Manufacturing Financial News

Hyundai is aiming to broaden the appeal of its Ioniq 5 electric SUVs with 2025 models boasting improved battery range and additional charging options

Atlas Cycles, Salil Kapoor, has allegedly committed suicide at his home in Lutyens Delhi on Tuesday. Police officials reported that Kapoor's body was discovered around 1 pm near the puja room of his house on Dr A P J Abdul Kalam Road by his manager with a gunshot wound. A note recovered at the scene mentioned a «financial burden» as the reason for his actions. According to police, Kapoor shot himself in the head using a licensed revolver. His family, including his wife and three children, were staying separately at the time. Kapoor's manager and his family lived with him in the three-storey building. «Kapoor was immediately rushed to a hospital where doctors declared him dead,» said a police officer.

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Oil prices dropped more than 3% on Tuesday after Bloomberg News reported that a deal was imminent to resolve a dispute that has halted Libyan production and exports, pushing prices to their lowest since around the beginning of the year. The news of more crude supply possibly returning to the market came as prices had already fallen on the belief that demand was being undercut because of sluggish economic growth in China, the world's biggest crude importer.

Nouriel Roubini, Professor Emeritus of Economics and International Business, Stern School of Business, New York University, says there is an element of frothiness in US stock markets. Part of it is driven by the optimism about artificial intelligence (AI) radically changing industry, economies, and the world. Some correction might occur, but it is unlikely to be massive, especially if the economy keeps on growing and the Fed starts cutting rates. Roubini says in case of a Trump win, if he has a radical economic policy, there could be higher inflation, lower economic growth, and a significant correction with higher bond yields and lower stock prices. If he wisely chooses economic advisors who are more mainstream, and if he realises that the debt of the US is unsustainable and he has to do fiscal retrenchment, maybe those economic advisors can suggest a more moderate course of action.

BEIJING — China's property struggles and U.S. sanctions have significantly affected some of its cities, even as others benefit from Beijing's tech push, Milken Institute's best performing cities China index showed Tuesday.

Aerospace (FWDA) on Tuesday announced the successful maiden flight of indigenous unmanned bomber aircraft, the FWD 200B. Classified as a Medium Altitude (15,000 feet) Long Endurance (MALE) Unmanned Aerial Vehicle (UAV), the FWD 200B is equipped with optical payloads for surveillance and missile-like weapons for air strikes and bombing, the FWDA Founder and CEO Suhas Tejaskanda told reporters here. «The aircraft's aerodynamics design, airframe, propulsion systems, controls systems, electronics are all made in India at FWDA's state-of-the-art manufacturing facility of 12,000 sq.ft built on 1.5 acre land, located at Electronic City, Bengaluru,» he said. FWD 200B features a wingspan of five metres and a length of 3.5 metres. It has a maximum take-off weight of 102 kg and a payload capacity of 30 kg, the company said.

defence ministry meeting to undertake projects. The shares of Mazagon Dock Shipbuilders and GRSE surged up to 8% to their day’s high of 4,560 and Rs 1,940.75 respectively while those of HAL rallied 5% to Rs 4,925. The surge in the sector also pushed the shares of Bharat Dynamics up by 4% to Rs 1,356.

Premier Energies' shares debuted on the exchanges with a 120% premium on Tuesday. The stock listed at Rs 990 on NSE and Rs 991 on BSE, compared to the offer price of Rs 450. Ahead of its debut, the company's shares traded at a premium of over 100% in the unlisted market.

Tech Mahindra, while Kotak Securities has an add rating on Kaynes Technology and has also initiated coverage on Aadhar Housing with a buy rating. Citi has a buy rating on 360 One.

Indian Phosphate debuted on the NSE SME platform with a premium of 90% on Tuesday. The stock listed at Rs 188.10 on NSE as against an offer price of Rs 99. Ahead of the debut, the company's shares traded at a premium of over 126% in the unlisted market.

Cathay Pacific has temporarily grounded its fleet of A350 aircraft for inspections after a «first of its type» engine component failure forced a flight to Zurich to turn back on Monday. Cathay is conducting fleet-wide inspection of its 48 Airbus A350 aircraft and «a number of aircraft will be out of service for several days», the airline said in a statement Monday night. The airline has cancelled 24 return flights operating up until the end of Tuesday, it added.

Volkswagen says it's not getting the cost reductions that it needs — and won't rule out plant closings in its home country Germany

Asia’s latest factory activity data showed some loss of momentum midway through the third quarter, but a broad continuation of growth in output and orders. Views among manufacturers on the sector’s outlook were mixed amid uneven price and demand developments through the region, though many were cautiously upbeat. S&P Global’s manufacturing purchasing managers index readings for Japan and South Korea signaled improvement in August, while those for India, Thailand, Taiwan and Malaysia indicated expansions in manufacturing, though at a slower pace.

Tolins Tyres will open for subscription on September 9. The issue will be available for investors to bid till September 11. The offer comprises a fresh equity sale of Rs 200 crore and an offer for sale (OFS) of Rs 30 crore. Under the OFS, promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload part stakes in the company.

oil exporter Saudi Arabia is expected to cut prices for most of the crude grades it sells to Asia in October after Middle East benchmark Dubai slumped last month, industry sources said on Monday. The October official selling price (OSP) for flagship Arab Light crude is expected to fall between 50 and 70 cents a barrel, three of five refining sources said in a Reuters survey, to track a similar trend for Dubai price spreads last month. Such a price cut would also reflect weak refining margins especially in China where sluggish manufacturing and property sectors are squeezing fuel demand, the sources said.

₹300 crore, as per current reports on shareholdings, he is often referred to as the ‘Nawab of Dalal Street.’ Damani is bullish on India and believes the next 20 years will be better than the previous 20 years, for both the country’s economy and stock markets. In a recent media interview, Damani said he is not a large-cap or small-cap investor, that he is agnostic to the market capitalisation of stocks. But he always wants to buy value.

Vijay Nair in a money laundering case related to the alleged Delhi excise policy scam. A bench of justices Hrishikesh Roy and SVN Bhatti had deferred the matter after the counsel for the ED sought a weeks' time for filing a counter affidavit. The top court had issued notice to the Enforcement Directorate (ED) on August 12 on the plea of Nair while noting that he has been in custody for two years.

As of 11 am, the retail and non-institutional investor (NII) categories saw strong demand, with subscriptions at 2.74 and 2.15 times, respectively. The employee-reserved category was subscribed to 11.89 times, while the portion reserved for qualified institutional buyers (QIBs) did not receive any bids.

Gala Precision Engineering, a component manufacturer with applications in wind power generation, industrial, and automotive sectors, plans to raise ₹167 crore through an initial public offering (IPO). Of this amount, ₹135 crore will be from fresh issuance to fund brownfield and greenfield capacity expansions, which could potentially double the company's revenue over the next three years. The remaining amount is an offer for sale by the promoter, reducing the promoter's stake from 75% to 55% post-IPO. Gala Precision is focused on non-commodity product offerings where competition is lower and is gradually increasing its exposure to the mobility segment through its fastener products, driving incremental growth. The strong prospects for wind power capacity expansion, with increasing contributions to renewable energy, are expected to drive the company's earnings growth. Given these factors, long-term investors may consider subscribing to the company's IPO.

Prime Minister Narendra Modi said the current decade is a “lift-off ” phase for India in which the country has to move forward with the mantra of reform, perform and transform to take a giant leap toward achieving big goals. He emphasised that the aspiration of all Indians to see the country become a global manufacturing hub, leading to all-round prosperity, will become a reality. Delivering the keynote address at The Economic Times World Leaders Forum on Saturday, the PM said, “The third decade of the 21st century represents a ‘lift-off ’ decade for Bharat. How will this happen? Who will benefit? We are the ones making it happen, and it will benefit everyone—the entire country.” Modi said India is the land of biggest opportunities today and the government is supporting every effort. “We are poised to take a giant leap forward, and to do so, we are working with a long-term vision,” he added.