India’s industrial production output decelerated to 4.8 per cent year-on-year in July 2024, mainly due to poor performance of the manufacturing and mining sectors, as per official data released on Thursday. The factory output growth, measured in terms of the Index of Industrial Production (IIP), was revised to 4.7 per cent in June from provisional estimates of 4.2 per cent released last month. The IIP for July 2024 was 4.8 per cent, as per the data.
Posts tagged Rediff
Retail inflation inches up marginally to 3.65% in Aug (12-09-2024)
Retail inflation in August inched up to 3.65 per cent, though vegetables and pulses witnessed price rise in double digits, according to official data released on Thursday. The retail inflation based on the Consumer Price Index (CPI), however, remained below the Reserve Bank’s median target of 4 per cent for the second month in a row. It was at a five-year low of 3.6 per cent in July.
Will govt cut petrol, diesel prices? (12-09-2024)
Price of international crude oil – the raw material for making petrol and diesel – dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday – the first time since December 2021 – but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
UK clears decks for £500 mn grant for Tata Steel (12-09-2024)
The Labour government in the UK has cleared the decks for a £500 million grant to Tata Steel, paving the way for decarbonisation of the company’s British business and a sustainable financial future. In a statement, Tata Steel said that it has signed a £500 million Grant Funding Agreement (GFA) with the UK government, allowing it to “proceed at pace with the project to install a state-of-the-art electric arc furnace (EAF) at the Port Talbot steelworks in Wales”. This is part of the £1.25 billion green steel project in Port Talbot, of which Tata Steel’s investment is to the tune of £750 million.
Ford Motor in talks with TN to restart production (12-09-2024)
Two years after winding up its India production, global automobile giant Ford Motor Company is in talks with the Tamil Nadu government to restart operations at Maraimalai Nagar near Chennai, where it will focus on exports. Chief Minister Stalin visited Ford headquarters in Michigan on Tuesday and held discussions with its top management, urging it to restart production. “Had a very engaging discussion with the team from Ford Motors.
Sensex scales Mount 83K, Nifty at lifetime high (12-09-2024)
Benchmark Sensex hit the historic 83,000 level for the first time on Thursday and the Nifty settled at a lifetime high after a rally in blue-chip shares, surge in global markets and foreign fund inflows. A sharp fag-end rally drove the 30-share BSE Sensex to the 83,000 level for the first time. The barometer surged 1,593.03 points or 1.95 per cent to hit its lifetime intra-day peak of 83,116.19 in the last hour of trade.
PLI scheme boosts AC industry; localisation doubles (12-09-2024)
The government’s two-year-old production-linked incentive (PLI) for air conditioner (AC) components has boosted domestic production, with average value addition or localisation increasing from 25 per cent to 55 per cent now, according to the scheme’s beneficiaries. Last year, 10 million ACs were manufactured and sold in India and the number is expected to reach 14 million in 2024, according to industry estimates. Domestic production is expected to hit 30 million by 2030.
Crude imports from US rebound on tight Russia sanction (12-09-2024)
Even as Russia and West Asia have been slugging it out for market share in India to sell their crude oil, the US is quietly making its moves on the sidelines. The US has doubled its share of the Indian crude market in the past few months, according to industry sources and ship-tracking data. Some of the increase in America’s market share may have come at the expense of Russia, India’s biggest crude oil supplier, said industry sources.
E-invoice mandate may cover B2C transactions (12-09-2024)
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
Rising orders, execution to help road infra companies (12-09-2024)
Road awards were muted in Q1FY25. But the pace will accelerate with a bidding pipeline of Rs 1.1 trillion (September 2024), mostly dominated by HAM (Hybrid Annuity Model) projects, which contribute 47 per cent and engineering procurement and construction or EPC projects, which have about 36 per cent share. Hence, infrastructure companies mostly reported revenue decline on a year-on-year (Y-o-Y) basis in Q1FY25.