Manufacturing Financial News

Dalmia Bharat will be in focus on Monday after the firm’s profit slumped by 60% in the September quarter as weak prices of cement weighed on earnings, even as the cement maker sold more cement during the quarter as compared to the previous year. The New Delhi-based company clocked in a net profit of Rs 49 crore for the quarter, down over 60% on year, while income from operations was more than 2% lower at Rs 3,087 crore.

Various frozen waffle products sold in Canada and the U.S. have been recalled after testing revealed possible listeria bacteria contamination at a manufacturing facility in Brantford, Ont.

I paid $95 to recycle a mattress.

Subscribe to enjoy similar stories. New Delhi: In Kerala’s Njarakkadu village, sandwiched between foothills and the state highway leading to Munnar hill station, is a 15-acre rubber plantation belonging to the well-known Kuzhiyelil family. It is 4:00 am.

Subscribe to enjoy similar stories. The airline industry’s biggest names donned gowns and tuxedos and filed into a Manhattan ballroom Friday for a night of cocktails and fretting about the future of Boeing. One group was conspicuously absent.

Ukraine struck a manufacturer of military explosives deep inside Russian territory overnight, as well as storage infrastructure at a military airfield in the Lipetsk region, Kyiv's General Staff said in a statement on Sunday. Russian air defence units downed 110 Ukrainian drones over the country, Russia's defence ministry said, including one over the Moscow region, 43 over the border region of Kursk, and 27 over southwestern Lipetsk region. The Russian SHOT Telegram channel reported that drones attempted to strike the Ya. M. Sverdlov State Owned Enterprise in Dzerzhinsk city, Nizhny Novgorod region, about 400 km (250 miles) east of Moscow.

The products were sold in leading retailers including Walmart and Target.

semiconductor journey, long stalled on the silicon highway, has finally crossed a significant milestone. The government has found success in its first phase of the `76,000 crore incentive fund under theIndia Semiconductor Mission (ISM), initiated in December 2021. In less than 36 months, five semiconductor projects have been approved for central and state government incentives. These include four chip packaging plants and one chip fabrication unit, all in various stages of construction, expected to be operational between 2025 and 2027. As the first phase of ISM concludes, experts are urging the second phase of the project which is expected to be launched soon to focus on forging partnerships with global semiconductor leaders, expanding the ecosystem for raw materials like chemicals and gases, and intensifying efforts to develop skilled talent for the growing industry.

Dalmia Bharat’s profit slumped by three-fifths in the September quarter as weak prices of cement weighed on earnings, even as the cement-maker sold more cement during the quarter as compared to the previous year. The New Delhi-based company clocked in a net profit of Rs 49 crore for the quarter, down more than 60% on year, while income from operations was more than 2% lower at Rs 3,087 crore. Even though it sold 6.7 million tonne of cement during the quarter – over 8% higher as compared to the previous year – earnings before interest, tax, depreciation and amortization fell nearly 27% on year to Rs 434 crore.

Vedanta on Saturday said it will pump in over Rs 1 lakh crore in Rajasthan across different business verticals, including, zinc and oil and gas. While Hindustan Zinc, a Vedanta group firm, will invest Rs 30,000 crore to double zinc capacity from 1.2 million tonnes per annum (MTPA) to 2 MTPA, silver from 800 tonne to 2,000 tonne, and set up a one MTPA fertiliser plant, Cairn Oil & Gas, a subsidiary of Vedanta Ltd, will invest Rs 35,000 crore to augment capacity to 3 lakh barrels per day, the company said. Vedanta Group entity Serentica Renewables will invest Rs 50,000 crore to develop 10,000 MW renewable power capacity to support the investments, help energy transition and ensure highest environmental standards and green manufacturing, the company said in a statement. Vedanta also announced setting up of an industrial park around the Udaipur area on a non-profit basis, for small and medium scale industries from Rs 5 crore onwards.

Abhyuday Jindal has been named president of Indian Chamber of Commerce (ICC) an industry body founded in 1925, that has its headquarters in Kolkata, as per a press release. Jindal who graduated from Boston University with a degree in Economics and Business Management is the managing director of Jindal Stainless, a stainless steel manufacturer with annual turnover of Rs. 38,000 crore. “It is my vision to strengthen ICC’s role as a catalyst for economic growth and innovation. Drawing from my experience across sectors, I aim to promote sustainable business practices, foster inclusive growth, and advocate for policies that empower Indian industries globally”, said Abhyuday Jindal.

Subscribe to enjoy similar stories. Automakers are gearing up to launch a range of flex-fuel vehicles (FFVs), which can run on a variety of fuels, starting this year-end as the government aggressively promotes biofuels to cut emissions and reduce the country's dependence on costly oil imports.

One of the largest solar projects in the U.S. opened in Texas on Friday backed by what Google said is the largest solar electricity purchase it has ever made

JSW Steel joint venture with Japan's JFE Steel Corp will fully acquire Thyssenkrupp Electrical Steel (TKES) India for ₹4,051.40 crore. The 50:50 joint venture between the two steelmakers is also looking at licensing or transfer of associated technology from Thyssenkrupp, which is included in the deal value. TKES India manufactures grain-oriented electrical steel, used in the making of transformers and generators, at its Nashik facility.

India is considering cuts to tariffs on imports of machinery needed to manufacture green hydrogen, as the nation pushes to become a major hub for the cleaner fuel. Prime Minister Narendra Modi’s government is discussing a plan to exempt some equipment from import levies and to reduce goods and services tax on the fuel, which is currently set at 12%, according to people familiar with the details, who requested anonymity to discuss private deliberations. The changes would cover both green hydrogen and green ammonia, though would only apply to production of fuel which is then exported rather than sold domestically, the people said. Green hydrogen is produced by using renewable energy to split the hydrogen and oxygen atoms in water.

VVDN is in advanced stages of designing mobile phones with 5G support for an American brand, a top official told ET, adding that the company plans to invest $100 million in the next 3-5 years to expand capacity. VVDN is aiming to take advantage of the shift of global companies away from China and be the first Indian manufacturer to have design capabilities in-house, without support from a technology partner. “We are investing in designing phones. We have already taken that initiative, and we are building a 5G phone as we speak for the North American market. We already have a customer, and the designs are in advanced stages,” Vivek Bansal, president, VVDN, told ET.

Subscribe to enjoy similar stories. MUMBAI : Domestic institutional investors (DIIs) are major players in India's stock market. These entities, such as mutual funds, insurance companies, pension funds, and banks, manage funds on behalf of individual investors and institutions.

Nvidia hit a record high amid a rally in U.S. chip stocks on Thursday after industry bellwether TSMC's strong sales forecast boosted investor optimism about demand for processors used to power artificial intelligence applications. Taiwan Semiconductor Manufacturing Co, the world's largest contract chipmaker, raised its expectation for annual revenue growth and said sales from AI chips would account for mid-teen percentage of its full-year revenue. US-listed TSMC shares rose more than 11%, lifting the company's market capitalization above $1 trillion.

Subscribe to enjoy similar stories. Private equity investors including Quadria Capital and TPG Capital have expressed initial interest to invest about $100 million for a 20-25% stake in critical care drugs provider Samarth Life Sciences, three people familiar with the matter said. “The transaction is expected to be purely secondary with the promoter group selling some of its stake," one of the people cited above said on the condition of anonymity.

Nykaa triggered the explosion of beauty and skincare brands in India by fast-tracking and expanding distribution manifold across the country, Stéphane de La Faverie, executive group president of The Estée Lauder Companies Inc, told ET in an exclusive interview. The segment also got a big push during the pandemic when consumers conducted “a lot of deep research on beauty and wellness”, said Faverie who is currently on a visit to India. The Estée Lauder Companies—the second largest cosmetics company in the world after L'Oréal, and the owner of brands such as MAC, Bobbi Brown and Clinique-—will soon start local manufacturing in India, he said.