Manufacturing Financial News

Markets on Wall Street and around the world are in a mini-panic

In 2022, Michigan Gov. Gretchen Whitmer welcomed a Chinese battery company’s plan to build a $2.36 billion factory and bring a couple thousand jobs to Big Rapids

Motherson Group is poised to enter the growing Apple supply chain network in India along with Hong Kong-based BIEL Crystal Manufactory, one of the world’s largest suppliers of glass for smartphones, said people with knowledge of the matter. This will make the Vivek Chaand Sehgal-led auto component maker the second large business group after Tata to become a vendor for Apple as part of Motherson’s plan to use its core manufacturing prowess to diversify into other segments. BIEL was established in 1989 by billionaire Yeung Kin-man in Shenzhen, China, to make watch crystals. The company says it’s one of the earliest manufacturers of glass screens for mobile devices, having begun in the early 2000s, when they were made mostly of plastic. By some estimates, BIEL currently produces glass screens for two of every three iPhones. The 51:49% alliance, the Indian company will have the majority stake, is planning to set up a greenfield manufacturing capacity in the south, most likely Tamil Nadu, with an estimated outlay of Rs 2,000-2,500 crore, said the people cited above. It aims to hit a turnover of Rs 8,000-8,500 crore in four-five years after operations start. The consumer electronics business is scheduled to come onstream in the July-September quarter.

Nitin Gadkari said on Monday that many Indian companies are setting up plants to produce 100 per cent ethanol-run cars and two-wheelers in India. Gadkari came to Parliament in a similar vehicle produced by Toyota and while talking to the media said, «This is the world's first vehicle which has a flex engine and complies with emission norms of Euro 6. It gives net zero emissions. Runs on ethanol produced from sugarcane juice, molasses, and corn.» Recently, Toyota has announced for setting up of a plant to produce flex cars in Aurangabad, Maharashtra, with an investment of Rs 20,000 crore. Gadkari says Tatas and Suzuki are also working on producing 100 per cent ethanol or flex engine cars.

Chicago Federal Reserve President Austan Goolsbee on Monday vowed that the central bank would react to signs of weakness in the economy and indicated that interest rates could be too restrictive now.

Benchmark NSE Nifty closed 662.11 points down at 24055.6 amid selling in frontline bluechip counters.

Bengaluru: Global Capability Centers (GCCs) in India have leased approximately 53 million square feet of office space in key Indian cities between 2022 and the first half of 2024, such as a highly skilled workforce, cost advantages, and favourable business conditions, according to CBRE and Zyoin's latest report. This growth is expected to continue, especially in India's top six metropolitan areas like Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai, due to factors which boast exceptional talent pools that are conducive to expansion and future development. In the first half of 2024, office leasing activity in the GCC (Gulf Cooperation Council) region across six significant cities increased 8% year-on-year. During the same period, GCCs contributed to around 37% of India's total office leasing activity.

On the BSE, Supershakti Metaliks(down 20.00 per cent), Nucleus Software Exports(down 15.32 per cent), Kirloskar Bros.(down 12.36 per cent), Indo Us Bio-Tech(down 11.63 per cent) and KLK Electrical(down 11.09 per cent) stood among the top losers in today's trade.

Anand Mahindra's words of wisdom to investors is to «play the long game». His advice to investors is to deploy the ancient Indian practice of Pranayama, breathe deeply and look inwards. «What I see is an India that is an oasis in the world. Whose Rise will not be impeded in the medium to long term,» Mahindra said in a tweet.

Why SBI is comfortably placed despite slow growth in deposits The rising costs of labour and materials were a particular bother for services providers. Within materials, the cost increase was attributed to dearer eggs, meat and vegetables. Lately, both services providers and manufacturers have been hiking prices to pass on their rising input costs to customers.

Diversification has become a strategic imperative for organisations seeking sustained growth and resilience. By expanding into new markets, products, or services, businesses can mitigate risks associated with economic downturns, industry shifts, and unforeseen challenges. The data centre industry stands as a prime example of this trend.

Shares of Alkem Laboratories Ltd.(up 0.35 per cent) ended the day as top gainers in the pack.

Nifty on Monday almost tested the 50-day moving average of 23,840 as it fell to the day's low of 23,893.70 — courtesy index heavy weights Reliance Industries (RIL), HDFC Bank and Infosys. The 50-stock index, however, fell below its 30-DMA, replicating a rout in most Asian indices. While it managed to remain above its 50-DMA, 100-DMA, 150-DMA and 200-DMA, its sharp intraday fall dragged it below 5, 10, 20 and 30 DMAs.

Actis, a global investor in sustainable infrastructure, and Mahindra Lifespaces, the realty and infrastructure development arm of the Mahindra Group, has set up a joint venture to develop over 16-17 million sq ft industrial and logistics real estate facilities across India. The joint platform Ample Parks is looking to acquire more than 700-750 acres land parcels across the country to develop these 15-17 industrial and logistics parks through greenfield and brownfield sites over the next five-six years. “India’s industrial and logistics sector represents a tremendous investment opportunity, with the country’s market strongly benefitting from a boom in consumer demand domestically and a realignment of supply chains globally in favour of India, with many corporations implementing a China Plus One strategy,” said Brian Chinappi, Partner, head of real estate at Actis.

A video from Tamil Nadu's landslide-affected regions has gone viral, showing drones airdropping food for stranded dogs. According to the report, the dogs were trapped near the Mettur dam. The pack of seven dogs had been stuck in the area for three days without food, the report added.

With its population of 1.4 billion and a massive manufacturing industry, China is by far the world's largest emitter of the greenhouse gases that scientists say drive climate change and make extreme weather more frequent and intense. Until now the country had set itself climate targets based on the carbon intensity of its economic growth, meaning it set objectives to reduce its emissions per unit of wealth produced.

₹6,145 crore initial share offer of electric two-wheeler business Ola Electric Mobility was tepid, with 35% of the issue subscribed on Friday, August 2, the opening day of the bidding process.Retail investors led the initial public offering (IPO) of the firm, subscribing 1.57 times the amount allotted for them.Bids were received for 16.31 crore shares of the 46.51 crore shares that were offered in the offering, which closes on Tuesday, August 6. Ola Electric IPO subscription status was 35% on the first day of bidding.

aviation sector with the introduction of the Bhartiya Vayuyan Vidheyak Bill 2024 in the Lok Sabha. This Bill replaces the Aircraft Act of 1934, which has undergone 21 amendments over the years and aims to align the Indian aviation sector with global standards. The proposed legislation, consisting 44 clauses, seeks to streamline regulations and foster growth in India’s rapidly expanding aviation market. The Bill was introduced in Parliament last week.

IDBI Bank is selling its Rs 6,151 crore legacy stressed asset portfolio to Omkara Asset Reconstruction Company (ARC) in a move that will help the government fetch an improved valuation for the proposed stake sale in the lender, people with knowledge of the matter told ET. At inter-se bidding held on Saturday (August 3), Omkara ARC gave the highest offer of Rs 652 crore, outbidding government-promoted National Asset Reconstruction Company Ltd (NARCL). For IDBI Bank, the distressed portfolio sale equates to a recovery of 10.5%, which will be reflected in its second-quarter earnings. “The sale of the stressed portfolio will have a significant positive impact on IDBI Bank’s valuation since potential bidders were wary of acquiring a bank with legacy loans, which the bank itself failed to resolve for over two decades,” said an advisor involved in the transaction who did not want to be named.

New Delhi: The Centre is planning a nationwide crackdown on poor-quality driving helmets, a leading cause of road deaths and head injuries, two people aware of the development said. India has the highest number of two wheelers in the world, and some the most dangerous roads, making for a dangerous mix for cyclists, and scooter and motorcycle drivers as well as pillion riders.

Amara Raja Energy & Mobility (ARE&M) has posted about 26 per cent rise in consolidated net profit at Rs 249.12 crore for June quarter FY25. It had reported a net profit of Rs 198.31 crore for April-June period of 2023-24, the company said in an exchange filing on Saturday. Revenue from operations rose to Rs 3,263.05 crore from Rs 2,796.27 crore in the year-ago quarter.