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Stainless steel pipes and tubes manufacturers and exporters Venus Pipes & Tubes on Friday reported a 22 per cent fall in net profit to Rs 18 crore for the December quarter of 2024-25 compared to Rs 23.27 crore in the year-ago period. However, the company increased total income by 11.7 per cent in the third quarter to Rs 231.3 crore from Rs 207.1 crore in the same period last year. "Strong export demand continued during the quarter, with exports rising by 153 per cent YoY. Growth was driven by robust demand from the US and Middle East & Africa market for welded pipes and tubes, while European demand continued to remain strong," the company said in a statement. Exports accounted for 38.5 per cent of revenue during the quarter. "Domestically, sales remain impacted by sluggish private and government sector capex," Arun Kothari, Managing Director, Venus Pipes & Tubes Ltd said. For the first nine months of FY25, net profit rose by 14 per cent to Rs 69 crore while revenue was up .
India's defence production has clocked an all-time high of Rs 1.27 lakh crore in terms of value in 2023-24 and it is now exporting weapons and military hardware to more than 90 friendly countries, Defence Minister Rajnath Singh said on Wednesday. Indian armed forces are now using weapons and platforms manufactured on Indian soil and the country is rising on the global defence industrial landscape, the minister said in a post on 'X' on the 10th anniversary of the NDA government's 'Make in India' programme. The government under Prime Minister Narendra Modi's "astute leadership" introduced the 'Make in India' programme with a vision to make the country self-reliant in every domain, Singh said. "Ten years since then, many reforms have been made in every sector including the defence sector. India is rising on the defence industrial landscape of the world," he said. "Today, Indian Armed Forces are using weapons and platforms, which are manufactured on our own soil and we are also exporti
IT hardware company Netweb Technologies on Saturday posted over three-fold jump in net profit to Rs 15.4 crore in the April-June quarter of 2024-25. The company had posted a net profit of Rs 5 crore in the same period a year ago. Total income also increased to Rs 153.21 crore during the reported quarter from Rs 60.2 crore in June 2023 quarter. "AI systems has emerged as a pivotal growth pillar, contributing significantly to our operating revenue, with its share increasing to 14.6 per cent in the quarter gone by, marking a robust growth of 146 per cent YoY," Sanjay Lodha, Chairman and Managing Director, Netweb Technologies said.
The US on Friday said it has raised concerns with India regarding the import regime of certain information and communications technology products, including laptops, and tablets, amid New Delhi's decision to restrict inbound shipments of such products. At present, an authorisation is needed for importers of certain IT hardware goods into India. The USA's National Trade Estimate Report on Foreign Trade Barriers 2024 also said American exporters have raised concerns over the lack of prior stakeholder consultations on the issues. "The United States continues to monitor implementation and to raise concerns with India (on this)," it said. The report alleged that the "opaque and unpredictable" nature of India's application of quantitative restrictions has affected the ability of US exporters to access the market. "The United States continues to raise this issue, along with other trading partners, at the WTO (World Trade Organisation)," it said, adding that the US government continues to
Godrej Locks and Architectural Fittings and Systems (GLAFS) is aiming to achieve 2-fold growth over the next three years, as it is betting big on digital locks, a segment showing promising trends in both residential and commercial spaces, a senior company official said. The architectural solutions and fittings segment now contributes to almost 40 per cent of the national turnover expected to reach over Rs 1,000 crore this year, Shyam Motwani, Business Head, Godrej Locks and Architectural Fittings and Systems, told reporters in Panaji last week. Motwani was speaking during the third edition of the Godrej Value Co-Creators Club (GVCC) awards, known as The GEEVEES, which celebrates creativity, innovation, and sustainability in design. Motwani also emphasized the importance of the architect and interior design community, stating, "we want to celebrate the efforts of these value co-creators who play a crucial role in enhancing the functionality and aesthetics of our living ...
The government on Friday informed IT hardware players that the process of import authorisation for laptops, tablet, servers etc. will be completely online and has sought data of the past three years for the inbound shipments of mobile, IT and telecom products, sources aware of the development said. Industry players have been informed that the "import management system" portal, which will be managed by Directorate General of Foreign Trade (DGFT), will go live by the end of this month. "MeitY has informed companies that 'import management system' will go live by September end. It will be managed by DGFT. It has asked importers to feed their organisation data and import data subsequently for the past 3 years," a source, who did not wish to be identified, told PTI. The government has proposed to implement new rules for import of IT hardware from November 1. The new rule will allow imports of IT hardware by authorised firms. The import management system will handle imports related to .
IT hardware maker Lenovo plans to strengthen local manufacturing and is in discussion with the government to seek clarity on the PLI scheme and recent import restrictions, a senior company official said on Tuesday. Lenovo India Commercial Business Executive Director Ajay Sehgal said that the company has been manufacturing in India for about the last two decades and now even exporting from India. "We need to understand more in detail about the new regulations. After understanding that part we will be able to comment better on how we can add more value in the manufacturing in India. Manufacturing in India is not new for us. If it is only a capacity enhancement, definitely, we know there is a merit to increase that part and we are moving in that direction," Sehgal said. He was responding to a question on Lenovo's view on Rs 17,000 crore production-linked incentive scheme for manufacturing IT hardware in the country. Lenovo leads the global PC market with a 24 per cent market ...
The government is likely to push its order of licensing requirement for imports of laptops, PC and tablets by at least a month, sources said, as officials did fire-fighting after the decision announcement took the industry by surprise. The move is expected to offer a breather to companies, who have been on tenterhooks following Thursday's order. DGFT will soon issue a notification on timeline extension, IT Ministry sources said. In a post on 'X' social media platform (earlier known as Twitter), Minister of State for Electronics and IT Rajeev Chandrasekhar said: "There will be a transition period for this to be put into effect, which will be notified soon". Meanwhile, IT Ministry sources indicated that implementation timelines will be extended by at least a month, which means players will have more time in hand to apply for a licence if they wish to import these products. Time will be given to companies so that they apply for licences, sources said, adding that timelines will be ...