Indian Manufacturing Sector Activity Hits 11-Month High in November

The country’s manufacturing sector activity improved in November and touched an 11-month high as new order flows encouraged companies to lift production amid strong demand conditions, a monthly survey said on Monday.

The Nikkei India Manufacturing Purchasing Managers’ Index strengthened from 53.1 in October to 54.0 in November, signalling the strongest improvement in the health of the sector in almost one year.

This is the 16th consecutive month that the manufacturing PMI remained above the 50-point mark.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Manufacturers increased production at the second-quickest pace since October 2016, buoyed by stronger demand conditions and greater sales.

“The Indian manufacturing sector continued to recover from ground lost in August, with November seeing the headline PMI climb to an 11-month high,” said Pollyanna De Lima, Principal Economist at IHS Markit and author of the report.

The expansion in total new orders was supported by greater sales to international markets as producers reportedly received bulk orders from clients in key export destinations.

“Signs of rising confidence in the upturn were also provided by the trend for employment, which continued to grow at one of the quickest rates seen in six years,” Lima added.

On the employment front, goods producers created jobs in November. Though the increase in employment softened slightly since October, but was among the fastest seen in six years, the survey noted.

Going ahead, business sentiment improved from October’s 20-month low, with Indian manufacturers forecasting better market conditions in the coming 12 months.

JLR Unvels Special Edition XJ50 Priced at Rs 1.11 Crore in India

Tata Motors-owned Jaguar Land Rover has launched a special edition of its Jaguar XJ model for Rs 1.11 crore in India to commemorate 50 years of the company’s flagship luxury saloon, as per a reports from New Delhi.

The special edition, XJ50 will be available in long wheelbase with 3 litre diesel engine option, the company said.

The anniversary edition will have unique intaglio branding and XJ50-badged illuminated treadplates, alongside anodised gearshift paddles and bright metal pedals. 

“The Jaguar XJ has always been the epitome of Jaguar’s focus on luxury and excellence. With the XJ50, we have raised the bar once again, paying homage to one of the world’s most stylish sporting saloons.” said Rohit Suri, Jaguar Land Rover India President and MD.

TKM Announces Management Leadership Change; Masakazu Yoshimura Likely New MD in India

As a part of its management restructuring in India, Toyota Kirloskar Motor Pvt. Ltd. (TKM) today announced the repatriation of Akito Tachibana, present Managing Director of Toyota Kirloskar Motor and proposed appointment of Mr. Masakazu Yoshimura as Managing Director. The formal appointment of the new Managing Director will be made at the meeting of Board of Directors scheduled on 22nd January 2019.

Masakazu Yoshimura will be responsible for broad leadership and strategic direction of Toyota’s business operations in India. He comes with over 25 years of rich automobile experience in diverse areas covering Product Planning, Pricing, Sales & Marketing, etc., and is equipped to further contribute to the overall success of Toyota’s brand in the region.

Prior to this appointment, Yoshimura was General Manager at Toyota Motor Corporation [East Asia & Oceania Division].

As a keen follower of Toyota’s global best practices and continuous improvement of operations, Yoshimura will continue to guide the company’s vision and values of building the brand synonymous with Quality, Dependability and Reliability - QDR Philosophy.

Commenting on the leadership change, Akito Tachibana, Managing Director – Toyota Kirloskar Motor, said “Thank you very much for the support & cooperation extended to me during my tenure in Toyota Kirloskar Motor. Together as Team Toyota, we have defined Vision 2025 which enabled us to grow India & grow with India. I also sincerely appreciate the TKM Team in India for their active participation in realizing a Safe and Clean company.  Efforts related to continuous improvement & people development initiatives will help in Business Sustainability. It would be appreciated, if you could extend the same level of support to Mr. Yoshimura.

I am really happy to be in India during the phase of evolving changes, but with no change in the warmness of peoples’ heart in India.”

During his India stint, Tachibana was responsible for steering Toyota’s long-term vision for India”, leading to the overall growth prospects through his strategic drive. While setting very high standards with his work, Mr. Tachibana was instrumental in carving out a strong future for Toyota in India.

Speaking on his new appointment as Managing Director of Toyota Kirloskar Motor – Masakazu Yoshimura, said “I am excited to work in the much challenging Indian market. Customers are at the heart of everything we do and we Toyota Team will enhance our efforts to enrich the society further, thus improve the lives of the people. Taking forward Toyota’s core values, I look forward to everyone’s continued support and co-operation, to build on the growing momentum of sustainable operations in the region.”

Fincare SFB Posts 99% AUM Growth; Rs.42.3 Cr Profit in H1, 2019

Fincare Small Finance Bank, poised for a sustained growth with improved fundamentals, has registered a Rs. 42.3 crore profit after tax (PAT) in H1 FY19. The Bank’s gross loans portfolio grew at 99 per cent during the year, to close at Rs. 2,899 Crore, as on September 30, 2018. The Bank has also garnered deposits worth Rs. 1,455 Crore as on September 30, 2018, a growth of 383 per cent y-o-y, with retail deposits comprising 34 per cent of the total deposits.

The Bank has successfully diversified into new asset segments, with secured loans such as loans against property, loans against gold and institutional finance growing at 252 per cent on a y-o-y basis. Secured loans now account for 15 per cent of the gross loans portfolio, significantly above the 8 per cent a year ago. The micro loans portfolio also demonstrated an 85 percent growth during the same period. Asset quality indicators have also shown improvement, with net NPA down to 0.35 per cent from 1.4 percent and gross NPA down to 1.4 percent from 1.9 percent on a y-o-y basis.

Keyur Doshi, CFO of Fincare Small Finance Bank, said, “The H1 results are a reflection of our continued efforts on growth and diversification. We have made considerable progress during this year in growing our secured business, and in building a strong liabilities franchise, as is evident from the growth in both the businesses. We are confident of sustaining this performance in the second half of this financial year as well”.

The Bank has a network of over 500 banking outlets catering to over 12.5 lakh customers across 10 states and 1 Union Territory.

Bosch Phantom Platform to Drive Indian SMEs in Digital Transformation

Robert Bosch Engineering and Business Solutions (RBEI) has launched an intelligent ecosystem platform, with an aim to assist Indian SMEs transition on Industry 4.0 journey. The platform named as Phantom was launched at the Bengaluru Tech Summit.

RBEI President and Managing Director Vijay Ratnaparkhe said Phantom platform will support SMEs to prepare a digital transformation roadmap for their manufacturing plants, machine intelligence and energy analytics.

"Bosch Phantom stands behind the Indian SME sector by significantly improving their machine efficiency which is the cornerstone to secure India's digital future," Ratnaparkhe said.

According to a company statement, it is a retrofit solution that can set up in a few minutes. Phantom gathers machine usage and production patterns for extensive analytics and provides valuable insights on benchmarks, trends, losses and best practices.

RBEI Sales and Marketing Vice-President K Swaminathan said Phantom platform is a powerful ecosystem on the cloud and on-premise that delivers manufacturing efficiency, real time alert and timely actionable insights.

Ratnaparkhe also added that Phantom will help SMEs to kick-start their digital journey, across multiple industries. The German technology giant also plans customised advisory sessions, consulting workshop and a portal for the speedy adoption Phantom platform among Indian SMEs.

Karnataka will Shortly Set Up Innovation Authority: CM Kumaraswamy

Karnataka Chief Minister H D Kumaraswamy on Thursday said the government will soon set up Karnataka Innovation Authority to further fuel the growth of innovation in the state.

Delivering the inaugural speech at the 21st edition of Bengaluru Tech Summit 2018, the annual technology summit of the state government, he said the government is going ahead with the legislative framework for setting up of the authority.

The government will also set up a Centre of Excellence for the design of tech products in Bengaluru, he added.

He said the Tech Summit is a unique platform for deliberating on innovation and its impact on industry and society at large. 

"The 21st edition of Bengaluru Tech Summit is a celebration of unique eco-system of the state. Government, industry, academia and research and development institutions have partnered and created a unique eco-system here, which has given birth to several startups and innovative ideas," he said. 

Kumaraswamy also pointed out that 65% of the MNCs who have their global in-house centres are from the USA and 37% of the global innovation centres of MNCs are in Bengaluru. "This goes to prove that technology engagement in the State is the bedrock of the strong foundation for investments. Karnataka is indeed the first choice for technology investments, worldwide,” he said. 

Speaking at the event, IT & BT and Industries Minister K J George said Karnataka is the first choice for innovators and global industry leaders to converge and showcase viability of current and emerging technologies. 

Over 200 speakers, 200 startups and global leaders from 11 countries are participating at the three-day tech summit. The inaugural event also witnessed the announcement of 20 winners of the Human Code, a global hackathon held as part of the tech summit. The contest had the participation of 42,000 teams from 68 countries.

French Ambassador to India Alexandre Ziegler announced the launch of French Tech Community in the city for fueling the growth of startups.

"40 companies are represented at the cluster. These companies will help in the digital innovation of the digital transformation of our societies. We want Bengaluru to be the centre of French startup activities which will further flourish in other cities," he said.

Ministry of Skill Development & Entrepreneurship Appoints A.M. Naik as Chairman of NSDC

Ministry of Skill Development & Entrepreneurship announces the appointment of A.M. Naik as Chairman of National Skill Development Corporation (NSDC). One of the most influential business leaders in the country, aik brings over 50 years of meritorious experience in the infrastructure, engineering and construction sectors. 

The appointment of Naik as Chairman of NSDC underscores the importance attached by the Prime Minister of India Narendra Modi to skill development. As the Prime Minister has repeatedly stressed ‘skilling brings a sense of self confidence to the poor.  Matching job creation with industry demand is the key to end unemployment. It is envisaged that in the future, India will be the biggest supplier of workforce to the world.’ 

Currently the Group Chairman of India's biggest engineering and construction conglomerate – Larsen & Toubro Limited (L&T), A.M. Naik is one of the most respected management professionals in the country. His years of successful stewardship have resulted in building L&T as one of the strongest global businesses.

Making the announcement, Dharmendra Pradhan, Hon’ble Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship expressed, “Mr. Naik epitomizes core values of a successful leader - strength, innovation, ingenuity, knowledge and foresight – values that are imperative to the success of any development initiative in today's economy. His standing in the community of industrial leaders will strongly enhance the industry connect. His vast experience will take NSDC to greater heights. I am confident that this organization under his leadership, apart from its engagement in executing skilling modules, should also be a think tank providing direction and necessary guidance for creating a demand based skilling ecosystem in the country.”

Commenting on his appointment, A.M. Naik said, “NSDC has developed a unique model combining skill development with strong industry partnerships. I am pleased at this opportunity to contribute towards our common vision of a high skill, high value added economy that offers opportunity to all.”

Manish Kumar, MD & CEO, NSDC added, “NSDC is privileged that Naik, a person with such vast knowledge and experience, is onboard as the Chairman of the organization.  We believe that his business leadership and experience will powerfully steer NSDC in its next phase of growth.”

In his remarkable career spanning over five decades, Naik has won many accolades.  He was awarded the Padma Bhushan, India's 3rd highest civilian award in 2009 for his outstanding contribution to the economic growth of the country.  Naik is also the Honorary Consul General for Denmark. He was conferred the Danish Knighthood by Her Majesty Queen Margarethe - 2008 and a further honour, the Order of the Dannebrog - Knight First Class in 2015.