Manufacturing Financial News

ALSO READ: US Fed bets reprice: China, Japan, South Korea and India look attractive On April 30 (Tuesday), reports on employment cost index for first quarter (Q1) and consumer confidence for April will be unveiled. On May 1 (Wednesday), data on ADP employment for April, auto sales for April, and ISM manufacturing for April will be released. On the same day, FOMC (Federal Open Market Committee) interest rate decision will be announced, followed by Fed Chair Jerome Powell’s press conference.

Trevor Gorji has jokes. Over the past several years, through his puckish clothing brand Fugazi, Gorji, 25, has made a Jordan-lookalike sneaker that swapped the Swoosh for a revolver. He’s made shirts with “Willful Infringement" embroidered along the back in reference to trademark lawsuits and made sherpa hoodies with wrong-looking zig-zaggy zippers.

The deal covers workers at various plants in North Carolina.

Tech Mahindra India business head Jagdish Mitra has set up an AI startup with a proposed initial investment of Rs 65-80 crore. The startup is likely to commence operations in the next three months. «We will start going to customers in 8-12 months. Initially, we will invest USD 8-10 million,» Mitra — one of the contenders for the post of Tech Mahindra CEO position after CP Gurnani resigned — told PTI.

An emergency slide fell off a Delta plane that was taking off from New York, and pilots returned to the airport and landed safely

Home products retailer Williams-Sonoma will have to pay almost $3.2 million penalty for violating a Federal Trade Commission “Made in USA” order

₹1,000 crore in the fiscal year 2024-25. This decision comes alongside the brand's expansion into international markets and the exploration of new product categories, Varun Gupta, one of its co-founders, told news agency PTI in an interview. Gupta further revealed the details about his vision to make the Indian company global, listing out the homegrown brand, and his ambitious targets for this fiscal year.

Stock Market News: Following a five-day surge, the domestic benchmark indices, the Sensex and Nifty 50, buckled under selling pressure on Friday as investors reduced their exposure to banking, and financial stocks amid mixed global cues. According to reports, traders stated that continuing outflows of foreign funds, a falling rupee, and rising global crude prices further weighed on sentiments. Sectoral indices were mixed bag; the Nifty Consumer Durables index finished 1.72% higher than the Nifty Financial Services index, which ended 0.89% lower.

Making sense of Tesla’s manufacturing plans increasingly requires a close study and a grain of salt when listening to Elon Musk describe what’s ahead. The chief executive loves to talk about the future of robot cars and what might come. What was less clear this past week, as profit plunged 55% and the company burned through more than $2 billion in cash in the first quarter, was the company’s near-term product plans—“product" being the boring part of the business where metal is bashed together to make cars sold to people who drive themselves.

Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd, says “I feel that the current market is giving an opportunity during the corrections and these corrections come on a stock-specific basis. These corrections do not come on an overall market basis. So, if Kotak Bank or Bajaj Finance is down, that becomes a buy opportunity for investors to buy into the portfolio largely because when the next trigger comes in, the recovery would be equally sharp of 20-25% and that is where contra-buy has to take place.”

₹230 crore following raids at four drug manufacturing units in Gujarat and neighbouring Rajasthan, an official said. As reported by PTI, an official said, “The raids were conducted by the Gujarat Anti Terrorist Squad and Narcotics Control Bureau jointly on Friday after the ATS received a tip-off that Ahmedabad resident Manoharlal Enani and Kuldeepsinh Rajpurohit of Rajasthan had set up mephedrone manufacturing units." “A watch was kept on the movements of Enani and Rajpurohit as well as their accomplices, following which the raids were conducted at the units in Sirohi and Jodhpur in Rajasthan and Piplaj village in Gandhinagar and Bhaktinagar industrial area of Amreli district in Gujarat," an ATS release said.

Executive search firms say about 30-50% of their CXO searches in the last six to 18 months have been looking at potential global candidates, up from about 10-15% a few years ago. There is a preference for returning Indians fuelled by a push from companies and boards amid an increasing need for professionals with a keen knowledge and understanding of global markets. An acute demandsupply mismatch in the leadership talent market and the need to hire for specialist roles in high-tech manufacturing, automotive, electric vehicles (EVs), pharmaceuticals, chemicals, hardcore product engineering and services industries have underscored the trend, said experts. “About one in three leadership searches that we conduct today are global, not limited to India, reaching out to people in Singapore, US, Canada, London, and Middle East, showing the rising demand for the global talent pool of Indians,” said Puneet Pratap Singh, partner-in-charge at Heidrick & Struggles India.

News 18, the Ayushi ministry issued the warning, asking the drugmakers to "strictly comply with labelling and advertising regulations". Failing to adhere to regulations may attract legal action, the report added.

₹300 crore after busting a busts "whole network of clandestine Mephedrone manufacturing labs" in Gujarat and Rajasthan. Deputy Director General (OEC) Gyaneshwar Singh said in a press release on Saturday that a joint team of the NCB and Gujarat Anti-Terrorist Squad (ATS) conducted raids at three “suspected locations" – Bhinmal in Jalore district of Rajasthan, Osian in Jodhpur, Rajasthan, and Gandhinagar in Gujarat. They recovered 149 kg mephedrone (in powder and liquid form), 50kg Ephedrine and 200 litres Acetone.

Apple's iPhone is facing pressure from resurgent and aggressive local brands in China. The biggest threat it faces is from Huawei Technologies Co which has been in a geopolitical chokehold of the US which had sanctioned it to throttle its sources of cutting-edge technology. But now it seems Huawei has managed to achieve on its own what the US had been preventing it to. A smartphone it released last year had surprised the US, indicating that Huawei was able to spring back from the crippling impact of sanctions. In the backdrop of these technological and geopolitical tussles, Apple is suddenly losing its base in China. As Huawei, which produces high-end phones that compete with Apple's, manages to continue rapid innovation, Apple's iPhone faces an almost existential threat in China. Some might see its India entry as a counter to the looming threat.

KSB Ltd has reported a 7.75 per cent growth in net profit to Rs 43.1 crore for the quarter ended March 31, 2024. It had clocked a net profit of Rs 40 crore in the year-ago period, the company said in a statement on Saturday. The company follows January to December as financial year.

jobs available through the portal were significantly higher than job seekers. The number of job-seekers registered through the portal in FY24 is 87,27,900 as against job vacancies of 1,092,4161, as per NCS data.

Stainless steel products maker Sai Swami Metals & Alloys Ltd will hit the capital market on April 30 to raise around Rs 15 crore from public investors. The initial public offering of the company will open for subscription on the SME platform of BSE on Tuesday and will close on May 3, the company said in a statement on Saturday. The Ahmedabad-based company, which manufactures stainless steel cookware and appliances under brand DOLPHIN, has fixed the price at Rs 60 per equity share.

Copper and aluminium, the most used industrial metals, have gained substantially in the past few weeks. The rally was associated with supply uncertainties and a notable increase in global demand. The Western ban on Russian metals, hopes of US rate cuts, and diversification of holdings of central banks also uplifted the sentiments. Copper futures are hovering near lifetime highs in the key Chinese markets, while they are trading at two-year highs on futures platforms like LME and MCX. Aluminium prices are currently at record levels in Indian markets, gaining over 20 percent since the start of the year.

In March 2024, the Indian auto industry produced a total of 2,325,959 units, covering Passenger Vehicles, Three-wheelers, Two-wheelers, and Quadricycles. Passenger Vehicles accounted for 368,086 units, Three-wheelers saw 56,723 units, and Two-wheelers dominated with 1,487,579 units sold during the domestic sales for the month of March.

Sharp is reportedly planning to invest $3-5 billion to set up a display fab semiconductor factory in India. The display fabs are used for making televisions and other digital screens. According to a report in the Times of India, top officials from Sharp met communications minister Ashwini Vaishnaw this week in this regard. Notably, Sharp is planning to set up a 1,000-acres facility in India which will be even bigger than its factory back home in Japan. Sharp want to use the Indian factory to cater to both domestic demand but exports.