Manufacturing Financial News

engineering major Larsen & Toubro (L&T) hit a two-month low of Rs 3,290, falling 6% on the BSE on Thursday after the company cut its margin guidance. However, the company is not only bullish on its engineering, procurement, and construction business, but also green energy. R Shankar Raman, president, whole-time director & CFO, L&T, tells Kalpana Pathak, the company will build its own green ammonia plant at Deendayal Port, Kandla, Gujarat. Edited excerpts: The street has given a thumbs down to L&T's earnings. Comment.

Some of Canada’s biggest business groups are urging Prime Minister Justin Trudeau to reverse his government’s plan to raise the tax inclusion rate on capital gains.

AstraZeneca admitting in a UK court that its Covid vaccine can cause blood clots in rare cases, a group of doctors on Thursday expressed deep concern over the safety of the Covishield vaccine manufactured by the Serum Institute of India. At a press conference, the doctors, under the banner of the Awaken India Movement (AIM), urged the government to review the science behind all Covid vaccines and audit their commercialisation as well as implementation of active surveillance and monitoring mechanism to ensure vaccine adverse events are identified as early as possible. «The government has wholly ignored the rising number of cases of tragic deaths post-Covid vaccination all the while and continues to promote Covid vaccines as 'safe and effective', without scientific investigation and invoking epidemiology,» Dr Tarun Kothari, a radiologist and an activist, said at the press conference. The world is learning about a side effect of the Covid vaccine called Thrombosis with Thrombocytopenia Syndrome (TTS), he said.

Mint. “It has been decided to notify authorized officers at only 155 specified points of entry for food imports clearance till further orders," Rao added. Queries sent to the FSSAI spokesperson were not answered immediately.

ICRA, India's domestic tyre volume growth is expected to moderate to 4-6 per cent in FY2025 from an estimated 6-8 per cent in FY2024 on the back of elevated base and subdued growth in the commercial vehicle (CV) segment. ICRA anticipates domestic demand from original equipment manufacturers (OEMs) in certain consumer segments like passenger vehicles (PV) and two-wheeler as well as replacement to remain healthy, supporting overall tyre volume expansion in FY2025. While revenues would expand by 5-7 per cent in FY2025, high natural rubber prices and increasing crude prices are likely to moderate the tyre industry’s margins by 200-300 basis points (bps) in FY2025.

Hero Electric, Okinawa Autotech, Greaves Electric Mobility and Revolt Motors have not yet been registered for new EV subsidy scheme, according to a report. As per a report of ET Auto, these companies are among the seven companies against which the ministry of heavy industries had initiated recovery of varying amounts of subsidies in 2022, alleging misappropriation. A top official of one of the affected OEMs told ET Auto that the company has not registered under EMPS yet. A Revolt spokesperson told ET Auto, “We understand that onboarding of Revolt on FAME/govt subsidy program is in its last stages. We expect the approval very soon”.

Larsen and Toubro on Thursday announced that it was elevating R Shankar Raman as the Preaident of the engineering and construction conglomerate. Post the promotion, Raman will continue to hold the position of the whole-time Director and CFO of the company as well. The company's Senior Executive Vice President (EVP), Energy, Subramanian Sarma has been elevated to whole-time Director and President, Energy.

NEW DELHI : The Export-Import Bank of India has predicted that India's total merchandise exports will reach $116.7 billion in the ongoing first financial quarter, growing 12.3% year-on-year on strong economic fundamentals and sustained manufacturing and services activity. The Exim Bank also projected non-oil exports to grow by 10.7% to reach $93.9 billion in the first quarter. Exim Bank's report underscored that an anticipated global easing of monetary tightening is expected to enhance global demand, which would provide further support to India's export growth.

₹3,725 each. Today, they are trading at ₹9,084, marking an impressive gain of 144%. What's particularly notable is the stock's consistent positive performance, with 10 out of the last 12 months ending with gains, including a substantial 38% increase in April.

₹131 to ₹138 per share. The IPO lot size for Energy Mission Machineries is 1,000 shares. The firm provides metal fabrication solutions to the industrial sector by designing and manufacturing CNC, NC, and traditional metal forming equipment.

SME IPO of Energy-Mission Machineries opened for subscription today and closes on May 13. The company aims to raise about Rs 41 crore through the SME IPO and list the shares on NSE SME platform. Here are 10 key things investors need to know about the public offer before subscribing to the issue. 1) About Energy-Mission Machineries The company designs and manufactures CNC, NC and conventional metal forming machines which caters to the industrial sector requirement for metal fabrication solutions. Their wide spectrum of metal forming machines includes press brake machines, shearing machines, plate rolling machines, iron workers machines, hydraulic presses and busbar bending, cutting and punching machines.

global macro conditions rebound over time. However, India will continue to benefit from outsized capital allocation and is expected to reach $80-100 billion in annual deployment over the next five years, Bain & Company partner Prabhav Kashyap told ET. This estimate compares to about $39 billion in 2023, as per a report by Bain & Company called India Private Equity Report 2024. Deal activity had reduced about 35% from $62 billion in 2022.

government is planning a dedicated research and development (R&D) wing under the proposed India Semiconductor Research Centre (ISRC) that will focus on semiconductor research which can «quickly go into industrial production», sources told ET. «There is a need for both the private and public sector, especially in the semiconductor space to have full-time R&D personnel. The idea is to create an intellectual property right (IPR) driven manufacturing ecosystem. We might look at creating a structure where some of the R&D can be co-funded or in PPP mode,» a senior government official said.

The Prada Group is expanding its production footprint in Italy, including dozens of new jobs at its knitwear factory in Umbria, leaning into “Made in Italy” as integral to the brand’s ethos

Reliance Industries Ltd on Wednesday said it has acquired a step-down subsidiary engaged in the manufacture of petrochemicals and hydrogen, for Rs 314.48 crore. In a stock exchange filing, the firm said Reliance Chemicals and Materials Ltd (RCML) is a step-down wholly owned subsidiary of the Company through Reliance Projects & Property Management Services Ltd (RPPMSL). «It is proposed to make RCML a direct wholly owned subsidiary and hence, the company has today, at around 3:15 p.m., acquired a 100 per cent equity stake of RCML from RPPMSL for an aggregate consideration of Rs 314.48 crore,» it said. RCML was incorporated in India on November 2, 2022, to undertake the business of manufacturing petrochemicals, vinyls, hydrogen & its derivatives, rare and industrial gases, bio-energy products and carbon fibre.

ABB India’s factory in the area, there’s a noticeable change. The temperature is regulated; the quintessential clatter and clang of a manufacturing unit is suspiciously missing; large windows let in abundant natural light, which coupled with the white walls, make the place resemble a laboratory more than a factory. This factory is new, inaugurated just a year ago.

MUMBAI : Inox Air Products has signed a 20-year agreement with Asahi India Glass Ltd (AIS) to supply green hydrogen to the glass maker's greenfield float glass facility in Chittorgarh, Rajasthan. As part of the agreement, announced on Tuesday, Inox Air Products will handle the design, engineering, installation, operations, and continuous supply of green hydrogen to the AIS facility for the next 20 years. This project marks Inox Air’s first green hydrogen unit, with a planned capacity of 190 tonnes per annum.

₹235 per share. Meanwhile the company's shares, which were priced at ₹16.60 apiece in April 2021, have surged by an impressive 1391%, reaching the current price of ₹247.55. Over the last five years, the shares have risen 3790%.

South Korea is dedicating around $7 billion to help wean its electric-vehicle battery supply chain away from China and align more with U.S. trade guidelines. The Ministry of Trade, Industry and Energy in Seoul said Wednesday that it will provide 9.700 trillion won ($7.14 billion) in state financing to the local EV-battery industry this year to build up the country’s supply chain to continue to benefit from U.S.

rubber-stamp parliament, is under way in Beijing. The top leaders and thousands of delegates will attend for a week. So far the signals are not reassuring.

Hindalco Industries, the company run by Indian billionaire Kumar Mangalam Birla, is considering seeking about $1.2 billion in Novelis, its US-based division's initial public offering (IPO), Bloomberg news reported. Novelis is the world's biggest manufacturer of flat-rolled aluminium products, which are used in many different goods, such as cars and pop cans. Bloomberg reported that Hindalco may aim for a $18 billion value for Atlanta-based Novelis, citing sources familiar with the matter.