Manufacturing Financial News

Stocks that are trading heavily or have substantial price changes on Wednesday: Goodyear, Smart Global rise; LegalZoom, falls

atmanirbharta. This would not only help them to pile on runs with bats Made in India, but it would also help put the spotlight on the travails of an industry that is on the brink. Wood from Salix alba caerulea, a species of willow tree that grows in Kashmir, Pakistan Occupied Kashmir and the UK, is used to make cricket bats.

India will struggle to create enough jobs for its growing workforce over the next decade even if the economy grows at a rapid pace of 7%, Citigroup Inc. said, suggesting the world’s most-populous nation will need more concerted steps to boost employment and skills. Citi estimates India will need to create about 12 million jobs a year over the next decade to absorb the number of new entrants to the labor market. Based on a growth rate of 7%, India can only generate 8-9 million jobs a year, the bank’s economists Samiran Chakraborty and Baqar Zaidi wrote in a report this week.

valuations in the Indian equity market, there are expectations of subdued returns in the second half of 2024, with increased volatility and only marginal gains likely by the end of the year,” says Vikaas M Sachdeva, Managing Director, Sundaram Alternates. In an interview with ETMarkets, Sachdeva said: “The earnings expectations for the markets for Nifty stocks and for the top 100 stocks are around 15%, but around 20-25% for midcaps. The problem is there is so much euphoria right now that if you fall short of these numbers, you are going to see a pullback happening,” Edited excerpts:

Surveys of Chinese factory managers show a mixed outlook for the world's No. 2 economy, with growth steady but not picking up much steam

electric vehicle maker VinFast will enter the Indian market with locally assembled models, marking a shift from its earlier strategy of initially selling only imported EVs in the world's third-largest automobile market, said a person with knowledge of the plans. The revised approach follows a fast-tracked opening of the company's new factory in Tamil Nadu. The plant is likely to become operational by March 2025, 3 months ahead of schedule, the person said, asking not to be named. VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ?25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres. VinFast's move to enter the Indian market through the completely knocked down (CKD) route will help the maker of VFe-34, VF6, VF7 car models save on high import duties and offer its products at competitive prices. India levies an import duty of 100% on imported car models having a CIF (cost, insurance, freight) value of more than $40,000 and 70% on imported models with a CIF value of less than $40,000. CKD kits attract 15% duty.

Koenigsegg is giving Bugatti a tough contest in terms of the 'world's fastest car', as a new Koenigsegg in testing is reported to reach a whopping 311mph, making it the best option to beat the current world record holder of the fastest car in the world, Bugatti. Koenigsegg Jesko Absolut's latest tests and simulation reports reveal that it is equipped to reach top speeds which have been untouched by other car manufacturers in the world till now, according to The Sun.

Building a new factory? Budget may extend concessional tax rate for a year The plan is to encourage more value addition in segments where local production is predominantly in the nature of assembling imported components, the person said. Improving ease of doing business and cutting red tape in claiming tax refunds are also high on the government’s priority. Experts said that an amnesty scheme under customs is the need of the hour.

The Adani group will spend $9 billion to build manufacturing and transportation infrastructure for the first phase of its ambitious green hydrogen venture, pivotal to the conglomerate’s business aspirations and crucial to the world’s third most polluted country’s net-zero transition. Once production gets under way, Adani group will hire specialized ships to export what will be the world’s cheapest green hydrogen and its derivatives to Europe and some Asian countries, three people directly aware of the conglomerate’s plans said on condition of anonymity. "This is the most decisive entry into green hydrogen being planned by any group in the country," one of the three people said.

Tesla not moving forward on deal with the government, Ola CEO Bhavesh Aggrawal claimed that this loss would be for Elon Musk-owned company, not for India. «If true, this is Tesla’s loss, not India’s. While the Indian EV and Lithium ecosystem is early, we’re gaining momentum quickly. It’ll be too late for Tesla when they look at India seriously again in a few years,» said the Ola CEO in a post on X. The government has not heard from Tesla since the election results, on its plans to participate in the recently launched Scheme to Promote the Manufacturing of Electric Passenger Cars in India, said Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh.

Goyal Wednesday said the four-member European nation bloc European Free Trade Association (EFTA) is keen to invest in India and the domestic industry should take advantage of that opportunity. Goyal, who is visiting Switzerland on Sunday to take forward the EFTA commitments, said that this $100 billion commitment is for foreign direct investments and not portfolio investments. Iceland, Liechtenstein, Norway, and Switzerland comprise the EFTA. In March, India and EFTA signed a free trade agreement under which New Delhi received an investment commitment of $100 billion in 15 years from the grouping while allowing several products such as Swiss watches, chocolates and cut and polished diamonds at lower or zero duties.

regional labour commissioner, Chennai, in its submission to the central labour ministry on Wednesday, said there is no evidence supporting claims of discrimination against married women in the recruitment and employment processes at the Foxconn’s Chennai iPhone factory. The ministry, however, is awaiting the response from the state government following which it will firm up its observations on the matter for submission to the National Human Rights Commission. “After reviewing the submissions, records, and statements from married female employees, the report concluded that there is no evidence supporting claims of discrimination against married women in the recruitment and employment processes at the Foxconn Chennai iPhone factory,” the regional labour commissioner said in its submission.

hospitality industry is hoping more hotels get infrastructure-linked benefits this year and that their much-awaited demand of granting infrastructure status to the sector is met. Hotel Association of India (HAI) said on Friday that infrastructure status will enable hospitality projects access to finance at better interest rates with longer repayment periods and attract investment. «The previous budgets have seen a strong focus on developing infrastructure. However, hotels have not been treated on par. The last budget announced the development of tourism in mission mode. Tourism cannot be developed without tourist accommodation,» HAI said in a statement on Friday.

Uttar Pradesh has received proposals for projects totalling around Rs 40,038 crore under its new policy to incentivise semiconductor manufacturing and attract global investments in the state, its investment promotion agency Invest UP said in a statement. Hiranandani group’s Tarq Semiconductor is expected to invest Rs 28,440 crore while Kaynes Technologies subsidiary Kaynes Semicon is set to invest Rs 4,248 crore. Aditech Semiconductor has proposed an investment of Rs 3,751 crore and Vamasundari Investment Delhi has planned to invest Rs 3,599 crore, the statement noted.

Gautam Adani is looking to start building ships at the group's flagship port at Mundra, also the country's largest, as yards in top nations such as China, South Korea and Japan are booked out until at least 2028, forcing global fleet owners to look at alternate manufacturing sites including India for new vessels. This fits in with India's ambitious bid to become a top 10 shipbuilder as per the Maritime India Vision 2030 and move into the top five by 2047 as detailed in the Maritime Amrit Kaal Vision. India is currently ranked 20th in the world commercial shipbuilding market with a marginal share of 0.05%. Indian-owned and flagged ships account for about 5% of the total overseas cargo-carrying requirements of the country. Adani's previously unreported shipbuilding scheme is tucked away in the ₹45,000 crore expansion plan for Mundra Port that received environmental and coastal regulation zone clearance recently, according to the minutes of the Expert Appraisal Committee (EAC) attached to the ministry of environment, forest and climate change, which approved the proposal May 15.

Nasdaq and S&P 500 rallied to record high closes on Wednesday, fueled by gains in Nvidia and other Wall Street heavyweights ahead of inflation data and quarterly earnings reports due this week. It was the Nasdaq's seventh straight record-high close and the S&P 500's sixth straight. The S&P 500 crossed 5,600 for the first time after Federal Reserve Chair Jerome Powell stoked expectations for an interest-rate cut in September.

Finance Minister Nirmala Sitharaman is set to present the Union Budget on July 23 in Lok Sabha. The Parliamentary session for the Budget will commence on July 22 and continue till August 22. The NDA government’s first Budget is expected to focus on sustaining economic growth with impetus to job creation, with an eye on maintaining the fiscal deficit target. All eyes are now on the Finance Minister as people eagerly await the announcement of policies and initiatives that align with their interests.

Bhavish Aggarwal said that the company has developed a cutting-edge lithium cell battery named "Bharat cell", which is currently undergoing trials in an advanced stage and can be a gamechanger for the Indian electric mobility ecosystem once it is launched on a full scale. «This is the 5G of lithium cells, if I can say, it in a very simple way. This is the cutting-edge technology that we have made in India. Globally, only a few companies have this technology capability,» Bhavish Aggarwal told in a podcast session. And for this technology, Ola's founder apprised that it had not done any partnership for its development.

«Power and power equipment is something that we really like because we think that in the wind and in solar we could see doubling of capacity in the next three-four years,» says Sridhar Sivaram, Enam Holdings. So, when you say that you find more value in largecap pocket, which are the themes in largecap which you like? Is it telecom? Is it anything else? Sridhar Sivaram: So, telecom is something that we have been bullish for a while and the rough numbers based on the ARPUs that have gone up is that the industry revenues can go up by about 40-50 thousand crore, now that goes straight into the EBITDA even if you take a 10 times EV-EBITDA that is 5 lakh crores of extra market cap for the industry.

China has reported its auto sales slumped in June as the domestic economy remained sluggish, but buoyant exports offset the decline at home

defence stocks. A number of defence stocks, big as well as small, have been touching new highs in recent times. The defence euphoria in the market is fuelled by the government's resolve to indigenise defence production as well as boost defence exports. The defence sector has become a striking Make in India story. But behind this growth lies years of persistent efforts at the policy as well as execution levels.