Manufacturing Financial News

workers engaged in cutting and polishing of lab-grown diamonds (LGD) in Surat are facing delays in getting their wages and uncertainties about their jobs, with a fall in the prices of these man-made gemstones affecting the revenue of the units employing them. As LGD prices are falling and export demand is not picking up as expected, wages are getting delayed by 20 days every month, according to the workers' union. Exports fell in value in 2023 but grew in volume, industry executives said. Last calendar year, exports of polished LGDs from India increased more than 50% in volume terms to 6.45 million carats, compared with 4.28 million carats in 2022. This year, volume growth too has slowed down. More than volume, value is falling which is a matter of concern. In 2024, value of lab-grown diamonds has fallen 45% compared with calendar 2023.

₹125 crore from anchor investors ahead of the launch of its initial public offering (IPO) on Wednesday, June 19.According to the exchange filing, the engineering company allocated 61,62,777 equity shares to anchor investors at the allocation price of ₹203 per share.Also read: Dee Development Engineers IPO: Price band set at ₹193-203 per share; check issue details, key dates, more"The Board of Directors of the Company at their meeting held on Tuesday, June 18, 2024, in consultation with the Book Running Lead Managers to the Offer, has finalized allocation of 61,62,777 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 203 per Equity Share," the company said.HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, LIC MF Large, SBI General Insurance, Morgan Stanely Asia were among the marquee companies who participated the anchor book round.Out of the allocation of 61,62,777 equity shares to the Anchor Investors, 26,61,210 Equity Shares (i.e.

PepsiCo India is seeking to enhance the livelihood prospects for 1 million women in the country by 2026 under an initiative that focuses on sustainable development and gender equality, the beverages and packaged foods company said. It is looking at doing this through a combination of upskilling, awareness building and by offering job opportunities. The company has named this initiative as RevolutioNari, and is currently looking at partnering with other companies for this project.

Mint. “Over the last 3-4 years, we have upped the number of women in the sales and marketing division from 5-6% to 20%."The program, called ‘RevolutioNari–A Revolution for the Nari’, is aimed at empowering 1 million women nationwide, in partnership with a consortium of organizations and spanning 1,000 days, PepsiCo said in a statement.In the first phase of the programme, PepsiCo India will focus on undergraduate women in multiple disciplines, including science, technology, engineering, and mathematics (STEM), and agriculture.

Electric vehicle maker Fisker filed for Chapter 11 bankruptcy protection, the second electric startup to do so in the last year as even industry leaders struggle to lure more buyers beyond the early adapters of the technology

Hyundai Motor Group says it plans to begin manufacturing IONIQ 5 electric SUVs at its sprawling new plant in Georgia this fall

to impose anti-dumping duty on printed circuit boards (PCBs) imported from China and Hong Kong. PCBs form the base of the many integrated circuits that control electronic functions in modern automobiles.

Paytm share plunges 3% amid discussions with Zomato to sell movie ticketing businessThe chairperson of NCPCR disclosed that 58 children, including 20 girls, were found at the plant. He further stated that many of the children had suffered burns on their hands due to exposure to chemicals.“Yesterday afternoon, during an inspection in Madhya Pradesh's Raisen district, we found 39 boys and teenagers employed in the liquor manufacturing work at the Som Distillery who had disappeared from the factory late in the evening," NCPCR said in a post on social media X.However, the company has denied responsibility for employing child labour, attributing the incident to a private contractor."We wish to clarify that these concerns are not related to Som Distilleries and Breweries Limited but relate to our associate Private Limited company which deals in country liquor primarily, and not the listed company as reported," the company said.In the last one year, Som Distilleries' stock has increased by 13 per cent, which lags behind the Nifty 50 benchmark index, which rose approximately 26 per cent over the same period.Also read: Minda Corp share price hits record high; gains 74% in about 1 year; is the stock buy-worthy? Experts weigh inSom Distilleries and Breweries, based in Bhopal and promoted by Som Group, is a prominent player in the Indian alcoholic beverages sector.

₹95 and ₹100 per equity share, having a face value of ₹10 each. The Shivalic Power Control IPO will open for subscription on Monday, June 24, and close on Wednesday, June 26.

Premier Explosives was one such stock that continued its robust rally. The stock in today's session hit the 10% upper circuit limit to reach a fresh record high of ₹3,882 apiece.Over the last eight sessions alone, the stock has surged from ₹2,186 to its current price, marking an impressive rally of 77.60%.

Boeing's CEO is getting his day in front of Congress, and lawmakers are expected to have many questions about safety at the troubled aircraft company

Fisker, a much-hyped startup that sought to mimic Tesla’s success, has filed for bankruptcy, roughly a year after releasing its first electric-vehicle model. The filing marks the second time an automotive venture by car designer Henrik Fisker has gone bust and follows weeks of quietly winding down its operations. The seven-year-old California-based company sought a cheaper and faster entry into the auto industry by outsourcing manufacturing but struggled with the complexities of running a publicly held company.

Toyota shareholders voted Tuesday in support of all the company's proposals, including keeping Akio Toyoda, grandson of the Japanese automaker's founder, as chairman on the board. Details on the vote tallies were not immediately available. But the company confirmed the majority voted in support of its positions. A shareholder proposal requesting that Toyota issue an annual report on its climate-related lobbying activities was rejected.

Several high-profile candidates have turned down the chance to run Boeing, complicating the jet maker’s search for a new leader amid discussions about whether the next CEO needs to be based near its Seattle-area factories. Boeing CEO David Calhoun said in March he would step down by the end of the year. GE Aerospace CEO Larry Culp, widely considered a natural for the job, declined Boeing’s request to consider taking over, said people familiar with the discussions.

HFCL (Himachal Futuristic Communications Limited), a company with diverse operations in telecom infrastructure, has experienced a remarkable surge in its stock value during today's early trade after the company on Monday said it is the only Indian optical fiber cable manufacturer to have been exempted from anti-dumping duties by the European Commission.Highlighting a decision by the European Commission on June 14, 2024, HFCL said: In the said decision, it was determined that HFCL is the only Indian company not engaged in the dumping of OFC in European markets, whereas provisional anti-dumping duty has been determined on all other Indian optical fiber cable manufacturers in the statement issued by the European Commission. This makes HFCL the only Indian optical fiber cable manufacturer to have been exempted from anti-dumping duties by the European Commission."Also Read: M&M share price hits record high as brokerages raise target priceThe company has been operating in Europe for over a decade and has long-term engagements with some of the leading telcos and ISPs in many countries in Europe.Following this positive development, the company's shares opened today's session with a 5% gap up at ₹121 apiece, compared to the previous day's close of ₹117, and continued to strengthen, reaching ₹129, marking a notable increase of 10.25%.Today's rally marks the ninth consecutive day of gains for the stock, during which it has surged by 52%.

Minda Corporation as its 'top pick of the week'. This is on the back of its reasonable valuations, strong EV (electric vehicle) order wins, and EBITDA margin improvement.The brokerage has a ‘buy’ call on the stock with a target price of ₹502, implying a potential upside of 10 percent.Minda Corporation is one of India's leading manufacturers of automotive components, including Electronic & Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS & IoT, Wiring Harnesses, SRCs, Components, Instrument Clusters, Sensors, and Interior Plastics.

“FIIs have been net sellers in Indian Markets over the past few years. So, bulk of the selling is not due to election related jitteriness,” says Niraj Kumar, Chief Investment Officer, Future Generali India Life Insurance Company Ltd. In an interview with ETMarkets, Kumar said: “With no major U-turn expected, several domestic focussed sectors are poised to perform well under the new regime; such as Infrastructure, Construction & allied sectors, Cement & Auto,” Edited excerpts:

Zomato, Paytm, HAL, Som Distilleries, Adani Enterprises, TCS among others will be in focus due to various news developments. APL Apollo Tubes The National Company Law Appellate Tribunal (NCLAT) has directed the NCLT to hear afresh the insolvency plea filed by APL Apollo Tubes against one of its purchasers of goods.

semiconductors and critical minerals during the meeting of the India-US initiative on Critical and Emerging Technology (iCET), led by Indian National Security Adviser Ajit Doval and his US counterpart Jake Sullivan in New Delhi. India and the US Monday launched a new strategic semiconductors partnership to co-develop semiconductor design and manufacturing processes for precision-guided ammunition. «Launching a new strategic semiconductor partnership between General Atomics and 3rdiTech to co-develop semiconductor design and manufacturing for precision-guided ammunition and other national security-focused electronics platforms,» read the fact sheet issued by the US and India.

Tata Consultancy Services: TCS announced that it has received an adverse judgment from the United States District Court, Northern District of Texas, Dallas Division. The court ruled that TCS is liable for a total of $194.2 million, which includes $56,151,583 in compensatory damages, $112,303,166 in exemplary damages, and $25,773,576.60 in prejudgment interest.

Stocks that are trading heavily or have substantial price changes on Monday: Autodesk, Walt Disney rise; AMC Networks, Dycom fall