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Palfinger AG is localizing manufacturing in India through a partnership with TVS Mobility Group. This move aims to reduce costs by 30% and expand market reach. A new manufacturing facility in Pune will begin production by 2027. The collaboration covers supply chain, dealerships, and aftermarket support. View More

Mumbai: Palfinger AG , manufacturer of loader, boom and recycling cranes and other lifting equipment, is moving to localise manufacturing in India, betting that a 30% reduction in costs through local production will substantially expand its market reach. The company has got into a comprehensive agreement with TVS Mobility Group , which has been distributing Palfinger cranes in India since it began selling here in 2007. The latter will now take on a significantly expanded role covering supply chain , dealership and aftermarket support. Andreas Klauser, chief executive of Palfinger AG, said the strategy is about building scale through partnership. "By combining strengths, we are expanding our footprint, improving parts availability and service responsiveness, and building a scalable platform for sustainable growth," Klauser told ET. R Dinesh, director of TVS Mobility Group, said the expanded tie-up leverages the group's integrated ecosystem to enable "faster go-to-market, operational efficiency and scalable lifecycle support" for Palfinger's India expansion. Palfinger is investing ₹350 crore in setting up a manufacturing facility in Pune, with production expected to begin by 2027. Initial capacity will exceed 1,000 cranes annually, alongside steel components destined for export to other Palfinger markets. The plant will employ around 200 people in its first phase. Klauser noted the move fulfils a commitment made to Prime Minister Narendra Modi during his visit to Austria last year. The context is significant. India's construction equipment market is currently valued at around $6 billion and is growing rapidly, driven by large-scale public investment in infrastructure, affordable housing, metro networks, national highways and defence, said Santosh Rao, senior vice president, APAC. Live Events "Palfinger has grown at a 17% CAGR over the past decade entirely through imports. We see localisation as the lever that unlocks meaningful volume growth across these segments," he said declining to share absolute numbers. The TVS Mobility partnership covers the full commercial lifecycle-supply chain, dealership, aftermarket and vehicle-on-demand operations-with the two companies also set to jointly explore defence sector opportunities. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Coal demand is set for a significant increase. This comes as electricity consumption shows a strong recovery. Power demand grew in December and continues to rise in January. Harsh winter conditions and improved economic activities are driving this trend. This will likely boost coal demand in the coming days. The Indian Coal Markets Conference will discuss these developments. View More

New Delhi: The country's coal demand , which had remained weak earlier in the current financial year, is poised for a boost in the coming days on the back of a sharp turnaround in electricity consumption , an industry expert said on Sunday. Vinaya Varma, Managing Director of mjunction services ltd -- a B2B e-commerce platform and joint venture of SAIL and Tata Steel -- said after successive months of negative growth in October and November, power demand staged a strong recovery in December with a 6.3 per cent growth. "The tempo has been maintained with power consumption continuing to rise in January as well, due to a harsh winter and general improvement in economic activities ," Varma said. "This, we believe, will boost coal demand in the coming days," he added. The country's coal sector , after hitting a record one-billion-tonne production milestone, is staring at a surprise demand slowdown, forcing major public firms and new commercial miners to rethink expansion plans amid rising uncertainties. Live Events Against this challenging landscape, mjunction will organise the 19th Indian Coal Markets Conference , "Coalosseum: The Coal Battleground" from February 24-25 in Kolkata. During the conference, top 36 eminent speakers from coal, power, cement, sponge iron, steel, trading, exchange, and logistics sectors will address various issues facing the coal and energy vertical in the country. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The MoU was signed at the India-Brazil Business Forum Summit in New Delhi during the official visit of Brazilian President Luiz Inacio Lula da Silva View More

Stock markets rebounded strongly on Friday, with Sensex up 316 pts, reflecting optimism on trade deals. Nifty 50 also gained 116 pts. The week saw modest increases for both indices, while analysts recommend buying BEL and Tata Steel shares. Investors should consult experts before making decisions. View More

Ratan Tata's statement emphasises that internal factors, like mindset, can lead to personal destruction, much like rust weakens iron. It highlights the importance of self-awareness, resilience, and accountability in overcoming challenges and realising one's true potential. View More

The agreement establishes a framework under which the three parties will jointly develop, operationalise and manage an SEZ-based ecosystem for blending, value addition and commercialisation of iron ore View More

India's Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva were holding talks in New Delhi on Saturday, seeking to boost cooperation on critical minerals and rare earths. With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources. View More

New Delhi: Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva were holding talks in New Delhi on Saturday, seeking to boost cooperation on critical minerals and rare earths. Brazil has the world's second-largest reserves of these elements, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles. India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers. Lula, heading a delegation of more than a dozen ministers as well as business leaders, arrived in New Delhi on Wednesday for a global summit. On Saturday, he was given a ceremonial welcome and paid his tributes to India's independence hero Mahatma Gandhi, before going into the meeting with Modi. Live Events Officials have said the two leaders are expected to sign a memorandum on critical minerals and discuss efforts to increase trade links. The world's most populous nation is already the 10th largest market for Brazilian exports, with bilateral trade topping $15 billion in 2025. The two countries have set a trade target of $20 billion to be achieved by 2030. With China holding a near-monopoly on rare earths production, some countries are seeking alternative sources. Rishabh Jain, an expert with the Delhi-based Council on Energy, Environment and Water think tank, said India's growing cooperation with Brazil on critical minerals complements recent supply chain engagements with the United States, France and the European Union. While these partnerships grant India access to advanced technologies, finance and high-end processing capabilities, "Global South alliances are critical for securing diversified, on-ground resource access and shaping emerging rules of global trade", Jain told AFP. - 'New momentum' - Modi and Lula are also expected to discuss global economic headwinds and strains on multilateral trade systems after both of their countries were hit by US tariffs in 2025, prompting the two leaders to call for stronger cooperation. Washington has since pledged to roll back duties on Indian goods under a trade deal announced earlier this month. "Lula and Modi will have the opportunity to exchange views on... the challenges to multilateralism and international trade," said Brazilian diplomat Susan Kleebank, the secretary for Asia and the Pacific. Brazil is India's biggest partner in Latin America. Key Brazilian exports to India include sugar, crude oil, vegetable oils, cotton and iron ore. Demand for iron ore has been driven by rapid infrastructure expansion and industrial growth in India, which is on track to become the world's fourth largest economy. India's Foreign Minister Subrahmanyam Jaishankar said he was confident that Lula's talks with Modi "will impart a new momentum to our ties". "Deeply appreciate his warm sentiments and guidance on advancing our strategic partnership," he said in a post on X on Saturday. Brazilian firms are also expanding in the country, with Embraer and Adani Group announcing plans last month to build aircraft in India. Lula addressed the AI Impact summit in Delhi on Thursday, calling for a multilateral and inclusive global governance framework for artificial intelligence. He will travel on to South Korea for meetings with President Lee Jae Myung and to attend a business forum. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

CleanMax raised Rs 921 crore from anchor investors ahead of its Rs 3,100 crore IPO, drawing strong participation from global names like Temasek Holdings and domestic institutions. The robust anchor response underscores rising investor interest in commercial and industrial clean-energy platforms. View More

Clean Max Enviro Energy Solutions has raised Rs 921 crore from anchor investors ahead of its Rs 3,100 crore IPO, with global and domestic institutions including Temasek Holdings and SBI Life Insurance featuring prominently in the anchor book. The company informed exchanges that it allotted 87,46,437 equity shares at Rs 1,053 per share to anchor investors on February 20. The anchor portion accounts for a significant chunk of the institutional interest ahead of the issue opening for public subscription on February 23. Among the investors participating in the anchor round were Temasek Holdings, SBI Life Insurance, Nomura Asset Management, HDFC Mutual Fund, ADIA, Franklin Templeton Mutual Fund, Eastspring, SBI General Insurance , Premji Invest, 360 One Mutual Fund, Trust Group, BNP and Tata Investment Corporation , among others. Foreign institutional investors accounted for 32% of the anchor book, while domestic institutions made up 68%. Out of the total anchor allocation, 45,91,720 shares were allotted to key investors, including Temasek Holdings, SBI Life, Nomura Asset Management, Eastspring, HDFC Mutual Fund, Franklin Templeton Mutual Fund, 360 One Mutual Fund, SBI General and ADIA. This tranche amounted to approximately Rs 483.51 crore, representing 52.5% of the total anchor book. The anchor round follows a Rs 1,500 crore pre-IPO placement completed earlier this month. On February 6, CleanMax raised capital from investors including Temasek Holdings, Bain Capital, 360 One, Steinberg India Emerging Opportunities Fund, Steadview Capital and several family offices, including those of the Dalmia group, and the Jaisinghani and Taparia families. Live Events Also read: Sebi approves 4 IPOs including Integris Medtech, Alpine Texworld and Anjali Labtech The IPO comprises a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. At the upper end of the price band of Rs 1,000 to Rs 1,053 per share, the total issue size stands at Rs 3,100 crore. The offer will close on February 25. Axis Capital , JP Morgan India, BNP Paribas , HSBC Securities and Capital Markets (India), IIFL Capital Services , Nomura Financial Advisory and Securities (India), BOB Capital Markets and SBI Capital Markets are the book-running lead managers. MUFG Intime India is the registrar to the offer. CleanMax is India's largest commercial and industrial renewable energy provider, with 2.80 GW of operational, owned and managed capacity and 3.17 GW of contracted capacity under execution as of October 31, 2025, according to a CRISIL report. Founded in 2010, the company focuses on delivering net-zero and decarbonisation solutions to corporates, including data centres, AI and technology companies, as well as infrastructure, cement, steel, FMCG, pharmaceuticals and real estate clients. Its offerings span renewable power supply through long-term contracts, engineering, procurement and construction services, and operations and maintenance of solar, wind and hybrid plants, both onsite and at company-developed renewable farms. It also provides carbon credit solutions and turnkey decarbonisation services. Also read: Rs 4,300 crore IPO rush next week: Clean Max, PNGS Reva among 9 public offers to hit the market For FY25, CleanMax reported revenue from operations of Rs 1,496 crore, compared with Rs 1,390 crore in FY24, marking a year-on-year growth of 8%. EBITDA rose sharply to Rs 1,015 crore in FY25 from Rs 742 crore in the previous year, reflecting a 37% increase and indicating improved operating performance. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The Supreme Court ruled against a centerpiece of President Donald Trump's tariff agenda on Friday. Consumers could save money as a result, economists said. View More

People walk in front of the U.S. Supreme Court building on their way to attend oral arguments on President Donald Trump's bid to preserve sweeping tariffs after lower courts ruled that Trump overstepped his authority, in Washington, Nov. 5, 2025.Nathan Howard | Reuters The Supreme Court struck down a centerpiece of President Donald Trump's tariff agenda on Friday — and that could be good news for consumers' wallets, according to economists. But much of the financial impact will depend on what the Trump administration does next, economists said. A tariff is a tax on imports. Tariffs imposed by Trump have made a wide range of goods, including furniture, clothing, food, electronics and cars, more expensive, according to the Yale University Budget Lab."Ultimately, this showed up as a price increase for consumers," said Rathna Sharad, CEO of FlavorCloud, a cross-border shipping and logistics firm.The Tax Foundation estimated in a study published Feb. 6 that Trump's tariffs cost each U.S. household $1,000 in 2025 and would cost each household $1,300 in 2026.Now, economists say consumers' cost burden may fall. Read more CNBC personal finance coverageHomebuyers are paying more for credit checks. Here's whyTrump accounts have 'more unanswered questions than answered,' expert saysTreasury: Trump accounts sign up about 3 million kids in early pushAverage IRS tax refund is up 14.2%, according to early filing dataStudent loan delinquency rate jumps to nearly 25% in Trump's second term: analysisWhat Supreme Court ruling against Trump tariffs means for your moneyPersonal loans surge: It's 'the middle-class refinancing option,' expert saysTrump: tax refunds are 'substantially greater than ever before.' What to expectTrump officials warn hundreds of colleges with low student loan repayment ratesAs AI puts the squeeze on entry-level jobs, teens remain optimistic: reportTrump administration finds more borrowers eligible for student loan forgivenessMore used cars are for sale, but ones under $20,000 are 'harder to find': ExpertHow to claim Trump's 'no tax on overtime' deduction this seasonParents with student debt face deadline to secure affordable repayment, forgivenessSecure 2.0 let employers pair emergency savings and 401(k)s, but few have done soHome sellers start getting lower prices at 70, research shows — here's whyAverage IRS tax refund is up 10.9% so far this season, early filing data showsCNBC's Financial Advisor 100: Best financial advisors, top firms ranked The Yale Budget Lab estimated Friday that the cost of tariffs to the average household will drop by about half in 2026, to about $600 to $800, due to the Supreme Court ruling, according to John Ricco, the group's associate director of policy analysis. The remaining half is due to other tariffs on the books that the Supreme Court ruling didn't affect.These costs fall harder on lower-income households than higher earners, according to its analysis. The Tax Policy Center estimated in December that if the Supreme Court ruled against Trump, the cost of tariffs to households would fall by $1.4 trillion over 10 years, and would save families an average of $1,200 in 2026.However, the analyses from the Yale Budget Lab and the Tax Policy Center assume that the tariffs the court ruled on aren't replaced with other tariffs. Trump administration officials had previously said they would install new levies, using different legal pathways, to achieve roughly the same outcome. What could be next for tariffs Trump used the International Emergency Economic Powers Act of 1977, or IEEPA, to impose tariffs broadly on U.S. trading partners, pushing up the nation's tariff rate to its highest since before World War II. It was the first time a president had used the law to levy tariffs. In a 6-3 decision, the high court ruled that IEEPA doesn't authorize the president to impose tariffs."The Government reads IEEPA to give the President power to unilaterally impose unbounded tariffs and change them at will," according to the court's opinion in the case, Learning Resources, Inc. v. Trump. "That view would represent a transformative expansion of the President's authority over tariff policy," according to the opinion. "It is also telling that in IEEPA's half century of existence, no President has invoked the statute to impose any tariffs, let alone tariffs of this magnitude and scope." watch nowVIDEO7:3407:34Supreme Court strikes down Trump tariffs, rebuking president’s signature economic policySquawk on the Street In announcing the tariffs last year, Trump said an influx of illegal drugs from Canada, Mexico and China had created a public health crisis, and that large and persistent trade deficits had undermined U.S. manufacturing. He declared national emergencies and used IEEPA to levy tariffs on imports to manage the perceived crises, including a 10% baseline tariff on all U.S. trading partners and even higher duties on select nations. Before the ruling, the Trump administration said it would use other pathways to impose new tariffs — and get to the "same place" — should the Supreme Court strike down IEEPA tariffs. Just hours after the Supreme Court ruling, Trump said he will sign an executive order imposing a new 10% "global tariff." Trump will leverage Section 122 of the 1974 Trade Act to do so. Section 122 caps the maximum tariff rate at 15% and only for 150 days, but can be done without congressional approval, Paul Ashworth, chief North America economist at Capital Economics, wrote in a research note Friday. Trump might also later invoke Section 338 of the 1930 Smoot-Hawley Tariff Act, which lets the president levy tariffs of up to 50% on nations that "discriminate" against the U.S., Ashworth wrote. However, such a move would also likely invite legal challenges, he said. Or the president may rely on "old tariff workhorses" such as Section 232 of the 1962 Trade Expansion Act, which rests on national security grounds, and Sections 201 and 301 of the 1974 Trade Act, which rest on anti-competitive grounds, Ashworth wrote. Indeed, the Trump administration has used Section 232 to put product-specific tariffs on steel, aluminum, copper, cars, trucks and wood products. Consumers will still feel some tariff burden Prior to the Supreme Court ruling, the U.S. average effective tariff rate was 16.9%, the highest since 1932, according to Yale University Budget Lab's Ricco.Without the IEEPA tariffs, and after accounting for the imposition of a new 10% global tariff, the effective tariff rate is now 12%, according to Capital Economics — still significantly higher than the roughly 2% rate before Trump started his second term in office.It would have been 9.1% had Trump not announced any new tariffs on Friday, according to the Budget Lab The consumer burden doesn't fall to zero because the Trump administration already had other tariffs on the books that rely on different legal authorities — and many stand on firmer legal ground, economists said. The tariffs that are still on the books affect households differently based on income, economists said.For example, the bottom tenth of households by income would lose $430 due to tariffs in 2026, about 1.1% of their after-tax income, according to the Yale Budget Lab. By comparison, the top tenth of households would lose about $1,800, accounting for a smaller share of their income, about 0.8%, the analysis found.Consumers would feel these price increases most when buying metal products, electronics and vehicles, it found. Trump tariff 'dividends,' consumer refunds unlikely It's unclear what the ruling means for potential tariff refunds that the Trump administration may have to pay to businesses and consumers. "The Supreme Court did not rule on whether the administration must refund the more than $130bn in tariffs already paid under those [IEEPA] declarations, which will likely trigger a prolonged legal battle," Michael Pearce, chief U.S. economist at Oxford Economics, wrote in a note Friday.There are ample questions so far left unanswered about potential tariff refunds, such as who is eligible and how they would be able to apply, said FlavorCloud's Sharad. "The refunds are going to be really difficult, because there's no precedent to this," Sharad said.However, consumers may be left out of the equation, she said. "Likely, consumers are not going to see relief from the refunds," she said. "They will see relief in terms of prices."Additionally, it's unclear how the Supreme Court ruling might affect so-called tariff "dividend checks" that Trump had proposed sending to households using tariff revenue. Mark Zandi, chief economist at Moody's, said it's unlikely consumers will get such checks. That would have been the case even if the Supreme Court had ruled in the Trump administration's favor, he said. "This would require legislation, and I don't see Congress passing it," Zandi wrote in an e-mail.

Vedanta's aluminium business expects slower growth in production and earnings. Earlier projections for EBITDA to exceed $4 billion this fiscal year have been revised. The company now anticipates EBITDA of $2.7 billion in the current fiscal. Projections for FY27 and FY28 are $3.6 billion and $4.1 billion respectively. This indicates a revised outlook for the business's financial performance. View More

Mumbai: Vedanta now sees the production capacity of its aluminium business and the earnings before interest, tax, depreciation and amortisation ( EBITDA ) generated from this business growing at a slower pace than earlier anticipated. In June last year, the country's largest aluminium producer had projected EBITDA to double past $4 billion in the current fiscal, aided by a greater share of value-added products, self-sufficiency in raw materials, and the start of new smelting and refining capacities. Its latest investor presentation, though, showed that the aluminium business is likely to generate an Ebitda of $2.7 billion in the current fiscal, $3.6 billion in FY27 and $4.1 billion in fiscal 2028. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)