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The Economic Times

Boeing Strike: Union workers say company not taking talks seriously

Boeing workers, represented by the International Association of Machinists and Aerospace Workers, have gone on strike over a contract dispute. The union claims Boeing is not taking mediation seriously, particularly on issues of wages and pensions. Mediation continues as factories in Renton and Everett remain shut down.

Business Standard

Boeing, union negotiators to resume talks as striking workers dig in

The top negotiators at Boeing and the International Association of Machinists and Aerospace Workers (IAM) will meet with federal mediators in Seattle on Tuesday for preliminary talks, as per reports

CNBC TV18

Indo National divests 51% stake in Kineco for ₹220 crore

The Chennai-based manufacturer plans to deploy the funds in new-age enterprises, aerospace and defence industries, as well as across diverse categories of the fast-moving consumer goods sector, according to a statement.

The Economic Times

Nippo-maker Indo National sells entire 51% stake in Kineco for Rs 220 cr

Chennai's Indo National Ltd has sold its 51% stake in Kineco Ltd for Rs 220 crore to an unnamed consortium. CEO Pavan Kumar BVS stated the funds will be invested in aerospace, defense, and various fast-moving consumer goods sectors.

Business Line

DCX Systems subsidiary bags defence manufacturing licence

Raneal Advanced Systems to manufacture classified security products at Aerospace SEZ in Bengaluru

Business Standard

Indo National divests its entire 51% stake in Kineco for Rs 220 crore

Indo National Ltd, the manufacturer of consumer electrical products and dry cell batteries under brand Nippo, on Tuesday, announced to divest its entire 51 per cent stake in Kineco Ltd, a composites manufacturer, for Rs 220 crore. The Chennai-based manufacturer plans to deploy the funds in new-age enterprises, aerospace and defence industries, as well as across diverse categories of the fast-moving consumer goods sector, according to a statement. "The board of directors decided to sell its 51 per cent stake in Kineco Limited to a consortium of investors for a consideration of Rs 220 crore," it said. Indo National is the second-largest player in the dry cell industry, with a production capacity of 800 million batteries per annum. Besides it also has a presence in consumer electricals and torchlights manufacturing. In 2016, the company invested in Kineco, a key composites business offering a wide range of products and processing technologies for defence, railways and industrial ...

Mint

Boeing Cost-Cutting measures: Company considering temporary layoffs to save cash during the strike by machinists

Boeing's financial woes deepen as strike continues. The aerospace giant has announced a series of cost-cutting measures, including hiring freezes and potential temporary layoffs, in response to the ongoing strike by factory workers.

Hindustan Times

Boeing strike could go on for a while, union leader says: Report

More than 30,000 members of the International Association of Machinists and Aerospace Workers (IAM), began a strike on Friday after voting down a new contract

The Economic Times

Tata Technologies to drive aerospace growth amid supply chain crisis, airline cabin refurbishments

Tata Technologies is set to experience significant growth in the aerospace sector due to a supply chain crisis. The company has partnered with major aircraft manufacturers and MRO firms to expedite processes, focusing on cabin refurbishments and productivity improvements. This growth is driven by rising demand for premium seating among leisure travelers.

Business Standard

Boeing workers vote on whether to strike, shut down aircraft production

Boeing waited to learn Thursday whether 33,000 aircraft assembly workers, most of them in the Seattle area, are going on strike and shutting down production of the company's best-selling planes. Members of the International Association of Machinists and Aerospace Workers were voting on whether to approve a contract offer that includes 25% pay raises over four years. If the factory workers reject the contract and two-thirds of them vote to strike, a work stoppage would begin Friday at 12:01 a.m. PDT. A walkout would not cause flight cancellations or directly affect airline passengers, but it would be another blow to Boeing's reputation and finances in a year marked by problems in its airplane, defense and space operations. New CEO Kelly Ortberg made a last-ditch effort to avert a strike, telling machinists Wednesday that no one wins in a walkout. For Boeing, it is no secret that our business is in a difficult period, in part due to our own mistakes in the past, he said. Working ...

Business Standard

BEL rises on bagging orders worth Rs 1,155 cr

Bharat Electronics (BEL) added 1.22% to Rs 289.30 after the aerospace & defense firm received two orders from Cochin Shipyard aggregating to Rs 1,155 crore.

Business Standard

IIT partners with Airbus India to set up global training centre in Guwahati

The IIT-Guwahati entered into an agreement with Airbus India Private Ltd on Friday to set up a global training centre for aviation and logistics business here. Chief Minister Himanta Biswa Sarma said the collaboration will pave the way for Assam to emerge as a logistics hub in providing skilled personnel in aerospace technology. This is a milestone initiative to welcome Airbus India to our state. This agreement does not represent just a formal alliance, but a shared commitment to innovation and excellence to aerospace technology and development of logistics hub in Assam, he said at the MoU signing ceremony at IIT-Guwahati. The CM maintained that the project will address the current skill gap, and the collaboration is poised to elevate global competitiveness and the logistics sector in the northeast region. This is a significant step in creating a robust and dynamic workforce in our region, Sarma said, emphasising that the coming together of academic excellence of IIT-Guwahati and .

Business Standard

Carbon fibre will be produced by India in 2025-26: Textile minister Giriraj

Union Textiles Minister Giriraj Singh on Friday expressed confidence that the niche carbon fibre -- which is used in aerospace, civil engineering and defence as an alternative to metal -- will be produced by India in 2025-26. Currently, India does not produce any carbon fibre and relies completely on imports from countries such as the US, France, Japan and Germany. The European Union's proposed Carbon Border Adjustment Mechanism, a tax on embedded carbon imports, is expected to kick in from 2026. "The coming days belong to Technical textiles in every sector... I am fully confident that in 2025-26 the niche carbon fibre product will also be with India," Singh told reporters here. The minister asserted that after the Narendra Modi-led government came to power, it has "balanced imports" in the hygiene sector. "Earlier we used to import diapers. Thanks to PM Modi for bringing production-linked incentive (PLI) scheme which has created excitement in the industry," Singh said. Earlier w

Mint

Incora Judge Vows to Reject Revival Plan Unless Proposal Changes

A proposal to get Incora out of bankruptcy will be rejected by a federal court unless the aerospace parts maker changes the plan, the judge overseeing the company’s insolvency case said during a court hearing Thursday.

Business Standard

PTC Inds spurts as arm bags order from Israel Aerospace Industries

PTC Industries rose 2.48% to Rs 14,499 after the company said that its wholly owned subsidiary, Aerolloy Technologies has received an order from Israel Aerospace Industries (IAI), for supply of titanium cast components for aerospace applications.

Mint

Multibagger PTC Industries shares rise 3% after arm secures aerospace order from Israel

Shares of PTC Industries, a manufacturer specializing in high-quality, high-precision metal components for critical and supercritical applications, jumped 3% during the final hour of trading today, reaching ₹14,500 apiece.

CNBC TV18

Tech Mahindra, Marshall ink pact to drive advancement in aerospace, defense engineering

Tech Mahindra in a statement said it will assist Marshall's engineering programmes in aircraft design and manufacture, special mission platforms, and the development of digital maintenance, repair, and overhaul (MRO) technologies.

Business Standard

Tech Mahindra, Marshall partner to drive advancement in aerospace, defence

IT major Tech Mahindra on Thursday said it has inked a pact with UK-based engineering service provider Marshall Group to combine their digital solutions and engineering capabilities to spur advancements in aerospace and the defence industry. Tech Mahindra in a statement said it will assist Marshall's engineering programmes in aircraft design and manufacture, special mission platforms, and the development of digital maintenance, repair, and overhaul (MRO) technologies. Marshall will also make use of Tech Mahindra's suite of data analytics and intelligent field support technologies to enhance its infrastructure solutions' operational efficiency and reliability. "Combining Tech Mahindra's global engineering and technology capabilities with Marshall's rich heritage and specialised knowledge, we are poised to create a powerful collaboration to drive innovation, deliver exceptional customer value, and enable the industry to scale at speed," Narasimham R V, President, Engineering Services,

The Economic Times

LTTS aims at $1 billion revenue for each of its three verticals

Analysts at Nuvama said, “Management forecasts India’s share of global ER&D (engineering and research and development) outsourcing market would expand at a CAGR (compound annual growth rate) of 17–22% over 2023–30. They anticipate global ER&D spend to touch $540 billion in the auto segment, $280 billion in transport & off-highway and $120 billion in aerospace & rail by 2030.”

Mint

‘Embarrassed’: Boeing employee after aerospace giant seeks help from SpaceX to rescue Sunita Williams and Butch Wilmore

Boeing's Starliner spacecraft experienced issues involving helium leaks and thruster malfunctions, which have left two astronauts stranded in space.

Business Standard

Unimech Aerospace Ltd files draft papers with Sebi for Rs 500 cr IPO

Unimech Aerospace and Manufacturing Ltd has filed draft papers with capital markets regulator Sebi to float a Rs 500-crore initial public offering (IPO). The Bengaluru-based company's IPO comprises fresh issue of equity shares worth Rs 250 crore and an offer of sale (OFS) of up to Rs 250 crore by promoter and the promoter group, as per the draft red herring prospectus (DRHP). The offer also includes a reservation for a subscription by eligible employees. Funds raised from the fresh issue to will be used for expansion through the purchase of machineries and equipment, funding working capital requirements, investment in its material subsidiary, payment of debt and general corporate purposes. Unimech Aerospace is a high precision engineering solutions company specialising in complex manufacturing solutions for the aerospace, defence, energy, and semiconductor industries. The company has recently raised Rs 250 crore from investors, including Steadview Capital Mauritius Ltd, ValueQuest

Business Standard

Jindal Stainless to manufacture high-end stainless steel for BrahMos

Jindal Stainless on Monday said it will manufacture customised stainless steel and speciality low-alloy steel sheets for defence projects of BrahMos Aerospace. The company will also supply steel plates from its Hisar plant in Haryana, it said in a statement. Jindal Stainless has been accredited by BrahMos Aerospace Pvt Ltd as a qualified vendor for the manufacturing and supply of steel sheets and plates, it added. JSL MD Abhyuday Jindal said, "We envision an India that is completely Atmanirbhar in its defence requirement. In line with this vision, we are enhancing our capabilities to meet and exceed the stringent conditions for such critical applications. Contributing to the strengthening of our country's defence standing is a matter of passion and pride for us". Previously, Jindal Stainless has supplied materials for key projects under the DRDO and Isro, including India's lunar mission Chandrayaan, PSLV, GSLV Mk3, nuclear submarine missile system, missile canisters for various ...

The Economic Times

Jindal Stainless to supply high-end stainless steel to BrahMos Aerospace

Jindal Stainless announced on Monday that it will produce customized stainless steel and specialty low-alloy steel sheets for BrahMos Aerospace's defence projects. The company has been accredited as a qualified vendor for manufacturing and supplying steel plates from its Hisar plant in Haryana. Jindal Stainless MD Abhyuday Jindal emphasized the company’s commitment to making India self-reliant in its defence sector. The firm has previously supported DRDO and ISRO projects, including Chandrayaan and missile systems, and recently developed special alloy steel sheets for the SMART system.

Business Standard

Garuda Aerospace enters Sri Lankan market to target agricultural sector

Cricketer M S Dhoni-backed drone technology firm Garuda Aerospace on Monday announced its entry in the Sri Lankan market where it will primarily target agricultural sector to enhance farming practices, besides exploring opportunities in homeland security and industrial applications. As part of the company's global expansion plans, the foray into Sri Lanka will also support Garuda in capitalising on the country's strategic location and drone-friendly regulatory environment, Garuda Aerospace said. The company said it is looking to spread its presence in at least 50 countries over the next few years, and has set aside USD 10 million, of the over Rs 100 crore revenue it delivered in FY24, to fuel the international growth. "This (expansion into Sri Lanka) isn't merely about growth, it's about unlocking the full potential of drone technology to create substantial impacts across various sectors. Sri Lanka's diverse landscape allows us to showcase how our innovative solutions can bring ...

The Economic Times

Brazilian aerospace company Embraer in talks with govt for tie up but seeks market access for its jets

Brazilian aerospace firm Embraer is negotiating with the Indian government and major conglomerates to establish a manufacturing unit in India. CEO Arjan Meijer emphasized that progress hinges on securing market access for their jets, which compete with Airbus and Boeing in the regional aircraft segment.

Business Line

Stocks that will see action today: July 12, 2024

Buzzing stocks: Utkarsha SFB, Aditya Birla Fashion, Affle India, Tata Elxsi, JSW, Sharika, Vodafone India, PNB, SAIL, Godrej group, Keystone, ixigo, Cyient, Oriental Rail, Nazara, Fischer, Adani Wilmar, Prakash Ind, Go First, LT Foods, Taneja Aerospace, Brigade, Bondada, GMDC