Manufacturing Financial News

Ola Electric Mobility listed at ₹76-the price at which the shares were sold in the recent initial public offering-on the BSE on Friday. Subsequently, the stock soared 20% to close at ₹91.2. At close on Friday, the two-wheeler electric vehicle maker had a market capitalisation of ₹40,218 crore. Ola Electric said in an exchange filing it will present its June quarter earnings on August 14. The EV maker's ₹6,145.56crore initial public offering (IPO) was the largest in 2024 so far. It was priced between ₹72 and ₹76 a share. The IPO was subscribed 4.27 times.

Embraer is in talks with the government and top conglomerates to set up a manufacturing unit in India, a top executive said. However, progress will depend on the company’s jets gaining access to India’s large and rapidly expanding domestic market, dominated by Airbus and Boeing planes. India is among countries such as China, Turkey, Japan and Saudi Arabia with which the firm is discussing a possible partnership, said Arjan Meijer, CEO and president of Embraer’s commercial aviation business. “We have been vocal for the last couple of years that we are looking for a partner,” Meijer told ET. “We have always said we want to cooperate, but we also want to bring our products into the market.”

India can set up 5-6 massive zones for manufacturing, similar to the Gift City for financial services, as it moves towards its $1 trillion goods exports target, PwC India chairperson Sanjeev Krishan said. He spoke to ET on a PwC India report released Friday that said India's $1 trillion goods export target can be achieved one year in advance by fiscal 2029 with appropriate measures. The report, 'VIKSIT: An approach for India to achieve $1 trillion exports', offers a six-pillar framework for achieving the target.

job cuts in 2024 after letting go thousands last year, as the outlook on interest rate cuts by the Federal Reserve remains uncertain even as recession fears recede rapidly. Here is a snapshot of job cuts announced so far this year:

Steel maker Kamdhenu on Friday posted a 28 per cent rise in profit after tax (PAT) to Rs 15.43 crore in the April-June quarter on lower expenses. It had reported a Rs 12.06 crore PAT in the April-June period of 2023-24. The company's total income reduced to Rs 191.10 crore from Rs 210.45 crore in the first quarter a year ago, the company said in an exchange filing.

manufacturing sector during 2014-24 rose by 69 per cent to USD 165.1 billion, Parliament was informed on Friday. In a written reply to the Rajya Sabha, Minister of State for Commerce and Industry Jitin Prasada said that India is rapidly emerging as a preferred country for foreign investment in the manufacturing sector " FDI equity inflow in the manufacturing sectors in the last ten financial years (2014-24) has increased by 69 per cent to USD 165.1 billion as compared to USD 97.7 billion in the previous ten financial years (2004-14)," he said. He also said that the total FDI inflow of USD 383.50 billion has been reported in the country during the past five financial years (2019-20 to 2023-24).

fascinating documentary called Katiyabaaz at the Mumbai Film Festival (MAMI). At the time, I had no idea what it was about. Later, I learned that the title translates to "electricity thief," a fitting description for its subject matter.

₹1,830 crore) to the project. The tenders are yet to be put out for the auctions. Officials at the Ministry of New and Renewable Energy and the Solar Energy Corporation of India (SECI) seemed open to explore further discussions on the matter, said Susana Moreira, executive director and co-chair of the board of H2Global Foundation.

Eicher Motors jumped 5% in Friday's early trading session to its day’s high of Rs 4,820 after the company on Thursday reported a 20% year-on-year (YoY) rise in consolidated net profit at Rs 1,101.46 crore for the quarter ended June 2024. The two-wheeler manufacturer's total revenue from operations stood at Rs 4,393 crore for the reported quarter, higher by 10% versus Rs 3,986.37 crore posted in the corresponding quarter of the previous financial year. The revenue figures were also above Street estimates of Rs 4,268 crore.

Boeing‘s new CEO is on the job and visiting a key factory near Seattle

The number of Americans filing for jobless benefits fell last week but remain at slightly elevated though not troubling levels

The U.S. Department of Energy is loaning $1.45 billion to support a South Korean company’s bid to build up key parts of the solar supply chain inside the United States

Jindal Steel and Power Ltd (JSPL) on Thursday said the company has diversified its coking coal sourcing, thus reducing dependence on Australia for the key raw material by over 50 per cent. The initiative will aid in reducing the overall cost involved in manufacturing steel, the company said in a regulatory filing. The development assumes significance as the government was making efforts to reduce India's dependence on a select group of countries for meeting coking coal requirements. Indian steel players were making bulk purchases of coking coal from Australia due to unavailability of coking coal in the domestic market. Alternate sources will improve its timely availability and reduce logistic costs. This initiative has significantly reduced the company's consumption of Australian coking coal by more than 50 per cent, the company said.

Eicher Motors on Thursday reported a consolidated net profit of Rs 1,101.46 crore for the quarter ended June 30, 2024, which was up by 20% over Rs 918.34 crore reported by the company in the year-ago period. It was above the ET Now poll of Rs 1,031 crore.

Chennai on August 10 (Saturday). It will bring together entrepreneurs, industrialists, policymakers and sectoral experts on a common platform to discuss ways to strengthen the industrial ecosystem in the region. The ET Make in India SME Regional Summit in Chennai will focus on discussing ways to improve the state’s manufacturing and export might. To register for the Chennai summit, click here

₹15,000 crore. The group has already committed billions of dollars towards green energy investments in Gujarat. Elaborating on its green energy roadmap, RIL said that by 2025 it will establish 20 GW solar capacity for captive needs of round-the-clock power and intermittent energy for green hydrogen.

Documents obtained by The Associated Press show that a gear crack that led to a fatal crash of a V-22 Osprey last year may have been started by weak spots in a metal used to manufacture that part

Reliance Industries Ltd wants to be the partner of choice for leading global climate technology and product companies, the telecoms-to-petrochemicals conglomerate said in its fiscal 2024 annual report released on Wednesday. Over the next 12 months, RIL said, its focus would be to bring onstream new-energy manufacturing facilities, operate them efficiently and start developing renewable energy (RE) generation projects. RIL's new-energy division will commission its first module and cell manufacturing train in the ongoing fiscal. Solar panels manufactured at its Jamnagar facility have obtained BIS certification. «Work on RE development has commenced and Reliance has been allotted land in Gujarat. We aim to become the largest RE developer in India,» RIL said in the report.

₹52,300 per tonne in July, the lowest since December 2020, according to data from market research and consulting firm BigMint. The prices continue to fall and are trading at around ₹51,000 per tonne currently, the analysts said. “A significant slowdown in China's economy has led to a correction in global steel prices, with Chinese export prices hitting a four-year low," according to Dhruv Goel, the chief executive of BigMint.

India have plunged to the lowest level in more than three years due to higher imports and subdued exports, according to data from commodities consultancy BigMint. Local prices of hot rolled coils used in the manufacturing sector averaged 52,267 rupees ($622.62) per tonne in July, it said. India, the world's second-biggest crude steel producer, turned a net importer in the fiscal year ended March 31, 2024. The trend continued with finished steel imports scaling a five-year high in April-May, according to provisional government data.

China has reported its exports rose 7% in July from a year earlier, below economists' forecasts for growth closer to 10%