Manufacturing Financial News

Eli Lilly will spend more than $5 billion to expand an Indiana manufacturing site and eventually make more doses of its hot-selling weight-loss and diabetes treatments, Zepbound and Mounjaro

Workers at a Georgia school bus manufacturer have approved their first union contract

Families of four of the five Marines killed when their Osprey crashed in California in June of 2022 have filed a federal lawsuit alleging that the aircraft's manufacturers failed to address known mechanical failures that led to the deaths

NEW DELHI:The Union finance ministry on Friday exuded confidence about India's economic resilience, amid global conflicts and commodity price spikes. Positive indications in the farm sector like the prediction of a normal monsoon and stabilizing food prices will help the country “firewall against any adverse pressures" from such external factors in the coming months, the ministry's monthly economic review said.The April review by the ministry's Department of Economic Affairs said that while a normal monsoon will stabilize food prices, strong macroeconomic buffers will help the economy navigate external headwinds smoothly and continue the growth momentum of the previous fiscal year (FY24).According to government estimates, India is expected to report a GDP (gross domestic product) growth of at least 7.6% during FY24, which would be the fastest in any major global economy.

Voltamp Transformers, a leading transformer manufacturing company in India, has emerged as one of the biggest wealth creators. The company’s shares have consistently maintained an upward trajectory, rising from ₹2,518 apiece in February 2023 to the current market price of ₹11,970, delivering a staggering return of nearly 375%.Notably, out of the last 16 months (including May), the stock finished 14 in the green, with January 2024 registering the highest monthly gain of 23.4%, closely followed by December 2023 with a rally of 18.7%.

NEW DELHI : Broken and deformed spectacles? Fancy frames itching your skin? Fret not - Stringent standards to manufacture eyewear are on way, aiming to enhance consumer safety and eye health. The new standards, on par with international guidelines, will include strict test methods to make unglazed spectacle frames, two people aware of the matter said. Frames must withstand deformation and lens dislodgement under specified test conditions, ensuring mechanical stability in daily use.

₹254 crore in the March quarter, mainly due to certain exceptional items.The company reported a consolidated net profit of ₹320 crore in the year-ago period, a BSE filing said.Total income rose to ₹2,207.43 crore in the quarter from ₹1,699.96 crore in the same period a year ago.The consolidated net profit in the 2023-24 fiscal year also declined to ₹660 crore from ₹2,887 crore a year earlier.Total income in the fiscal rose to ₹6,567.51 crore from ₹5,990.16 crore a year ago.The company explained that PAT (profit after tax or net profit before exceptional items) for the March quarter increased 411 per cent to ₹281 crore on a year-on-year basis.The cumulative orders as on May 24, 2024 are 3.3 GW.

Mint in an interview, on the sidelines of the inauguration of the Range Rover House in Alibuag, Maharashtra, the first experiential centre of the brand in India.A new assembly line for the Range Rover and Range Rover Sport will be set up in Tata Motors' manufacturing facility in Pune, Maharashtra, with a production capacity of 10,000 units annually in two shifts. The move is expected to reduce prices by a significant 18%-22%, while still keeping them in the ₹1.5 crore and above category, said Rajan Amba, Managing Director and CEO of Jaguar Land Rover India."(W)e believe customers who were hesitant will make that leap, and it should add to the growth in Range Rover and Range Rover Sport," said Amba.“This is the first time that these flagship brands are coming out of Sollihul (in the UK) are being made anywhere else.

Shares of Inox Wind rallied 10% in today’s session to its fresh 52-week high of Rs 166 on BSE as the stock traded on an ex-bonus basis. Earlier in May, the wind turbine manufacturer had informed the exchanges about its intention to issue bonus shares in the ratio 1:3 to its eligible shareholders, meaning that for every 1 equity share held, 3 new equity shares will be issued.

(HOAC Foods India) made a decent market debut today, as its shares opened at ₹147 each on NSE SME, indicating a premium of 206% over the issue price of ₹48. The SME IPO, valued at ₹5.54 crore, was open for subscription from May 16 to May 21, 2024, at a price of ₹48 per share.

Mint tracker, continuing its trend from the previous year. With a composite score of 84, out of a maximum possible score of 100, India topped the EM league table in April with a persistently strong purchasing managers’ index (PMI) in the manufacturing sector, where it has had the best reading in the rankings for 12 months in a row—and in all but three months since November 2021. All currencies in the list saw a decline against the US dollar in April.

Mark Mobius, Chairman, Mobius Emerging Opportunities Fund, says in India, he is going to be looking at largecaps going forward because some of these largecaps have lagged behind the smallcaps. Incredible growth has been seen in the mid and smallcaps and now it is time for some of these largecaps to catch up. The whole infrastructure sector is particularly interesting and in the power sector, hydro power should not be forgotten. NHPC could be making a very interesting entry into hydropower area. One of the most interesting aspects of these companies is that they are not only exposed to growth in India, but also growth globally. What do you do about the valuations in the public sector entities because they have seen a massive re-rating in the last 12 months and in all certainty it seems like the current government is going to come back to power? Do you expect this momentum rally to continue or do you think the bulk of the rally and the value has already been tapped into? Mark Mobius: There is no question that there will be a correction.

Label Padhega India' campaign, an important step in building domestic consumer activism and fostering awareness, underscores the inherent issues related to product labelling locally. Still, products aimed at more sensitive consumer segments, such as children, may undergo greater manufacturer scrutiny. «Label Padhega India campaign has the potential to become the second largest consumer campaign after the 'Jaago Grahak Jaago' campaign by the Indian government,» said Harish Bijoor, brand strategy specialist. «However, for that to happen, the digital marketing has to be strong. Companies will not pay heed to the campaign until it gains larger traction and manages to yield a change in consumer behaviour. The onus on the influencers is to garner traction for the campaign by advertising it on a larger scale across media.» Product labelling in India faces several issues — ranging from non-compliance with the regulations, language barriers, misinformation and misleading claims, inconsistent labelling standards, illegible labels, lack of transparency, inadequate enforcement of the labelling regulations and imported goods not meeting the Indian labelling standards.

India's private sector activity picked up in May, recording the third strongest increase since July 2010 and contributing to optimism about the future, according to the preliminary results of a private survey released Thursday. The survey also showed the sharpest upturn in employment in nearly 18 years. The HSBC Flash India Composite Output Index rose to 61.7 in May compared with 61.5 in the previous month, as export demand strengthened further and the services sector accelerated. «The latest data showed strength in new export orders for both sectors, which rose at the fastest pace since the series started in September 2014,» said Pranjul Bhandari, chief India economist, HSBC.

₹2.69 per kWh, which is expected to be completed within 24 months of signing the 25-year power purchase agreement (PPA).With this, Avaada Energy has reached a portfolio of 15 GWp in India, it said in a statement.Vineet Mittal, chairman of Avaada Group, said, “We are incredibly proud to have won the single largest bid of 1050 MWp from NTPC. This achievement not only highlights our capability to execute large-scale renewable energy projects but also reinforces our commitment to supporting India’s transition to a sustainable energy future.

Vedanta group company's manufacturing arm, Global Products & Services, produces power transmission components, including conductors, power cables, and overhead wire cables.In an interview with Mint in March Agarwal had said post the demerger, SPTL may explore a public listing as part of its fundraising plans.The company statement said the demerger will be implemented through a National Company Law Tribunal (NCLT) scheme. Upon completion of the demerger process, all SPTL shareholders will hold identical shareholdings in both companies.The company has a portfolio of 33 completed, sold and under-construction power transmission projects covering approximately 16,529 circuit kms of transmission lines across India and Brazil.

South Korea has unveiled a $19 billion support package to bolster its semiconductor industry, seeking to catch up with international rivals amid soaring demand for advanced chips to power artificial intelligence and other computing. The 26 trillion won ($19.03 billion) package, announced by President Yoon Suk Yeol on Thursday, focuses largely on providing financial support through state-run Korea Development Bank for chip makers and suppliers to invest in semiconductor infrastructure in the North Asian nation.

GSM Foils IPO: The initial public offering (IPO) of small- and medium-sized enterprise (SME) GSM Foils Ltd will open for subscription on Friday, May 24, 2024. The aluminum pharma foils manufacturer aims to raise ₹11 crore through the public issue which will be open for bidding till May 28,2024.GSM Foils manufactures Blister Foils and Aluminium Pharma Foils, also known as "Strip Foils," used for packaging pharmaceutical medicines such as capsules and tablets. These foils are primary packaging materials that come into direct contact with the medicine, so utmost care is taken to ensure their quality. GSM Foils IPO is a fixed price issue of ₹11.01 crore.

HBL Power Systems, a prominent player in the battery and power systems sector, has emerged as a lucrative investment avenue in recent years, exhibiting sustained upward momentum in its share prices without significant pullbacks.Over the past twelve months alone, its shares have skyrocketed from ₹109 per share to the current trading price of ₹538.55 per share, translating to a remarkable gain of 394%. Long-term investors have witnessed even more impressive returns, with the stock delivering staggering gains of 1254% over the last three years and an astonishing 2143% over the past five years.In the span of a decade, the stock has witnessed an extraordinary surge of 5367%.Also Read: Responsive Industries shares jumped over 145% in 14 months; should you buy?Notably, the stock has consistently delivered positive returns on an annual basis, recording significant gains of 160%, 53%, 67%, and 312% in CY20, CY21, CY22, and CY23, respectively.In the current year, the stock has sustained its upward trajectory, registering a 24% increase from ₹437.90 to its current level.

Pixel 8 series appears to be accelerating. According to sources cited by the Economic Times, Dixon Technologies has started trial runs, setting the stage for the first batch of Indian-assembled Pixel 8 smartphones to be available by September potentially.Previously, the Google Pixel 8 series was produced in China and Vietnam.

Bernstein.Bernstein expects sectors such as infra, manufacturing, domestic cyclical, financials, and SOEs (state-owned enterprises) to lead, while consumer and IT will lag. For a few days, SMIDs (small and midcaps) may do better than large caps, said Bernstein.The final two phases of the seven-phase Lok Sabha election 2024 are scheduled for May 25 and June 1.