replying to a brief discussion in the House, Coal and Mines Minister Pralhad Joshi said under the Offshore Areas Minerals (Development and Regulation) Amendment) Bill, 2023, the government seeks to introduce auction as the route to award production lease for offshore minerals. Key Points
Economic Times
US manufacturing output falls in June; rebounds in second quarter
Manufacturing production unexpectedly fell by 0.3% in June, according to the Federal Reserve. However, output during the second quarter was boosted by motor vehicle production, which accelerated after two consecutive quarterly declines, and increased at an annualised rate of 1.5%. The Institute for Supply Management index has been registering below 50 - indicating a contraction in manufacturing - for seven months running. Key Points
Economic TimesFisker misses second-quarter production target due to parts shortage
Fisker (FSR.N) missed its production target for the second quarter due to shortage of components, the electric vehicle startup disclosed on Friday, sending its shares down 2% in premarket trading. Key Points
ReutersIndia's infrastructure output grows by 4.3% in May
The index of eight core industries (ICI) measures combined and individual performance of production of core industries viz. coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity. They comprise 40.27 percent of the weight of items included in the Index of Industrial production (IIP). Key Points
Economic TimesOdisha produces 13.606 million tonnes of food grains, highest production so far for State
Despite being prone to severe weather conditions, Odisha has produced 13.606 million tonnes of food-grains in 2022-23 – highest ever annual production for the State, through scientific interventions and effective extension programmes. Key Points
The HinduFoodgrain output seen at record 330.5 MT in 2022-23
India's foodgrain production is estimated to increase to 330.5 million tonnes in 2022-23, setting a new record compared to the previous year's 315.6 million tonnes. The Ministry of Agriculture & Farmers Welfare's third advance estimate projected a record production of wheat, rice, maize, nutri, and coarse cereals, sugarcane, and oilseeds. Key Points
Economic Times
Record foodgrains production set to cross 330.53 mn: Govt
According to the statement, total rice production in 2022-23 agricultural year is estimated at a record 135.54 million tonnes, higher than last year’s 129.47 million tonnes. Key Points
The Indian ExpressSajid Nadiadwala’s production house buys Juhu plot for ₹31.3 crore
The transaction between the production house and Portion Trading Pvt Ltd was registered on April 10, as per the documents accessed and shared by IndexTap.com. | Mumbai news Key Points
Hindustan TimesSAIL produces record 18.28 MT crude steel; 19.40 MT hot metal in FY23
The production of hot metal also rose by 3.6 per cent to 19.40 MT during the financial year ended March 31. Key Points
FinancialexpressCrude oil jumps $5/bbl as surprise OPEC+ output cuts jolt markets
Brent crude hit the highest in nearly a month at the open, trading at $84.95 a barrel by 0039 GMT, up $5.06, or 6.3%. Key Points
FinancialexpressGermany wants more chipmakers, but they won't come cheap
Plans are in the works to revamp German immigration laws to attract more talent, but that might not be soon enough. Firms that already exist have real trouble finding skilled labor, Gropp said. Do we want to make that even worse and put those firms that didn't benefit from the subsidies out of business? Key Points
Economic Times
India's sugar production to increase by 2.5 million tonne in 2023-24: Crisil
CRISIL has expected a 2.5 million-tonne increase in India's sugar production in 2023-24 due to a ban on using sugarcane juice for ethanol. The government's move immediately stops ethanol production from cane juice but permits it from B and C heavy molasses. With sugarcane supply issues, sugar mills face a choice between sugar and ethanol. Key Points
Economic TimesVedanta Q3 Results: Cons PAT falls 18% YoY to Rs 2,013 crore, revenue up 4%
Sequentially, the revenue declined by nearly 9%. For the quarter ended September, the company posted a loss of Rs 1,783 crore. Key Points
Economic TimesHindustan Zinc Q3 Results: Profit falls 6% YoY to Rs 2,028 crore
Revenue from operations too declined 7% year-on-year to Rs 7,067 crore in the said third quarter. On a sequential basis, net profit jumped 17% from Rs 1,729 crore reported in the preceding quarter, while revenues were up 8% quarter-on-quarter. Key Points
Economic TimesOscars 2024 Winners Full List: Christopher Nolan's 'Oppenheimer' bags 7 awards, leaves 'Barbie' far behind
In a night filled with surprises and triumphs, 'Oppenheimer' emerged as the star of the 96th Academy Awards, securing seven awards including Best Picture. Emma Stone's unexpected win for Best Actress and DaVine Joy Randolph's victory for Best Supporting Actress added twists to the evening. The event showcased a diverse range of talent and celebrated excellence in craft across various categories. Key Points
Economic TimesMaize prices surge 20% in India as government promotes ethanol production
Maize prices in India have surged by 20% in the first two weeks of January compared to October due to increased demand after the government's plans to procure the commodity for ethanol production. This move comes as restrictions are placed on using sugar for biofuel production. The prices are expected to stay firm in the coming months, and there could even be a shortage of the commodity. Key Points
Economic Times
ONGC Q1 Results: Profit rises 18% YoY to Rs 14,134 crore; revenue dips 10%
The total crude oil output fell 3% during the first quarter under review to 5.311 MMT. Meanwhile the total gas production was at 5.221 BCM, showing a decline of 3% from a year ago Key Points
Economic TimesCore sector output dips to 5-month low of 3.6% in March
For the full financial year 2022-23, core sectors recorded a 7.6% growth compared to 10.4% in 2021-22 Key Points
The HinduGovernment to allow diversion of 1.7 million tonnes of sugar for ethanol production
The Indian government is likely to permit the diversion of 1.7 million tonnes of sugar for ethanol production, just days after instructing sugar mills and distilleries to cease using sugarcane juice and syrup for ethanol production in the 2023-24 supply year. The directive aimed to address concerns about lower sugarcane production due to adverse weather conditions and rising sugar prices in the domestic market. Key Points
Economic TimesOil prices rise over 2%; focus on OPEC+, storm-hit Kazakh output
By Stephanie Kelly NEW YORK (Reuters) -Oil prices jumped over 2% on Tuesday on the possibility OPEC+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker U.S. Key Points
ThePrintPanasonic cuts battery unit's profit outlook, warns on high-end EV sales
Panasonic Holdings (6752.T), which supplies Tesla (TSLA.O), said on Monday it had cut automotive battery production in Japan in the September quarter and shrank the division's annual profit forecast by 15%, underscoring a global slowdown in EV sales. Key Points
Reuters
Tesla joins GM, Ford in slowing EV factory ramp as demand fears spread
Tesla, along with General Motors and Ford, has expressed caution about expanding electric vehicle (EV) production due to economic uncertainties and concerns about a slowdown in demand. CEO Elon Musk cited worries about higher borrowing costs affecting customers' ability to afford Tesla vehicles, despite significant price cuts. Musk also mentioned the impact of economic uncertainty on consumer purchasing decisions. These cautious remarks have led to a decline in Tesla's shares and those of other EV makers. Key Points
Economic TimesSensia to help Essar Oil digitalise fields
The coal-bed methane producer will deploy Sensia’s Avalon digital platform interface. Sensia is a provider of digitalisation solutions. Key Points
FinancialexpressRetail inflation slides to 4.7% in April; IIP grows just 1.1% in March
India’s retail inflation slid to 4.7% in April, staying below the Reserve Bank of India’s 6% tolerance threshold for price rise for the second successive month and Industrial output grew just 1.1% in March 2023, moderating sharply from 5.8% in February Key Points
The Hindu