Author: MM Desk

Britain’s new state-backed power company, GB Energy, will collaborate with the Crown Estate to boost investment in clean energy projects, the government announced on Thursday. The agreement involves the Crown Estate creating a new division to work with GB Energy. For the first time, the Crown Estate will help develop new offshore wind farms, potentially attracting £30 to £60 billion ($77.48 billion) in private investment. The Crown Estate predicts this partnership could result in 20-30 gigawatts of new offshore wind developments reaching the seabed lease stage by 2030, enough to power almost 20 million homes. Ed Miliband, the minister for…

Ramco Cements Ltd reported a 55% drop in net profit to ₹35.5 crore for the first quarter ending June 30, 2024. Revenue fell by 7% to ₹2,088 crore due to an 8% decline in cement prices. Despite weak demand during general elections, sales slightly increased by 1% to 4.36 million tonnes, with a capacity utilization of 77%. EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) decreased by 6.4% to ₹319.5 crore, compared to ₹341.4 crore in the same period last year. The EBITDA margin stood at 15.3%, slightly up from 15.23% in Q1 FY24. Raw material costs rose by 9%…

Sterling & Wilson Renewable Energy has received a major order worth Rs 328 crore. The company will handle the engineering, design, procurement, construction, testing, and commissioning of a large Battery Energy Storage System (BESS) in Rajasthan, India. This project will have a capacity of 1,000 MWhr, making it the biggest BESS project in India and one of the largest in the world at a single location. It is expected to be completed by 2025. Currently, India has only 219 MWhr of installed BESS capacity as of March 2024. According to the National Electricity Plan 2023, the country will need 82.37…

MediaTek and JioThings Limited have introduced a Made-in-India smart digital cluster and smart module for two-wheelers in India. This new technology is designed for both IC engine and electric vehicles. MediaTek brings its advanced chipset technology, while JioThings offers innovative digital solutions, aiming to enhance the two-wheeler market and the EV landscape. The collaboration aims to provide an Android-based smart digital cluster solution, featuring real-time data analytics, customizable interfaces, and voice recognition for easy control. This system also integrates seamlessly with vehicle controllers, IoT-enabled charging infrastructure, and smart battery management systems optimized for EVs. Users will benefit from the ‘Jio…

Ashok Leyland, part of the Hinduja Group, achieved its highest ever Q1 commercial vehicle (CV) volumes with 43,893 units, up from 41,329 units last year. This led to record Q1 revenue of ₹8,599 crore, up from ₹8,189 crore. The company also reported its highest EBITDA of ₹911 crore and PBT of ₹701 crore. The company’s domestic MHCV volume grew by 8%, with a market share of 30.7%. Bus market share increased to 33.3%. Domestic LCV volume was 15,345 units, up 4% from last year’s 14,821 units. Export volume was 2,324 units, a 5% increase from 2,222 units last year. EBITDA…

CloudNC, a manufacturing technology company, has launched its CAM Assist AI solution for Mastercam users. CAM Assist uses AI to create machining strategies for 3 and 3+2 axis CNC machines, now accessible as an add-on for Mastercam, a widely used CAM software. Theo Saville, CEO of CloudNC, stated that this integration allows more machinists to benefit from CAM Assist, potentially saving machine shops over 1,000 hours per year. The software is now available through North American resellers like Shopware, CAD/CAM Consulting Services (CCCS), and In-House Solutions. Bill Angsten from Shopware praised CAM Assist for automating complex programming, while Patrick Shelar…

Toyota Kirloskar Motor (TKM) has won two prestigious EEPC Export Excellence awards. The company received the ‘Engines and Turbines & Parts Thereof – Large Enterprise’ award for 2019-20 and the ‘Gold Trophy’ for Top Exporters under the Merchant Exporter category for 2020-21. These awards recognize TKM’s significant contribution to India’s engineering exports. The engineering sector is crucial to manufacturing in India, greatly contributing to the overall output. The awards ceremony took place in Puducherry and was attended by key figures including Vimal Anand from the Department of Commerce, Government of India, Arun Kumar Garodia, Chairman of EEPC, Shashi Kiran Lewis,…

Foxconn is planning to assemble Apple’s iPads in India at its Sriperumbudur facility in Tamil Nadu, according to a report. Until now, Foxconn and other contract manufacturers in India have only assembled iPhones. The report claims Foxconn is keen on starting iPad assembly soon, with initial discussions with the government already underway. Not just in India, Apple also started iPad production in Vietnam. The American company is diversifying its production away from China, which is part of a broader strategy that included shifting some iPad production to Vietnam last year. The expansion in India aligns with this move. The report claims…

India’s auto component industry recorded a $300 million trade surplus in FY24, with exports rising by 5.5% to $21.2 billion, according to the Automotive Component Manufacturers Association of India (ACMA). Imports grew by 3% to $20.9 billion. In FY23, the industry had a $200 million trade deficit. Shradha Suri Marwah, President of ACMA, said that despite global challenges and higher logistics costs, auto component exports grew while imports increased less, leading to a trade surplus. The industry’s turnover increased by 9.8% to ₹6.14 lakh crore, supported by steady vehicle production, a strong aftermarket, and export growth. Regionally, North America accounted…

Hindustan Zinc Limited, has launched EcoZen, Asia’s first low carbon ‘green’ zinc. EcoZen is certified as low-carbon zinc and has a carbon footprint of less than one tonne of carbon equivalent per tonne of zinc produced. This zinc is made using renewable energy, making its carbon footprint about 75% lower than the global average. Zinc is mainly used to protect steel from rusting, which is important for many industries like steel, infrastructure, and automotive. EcoZen will help Hindustan Zinc’s customers offer more sustainable products. By using EcoZen, the carbon emissions can be reduced by about 400 kgs per tonne of…