Manufacturing Financial News

Bank Nifty was up by 73.7(0.15%) at 31 May 2024 10:44:53 IST.Other stocks such as Sel Manufacturing Company, Shalimar Paints, KRBL, Berger Paints India, Route Mobile hit their fresh 52 wk lows today.

Modi hi', Dalal Street investors have been hoarding PSU stocks in large numbers ever since voting for the Lok Sabha election began on April 19. During the period, the market capitalisation of BSE PSU index has increased by nearly Rs 7 lakh crore with stocks of state-owned entities, now being categorised as «Modi stocks», rallying up to 87%. Shares of defence PSUs, one of the key beneficiaries of PM Modi's 'Aatmanirbhar Bharat' policy, dominate the list of election season winners. Cochin Shipyard, Bharat Dynamics and Mazagon Dock Shipbuilders have rallied in between 87% and 56% during the period.

European Union (EU) is planning to increase its import duty from 10% to 25-30% on all Chinese electric vehicles and batteries to protect domestic producers. The US, too, has proposed to quadruple tariffs on Chinese EVs to 100% to discourage cheap imports. The proposed EU tariffs are expected to be announced in July, raising the possibility of Chinese manufacturers redirecting their excess inventory to markets like India, the people cited above said on condition of anonymity, adding that he ministry of commerce and industry has been tasked with spearheading these efforts, working in collaboration with other relevant departments and agencies.

Asset managers have lined up several new fund offers (NFO) unfazed by the outcome of the general election results on June 4. As many as 12 new fund offers are open or will be launched in the next fortnight. Motilal Oswal launched a multicap fund and JM Financial has started a small-cap fund to complete their product basket in the diversified fund space. Many fund houses are launching thematic funds that include the likes of financial services, manufacturing and special opportunities. Mahindra Manulife and Baroda BNP Paribas are launching manufacturing funds.

venture funds, investment firms backed by veteran corporate leaders as well as several startup founders are among those vying to buy stakes in a slew of new consumer brands that are challenging the dominance of incumbents. Flipkart-backer Accel is in advanced discussions to invest in new-age luggage brand Uppercase valuing it at around $50-60 million, sources aware said. In February, Peak XV Partners invested in premium luggage maker Mokobara, while another investment firm Lighthouse picked a stake in Safari Industries in March. Separately, early-stage home and kitchen products brand Solara has raised capital from Livspace cofounder Ramakant Sharma and others, amid a flurry of deals across segments from luggage to beauty, wellness, pet care, jewellery, food and beverages.

Medical supply company Medline Industries is recalling some 1.5 million portable adult bed rails across the U.S. and Canada, following two reports of entrapment deaths associated with the products

Apollo Hospitals post 76% rise in Q4 profits to ₹254 croreTIME categorized Reliance under 'Titans,' one of the five classifications for the featured companies, which also include Leaders, Disrupters, Innovators, and Pioneers.Tata was placed in the 'Titans' category alongside Reliance, while Serum Institute was placed as a 'Pioneer'."Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said.The Mukesh Ambani-led conglomerate has expanded its interests into energy, retail, telecommunications, and more, propelling its chairman to become Asia's wealthiest individual, according to reports.Furthermore, the publication highlighted that in February, Reliance emerged victorious in a highly competitive battle to lead India's rapidly growing streaming market.

Reliance Industries Limited (RIL) has been named one of the World's Most Influential Companies by TIME magazine, making its second appearance on the prestigious TIME 100 list. This recognition places Reliance in the 'Titans' category, highlighting its transformative impact across various sectors in India and beyond. According to a press release, Reliance now holds the unique distinction of being the only Indian company to have been included twice in this elite list. This recognition comes after Jio Platforms, a subsidiary of Reliance, was included in the inaugural TIME 100 Most Influential Companies List of 2021. This distinction makes Reliance the only Indian company to receive this recognition twice, showcasing its continued impact and influence on a global scale.

TPG Asia on Thursday sold its entire stake in wire and cable manufacturer RR Kabel through block deals, according to exchange data. TPG Asia offloaded about 5% stake or just over 56 lakh shares at around Rs 1,701 apiece. This valued the deal at around Rs 958 crore.

Orient Electric, part of the diversified $3 billion CK Birla Group, has appointed Ravindra Singh Negi its managing director and CEO, effective May 31, 2024 (subject to regulatory approvals), the company said in a statement on Friday. Negi joins the Orient Electric Board as a full-time Director and will be based in New Delhi. “Negi’s extensive experience across industries and especially electrical consumer durables will be pivotal in guiding Orient Electric towards sustained growth,” CK Birla, Chairman, Orient Electric said in a statement. “Under his leadership, Orient Electric will accelerate its journey to becoming a future-ready consumer-centric organisation. He will continue to build organisation capability and execution excellence towards growing all key businesses.”

China's Commerce Ministry has announced it will restrict exports of some aviation and aerospace-related equipment and technology beginning July 1

Shares of Prestige Estates Projects Ltd.(up 2.21 per cent) and Macrotech Developers Ltd.(up 1.89 per cent) ended the day as top gainers in the pack.

₹4,000 crore IPO has been approved by Hero FinCorp, the financial services division of India's largest two-wheeler manufacturer, Hero MotoCorp, according to a May 29 company release.The IPO will consist of both a fresh issue of shares and an offer for sale made by existing shareholders.According to the company's filing, the Board of Directors of Hero FinCorp Limited, a subsidiary of Hero MotoCorp Limited, gave their consent to pursue an initial public offering route during a meeting on May 29, 2024."This is to inform you that the Board of Directors of the Company in their meeting held on May 29, 2024, has considered and approved the Initial Public Offering (IPO) of the equity shares of face value of ₹10 each comprising of a fresh issue of equity shares aggregating up to ₹40,000 million and an Offer for Sale of Equity Shares by certain existing and eligible shareholders of the Company," said Hero FinCorp in a filing.Also Read: Kronox Lab Sciences IPO to open on June 3; check GMP, price band, issue size, key dates, more.Hero FinCorp is a financial services organisation that provides a variety of services. Some of these services include loans for education, loans to small and medium-sized businesses, and financing for two-wheelers.

Aimtron Electronics opened for subscription on Thursday and will close on June 3. The company aims to raise about Rs 87 crore through the SME IPO and list the shares on the NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue.

Boeing is expected to deliver on Thursday a «comprehensive action plan» required by US air safety regulators after a near-catastrophic incident in January. The American aeronautics giant has faced intense scrutiny following manufacturing problems and pointed testimonials from whistleblowers in the aftermath of fatal crashes in 2018 and 2019 that have kept the company in the headlines for unwanted reasons.

TPG Asia is selling its entire stake in wire and cable manufacturer RR Kabel through a block deal on Thursday to raise Rs 957 crore ($114.9 million), according to a term sheet reviewed by ET. TPG Asia holds a 5% stake in the company as of the end of March 2024, according to BSE filings. The PE firm acquired a 21% stake in RR Kabel five years before the IPO that was launched in the second half of 2023, and since then, it has been consistently pruning its stake.

Mint poll of economists. According to the median estimate of the 20 economists, GDP growth slowed to 7.0% in January-March from 8.4% the previous quarter mainly due to the slowdown in industrial growth and subdued agricultural activities. However, strong growth in all quarters, with three of the four printing 8%-plus growth, would result in GDP growth rising to 7.9% in FY24 from 7.0% the previous year, according to estimates by 19 economists.

import of capital goods and machinery to build factories as manufacturers in China and Southeast Asia embark on their own expansion plans. That could potentially hobble their ability to meet any rise in consumption demand. Reliance is among Indian companies facing such challenges as it looks to set up production facilities for its fast-moving consumer goods (FMCG) business and scale it up, said a senior executive, citing difficulties in establishing bottling plants for Campa Cola with machinery suppliers asking for a year and more. Reliance didn't respond to queries.

Danish wind farm developer Orsted will pay New Jersey $125 million to settle claims over the company’s cancellation of two offshore wind farms last year

The International Monetary Fund has upgraded its forecast for China's economy, while warning that reforms are needed to sustain growth

stockpile of 400,000 vehicles worth ₹44,000 crore by this month-end as demand cools in India after a 3-year run of scorching sales. With car despatches to dealers outpacing demand, passenger vehicle registrations, taken as a proxy for retail sales, are also expected to fall by 5% in May from a year earlier. The likely decline — 2nd this year — comes amid election-related uncertainties, completion of marriage season, and heat waves in several key markets especially Delhi NCR, said industry executives. Automakers are expected to end May with wholesales or factory despatches to dealers of 340,000-350,000 vehicles, up 4-4.5% from a year earlier. As per dealers, planned shutdowns by some companies will help in moderating production volume and managing inventory. «Pre-Covid stocks for the industry used to be in the range of 45 days. This has dropped to 2-3 weeks after pandemic. Industry stocks are high,» said Hardeep Singh Brar, national sales head at Kia India. He expects sales to rebound after the new government takes charge. «Forecast for monsoons is good. Interest rates are expected to come down later in the year, with inflation under control. Given the high base for the entire year, sales growth is likely to be in low single digits,» he said.