Manufacturing Financial News

US industrial production surged in August as motor vehicle manufacturing bounced back after plummeting in July, the Federal Reserve said Tuesday, shortly before kicking off a two-day meeting on interest rates. Total industrial output exceeded expectations to rise by 0.8 percent last month from a revised 0.9 decline in July, the US central bank said in a statement, pinning much of the rise on «a recovery in the index of motor vehicles and parts.» The index «jumped nearly 10 percent in August after dropping roughly 9 percent in July,» it added. The July data was affected by the larger-than-expected impact of Hurricane Beryl.

The U.S. Attorney’s office in Boston says two men are being charged with illegal smuggling and conspiring to violate export controls by sending equipment to Russia's nuclear energy industry

Tata Group is transitioning into green businesses, semiconductor manufacturing, and mobile phone part production to prepare for future demands, said Chairman N Chandrasekaran in an interview with the Financial Times. This move includes Tata Steel's decision to close blast furnaces at its UK unit, resulting in 2,500 job cuts as the company shifts to green steel-making. Chandrasekaran stressed the necessity of these steps, stating, «However painful...these are transitions that need to be done.» Tata Steel has incurred a loss of 5 billion pounds on the UK business since acquiring it in 2007 as part of the Corus Group. Leaning towards sustainable practices, Chandrasekaran has been steering Tata Group towards electric vehicles and renewable energy while managing debt and profitability. He advised the CEOs of various Tata entities to focus on financial fitness, saying, “every company has to be focused on financial fitness… don't worry about growth, fix the fitness. Performance will come."

A Native American tribe is trying to persuade a U.S. judge to extend a temporary ban on exploratory drilling for a lithium project in Arizona

renewable energy’s RE-Invest 2024 (renewable energy investors’ meet and expo) began in Gandhinagar on Sept 16. Orb Energy is one of the key companies trying to make solar power affordable, accessible, and hassle-free. It has installed over 300 MW of solar systems for more than 1,330 commercial and industrial customers. It has delivered 167,700 systems across residential, commercial, and industrial sectors. The company recently launched its first 35 MW (DC) ground-mounted solar park at Arsikere, Karnataka. Spanning 110 acres and delivering 5.24 cr units of green power while reducing 45,000 tonnes of CO2 every year, this solar park has been developed specifically to empower SMEs in the region. In an interview with KumKum Dasgupta, co-founder and CEO of Orb EnergyDamian Miller discusses the company’s journey, how it stands out as a leading solar panel manufacturer, and the future of solar in India.

“Sectors such as fast moving consumer goods (FMCG), cotton yarn, power, footwear and soft luggage may see a small but manageable negative impact, while ship breaking, jute, readymade garments (RMG) should benefit. For most others, the impact will be insignificant,” the report noted. According to the report, there will be no near-term impact on the credit quality of India Inc either. “However, a prolonged disruption can affect the revenue profiles and working capital cycles of some export-oriented industries for which Bangladesh is either a demand centre or a production hub,” it said.

chipmaker has been hard at work testing the limits of U.S. authority. Semiconductor Manufacturing International Corp., or SMIC, is manufacturing chips with features less than one-15,000th of the thickness of a sheet of paper. The chips pack together enough computing power to create advancements such as artificial intelligence and 5G networks. It's a feat that has been achieved by just a few companies globally — and one that has landed SMIC in the middle of a crucial geopolitical rivalry. U.S. officials say such advanced chip technology is central not just to commercial businesses but also to military superiority. They have been fighting to keep it out of Chinese hands, by barring China from buying both the world's most cutting-edge chips and the machinery to make them.

Subscribe to enjoy similar stories. Tamil Nadu dominates India’s electronics exports with a 34% share. This hard-won dominance is at stake as Samsung India workers’ strike at its Sriperumbudur unit refuses to die down and risks spreading to other units.

Nisha Biswal, the US International Development Finance Corporation's (DFC) Deputy Chief Executive Officer, during her travel to Mumbai and New Delhi from September 10-14, highlighted the DFC's partnership with India to advance key growth and development priorities and work with the nation to solve the world's most critical challenges, the release said. While in India, Biswal announced USD 70 million in new DFC investments to support affordable home loans in India and vaccine manufacturing, it added. She spoke at the US-India Business Council's (USIBC) India Ideas Summit about the DFC's strategic vision for driving long-term growth between both countries and the broader Indo-Pacific region.

US elections 2024 has been mostly about the current economic scenario of the country and his visions of making it progress further and also strengthen it over his Presidential tenure, if elected to the White House.

Adani Green and Torrent Power Monday committed a total investment of Rs 32.45 lakh crore by FY30 in renewable energy, in a big boost for the country's green energy transition. «Developers have committed an additional 570 GW, manufacturers have committed additional manufacturing capacities of 340 GW in solar modules, 240 GW in solar cells, 22 GW in wind turbines, 10 GW in electrolysers,» Renewable energy minister Pralhad Joshi said at the Global RE-Invest Summit hosted by MNRE and CII here. Adani Green and Adani New Industries together submitted to add 50 GW renewable energy capacity, solar manufacturing of 10 GW, wind manufacturing of 5 GW, green hydrogen of 10 GW and electrolyser of 5 GW, as per an official, committing an investment of Rs 4.1 lakh crore.

Narendra Modi on Monday said India's leap in the renewable energy segment offers tremendous opportunities for investors not only in energy generation but also in the manufacturing sector. «India is striving for complete made in India solutions and creating many possibilities. It is truly a guarantee of expansion and better returns,» Modi said at Global Renewable Energy Investors Meet and Expo organised by the ministry of new and renewable energy and CII. India's renewable energy demand is rising and the government is making new policies to support it, he said. Efforts are being made for 'Make in India' in the sector and the growth in the segment presents a good opportunity for the same, he said.

Subscribe to enjoy similar stories. A tough job just got much tougher for Boeing’s new CEO. When the jet maker’s largest union went on strike Friday, the walkout compounded the list of problems facing Kelly Ortberg, who took Boeing’s top job five weeks ago.

Adani Group on Monday said it has pledged Rs 4,05,800 crore investment in renewable energy projects like solar, wind and Green Hydrogen at the 4th Global Renewable Energy Investors Meet & Expo (RE-INVEST) 2024. According to the Shapat Patras (pledges) submitted at RE-INVEST to the Ministry of New & Renewable Energy, the group firms — Adani Green Energy Ltd (AGEL) and Adani New Industries Ltd (ANIL), have made investment commitments in renewable projects by 2030. Adani Green Energy, India's largest renewable energy company, has committed 50 GW RE capacity by 2030 (currently at 11.2 GW operational capacity).

Audi factory in Brussels described by the German carmaker as the «cradle» of its electric drive, around 200 picketing workers huddled around a bonfire in the morning drizzle. The firm is considering closing the plant, a move that analysts say is symptomatic of the troubles afflicting Europe's wider electric car industry, amid low demand and competition from China. Audi is a subsidiary of Volkswagen, which earlier this month made the bombshell announcement that it was considering the unprecedented step of closing production sites in Germany.

National Green Tribunal (NGT) by the Central Pollution Control Board (CPCB) has revealed that some flame-retardant chemicals found in car cabin air, which may be carcinogenic, are not listed under the Manufacture, Storage, and Import of Hazardous Chemicals Rules 1989. This report highlights a potential regulatory gap, as these rules were issued by the Union Ministry of Environment. The CPCB’s report, dated September 10, 2024, noted that no testing had been conducted on these chemicals and recommended that the tribunal consult agencies overseeing automobile safety standards, which are regulated by the Ministry of Road Transport and Highways. This issue gained attention in June when the NGT’s principal bench, led by Justice Prakash Shrivastava, took suo motu notice of a media report indicating the presence of «carcinogenic flame retardants» in cars. The claim, which is being investigated by the US National Toxicology Program, prompted the NGT to request a report from CPCB on the matter.

Subscribe to enjoy similar stories. When the late George Fernandes, the industries minister in the short-lived Janata Party government of 1977, issued a diktat to multinational corporations Coca-Cola, IBM and AstraZeneca to dilute their stake in their wholly owned subsidiaries to 40% in favour of Indian shareholders, Coca-Cola and IBM chose to exit India. Later, during P V Narasimha Rao's pro-liberalisation government in 1993, Coca-Cola returned.

green future and committed to achieving net zero carbon as it has become a necessity, said Prime Minister Narendra Modi while addressing the 4th Global Re-Invest Renewable Energy Investors' Meet in Gandhinagar, Gujarat, on Monday. He said that the summit was a part of a bigger goal of making India a developed nation by 2047, adding that today’s India is laying road to the next 1000 years. «We not only want to become the top nation, but we also want to sustain at the top,» said Modi. The prime minister said that India was the first nation among the G20 nations to fulfill the Paris Agreement nine years before the 2030 deadline. He said that the government wanted India to become a leading producer renewable energy.

Subscribe to enjoy similar stories. Have you ever experienced a fall of more than 30% in one of your portfolio stocks within a few days? The prices of many stocks do not return to the level from which they started to fall for months or even years. However, some stocks do recover quickly, returning to the levels from where they started to fall and maybe even exceeding those if the company is fundamentally strong.

Subscribe to enjoy similar stories. The Nifty has rallied 16% year-to-date (YTD), but significant gains from here on could be unlikely over the next 12 months, with most of the good news, be it on economic growth, falling inflation and potential interest rate cuts already priced in, believes R. Venkataraman, chairman of IIFL Securities.

This is because in the current environment, where the earnings growth is moderating incrementally, the scope for PE rerating is limited, Amit Ganatra, Head of Equities, Invesco Mutual Fund tells ET Wealth. How are you reading the current market scenario? Is the buoyancy likely to persist on the back of expected interest rate cuts? Market conditions have to be evaluated on the basis of macro outlook and earnings outlook. India’s macro outlook has strengthened in the past few years due to an improvement in the fiscal and current account deficits, and health of balance sheets in the corporate and banking sectors. This has happened at a time when the overall macro conditions for many large economies in the world are either deteriorating or, at best, remain steady. So, in that context, India is demonstrating macro outperformance to the rest of the world.