Manufacturing Financial News

luxury sports car manufacturer Aston Martin on Tuesday raised the curtain on its latest launch, the new Vantage, which aims to deliver an unparalleled driving experience. It is the second model in its next generation of sportscars. Priced at Rs 3.99 crore (ex-showroom, excluding customizations), this latest iteration in the iconic Vantage bloodline boasts a formidable 4.0-liter V8 Twin Turbo engine, delivering an impressive 665PS/800Nm output. Moreover, the Vantage can go from 0 to 96 kmph in just 3.4 seconds, with a top speed of around 325 kmph and is aided by a perfect 50:50 weight distribution.

JSW Neo Energy, Reliance Industries, Lucas TVS, ACME Cleantech, Amara Raja, Anvi Power, and Waaree Energies have participated in auction of production linked incentives (PLI) for setting up new age battery manufacturing capacity in the country. An official statement said the companies have bid for setting up a cumulative capacity of 70 Giga Watt hours (GWh) while of sops are available only for 10 GWh. Technical bids for Rs 3,620 crore of PLI were opened on Tuesday. Bids have been received from these seven bidders under a global tender for the re-bidding of PLI for 10 GWh Advanced Chemistry Cell (ACC). The centre had approved a technology agnostic PLI Scheme under the National Programme on Advanced Chemistry Cell (ACC) Battery Storage in May 2021. The goal was to achieve manufacturing capacity of 50 GWh of ACC with a PLI outlay of Rs 18,100 crore.

IPO of Emmforce Autotech will open for subscription on Wednesday and will close on April 25. The company aims to raise nearly Rs 54 crore through the SME IPO and list the shares on the BSE SME platform. Ahead of the issue opening, the company has raised around Rs 15 crore from anchor investors, under which 1.56 million shares were offered at Rs 98 each. Marquee investors including BofA Securities Europe, and Astorne Capital and others bought into the anchor book

NEW DELHI : To promote the country’s electric vehicle (EV) ecosystem in line with its vision of Viksit Bharat, the Centre is in the process of establishing a task force to create a roadmap for the industry, according to a letter sent by the ministry of heavy industries (MHI) to automakers that Mint has seen. MHI will finalise the setup of this task in collaboration with Ficci (Federation of Indian Chambers of Commerce and Industry) and other agencies. “The EV task force has been set up to engage with stakeholders through workshops and stakeholder meetings to gather their insights and recommendations on various aspects of electric vehicle adoption and infrastructure development," read the letter.

Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said it has manufactured a hydrotreating reactor for the Antonio Dovali Jaime Refinery at Salina Cruz, in Mexico. The reactor has been dispatched for Mexico from the company's A M Naik Heavy Engineering Complex at Hazira in Gujarat. «Equipped with critical Cr-Mo-V metallurgy, the hydrotreating reactor is based on a technology developed by France-headquartered Axens. It has been manufactured at the Hazira Complex in a record 15 months,» it said in a statement. The reactor uses hydrotreating process, which is a catalytic conversion in petroleum refining, among others, for removing impurities such as nitrogen and sulphur compounds from hydrocarbon streams.

Zydus Lifesciences on Monday said it has launched a generic medication to treat overactive bladder in the US market. The company has launched Mirabegron extended-release tablets in strength of 25 mg in the US market after having received final approval from the US Food and Drug Administration (USFDA), Zydus Lifesciences said in a regulatory filing. Zydus is among the first suppliers to launch the generic version of Mirabegron extended-release tablets (USP 25 mg) in the US market. The company is also preparing to launch the 50 mg tablets in the market, it added.

Also Read: Bajaj Finance share price correction provides attractive entry point, says Emkay Global; sees 23% upside Eventually, the macro story will take over, and as it stays healthy, the analysts expect modest downsides. They expect manufacturing and capex stories will remain a key theme irrespective of the seats garnered. The brokerage house noted that some polls project as high as 411 seats of the ruling National Democratic Alliance (NDA), and given the recent performance in state elections and the results of almost all major opinion polls, 390-400 seats have become the new base case.

Mega Networks is planning to set up a factory by the third quarter of the ongoing fiscal 2024-2025 to locally manufacture artificial intelligence servers, its chief executive said. The factory will be in Maharashtra and the company plans to invest Rs 350-400 crore in FY25, Amrish Pipada told ET.

Spacetech startup Dhruva Space has raised $9.4 million (Rs 78 crore) in a mix of equity and debt from IAN Alpha Fund, Technology Development Board and other existing investors in its latest funding round. The capital infusion, of which Rs 44 crore was in debt, will help the Hyderabad-based startup set up its first phase of its 2.8 lakh sq ft spacecraft manufacturing facility in the city, founder and CEO Sanjay Nekkanti told ET.

Smartphone makers are hoping for exports from India to continue their strong showing, which will drive their own growth as production levels are reaching their saturation point if only the domestic market is to be served, said market trackers. «The only headroom for growth right now is by increasing exports from India,» said Prachir Singh, senior analyst, Counterpoint Research. The market tracker added that annual shipments now range between 150 million and 160 million since the pandemic, with demand unlikely to pick up significantly until elections end.

The Biden administration has taken a significant step in its expedited environmental review of what could become the third lithium mine in the U.S. That's assuming it can withstand anticipated legal challenges from conservationists who fear it will lea...

Arcelormittal Nippon Steel India Ltd., a joint venture between two of the world’s leading steel makers, is in talks with banks to raise about 85 billion rupees ($1 billion), according to people familiar with the matter, in what could be the biggest local-currency loan this year to fund the firm’s expansion. At least three lenders including State Bank of India, ICICI Bank Ltd. and Axis Bank Ltd. would be participating in the syndicated deal, with proceeds to be used for capital expenditure, said the people who asked not to be identified for discussing private information. SBI, India’s top bank, could lend more than half of the loan, which may carry a tenor longer than five years and be priced against a local interest rate benchmark, they said, adding that details of the lending facility are not finalized and may change.

Edited excerpts: The intention of regulation is to create checks and balances in the market where there is a significant rise, driven either by flows or by a huge participation coming from high networth individuals (HNIs) and retail. Some elements of checks and balances need to be created. Whatever the noise emanating from the regulation is more intended towards that (checks and balances) so that people don't assume that the market will continue to rise.

NEW DELHI : India's top food regulator, the Food Safety and Standards Authority of India (FSSAI), will conduct sampling of major spice and infant nutrition brands in India, a senior government official said requesting anonymity. The move follows two separate reports of alleged food violations by brands in spices and infant nutrition categories. FSSAI has deployed state food commissioners and issued orders for samples of major spice brands to be taken from their manufacturing units pan-India, the official said.

NFL draft pick as they are announced don’t need to travel very far for this year’s player selections in Detroit. STAHLS’ headquarters in St. Clair Shores, Michigan, sits 17 miles (27 kilometers) from the stage where NFL commissioner Roger Goodell will inform players — and the world — that they have been selected by an NFL franchise.

Two asset management firms – one in Texas and one headquartered in Paris, France – have agreed a strategic partnership that will add scale to the firms’ U.S. and global distribution operations.

Federal Reserve officials are about to get further confirmation that inflation progress has stalled, supporting what appears to be a shift in tone to keep interest rates higher for longer than previously anticipated. Policymakers' preferred inflation gauge — the personal consumption expenditures price index — probably stayed elevated in March, according to data due in the coming week.

Apple's two company-owned India outlets, which completed their first year of operations this month, have posted revenue of Rs 190-210 crore each last fiscal year, joining the ranks of the iPhone maker's top-performing retail stores globally. «The two Apple stores have clocked monthly average sales of Rs 16-17 crore each consistently since their launch. The Mumbai store revenue has been a little higher than the Delhi one due to a larger size,» said an industry executive aware of the matter. «It has met Apple's expectations, matching some of the best-performing store launches and they are now aggressively scouting space for the next three company-owned stores.» The US-based company opened the Mumbai store — Apple BKC — on April 18 last year, followed by the one in New Delhi — Apple Saket — two days later. Chief executive Tim Cook had flown to India for the store inaugurations.

Tesla has announced significant price cuts for its electric vehicles (EVs) in key markets, including China and Germany, as it grapples with declining sales and heightened competition. This move follows price reductions in the United States and comes on the heels of the company reporting a drop in global vehicle deliveries for the first time in almost four years. Price Adjustments to Boost Sales The price cuts aim to stimulate demand and regain market share in the face of increasing competition, particularly from more affordable Chinese EV manufacturers. Tesla has been facing challenges in maintaining sales momentum, and these price reductions are seen as a strategic response to current market dynamics.

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Premier Energies Limited, India’s second largest integrated solar cell and solar module manufacturer has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise more than Rs 1,500 crore through an initial public offering (IPO). The IPO consists of a fresh issue of equity shares aggregating up to Rs 1500 crore and an Offer for Sale (OFS) of up to 2,82,00,000 shares by the selling shareholders.