Manufacturing Financial News

Workers at Mercedes-Benz factories near Tuscaloosa, Alabama, will vote next month on whether they want to be represented by the United Auto Workers union

Tata Motors is planning to import its Jaguar Land Rover (JLR) luxury electric cars under a new government policy that lowers import taxes for companies agreeing to set up local manufacturing, according to a Reuters report. This policy, unveiled in March, offers significant incentives to car manufacturers. Import duties on some EV models have been slashed from as high as 100 percent to just 15 percent, provided the carmaker invests at least $500 million and sets up a domestic manufacturing facility within three years, as per Reuters.

₹8,753.20 apiece on the BSE. The two and three-wheeler manufacturer Bajaj Auto reported a net profit of ₹1,936 crore for Q4FY24, a growth of 35.1% from ₹1,433 crore in the ebay-ago quarter.

Infosys, which has the highest Nifty weighting among locally listed technology companies, Thursday said fourth-quarter net profit climbed 30% on gains in non-core income, beating D-Street estimates. Revenue guidance for FY25, a key monitorable for investors, remained conspicuously circumspect, although India's outsourcing bellwether announced its biggest M&A deal in history, commiting nearly about half a billion dollars. Profit climbed to ₹7,969 crore in the March quarter, beating ET's poll of ₹6,103 crore. Other income buttressed the bottom-line through what turned out to be a tough year for revenue expansion, which hit the lowest pace in a decade. Headcount shrank by about 26,000, again a rarity for India's technology bellwether.

JSW Steel, India's largest manufacturer of the alloy, has raised $900 million from a consortium of eight foreign banks to refinance debt maturing this month and pre-pay some high-cost borrowings. The loan was priced 180 basis points above the international secured overnight financing rate (SOFR) earlier this month, multiple people aware of the details said. One basis point is a hundredth of a percentage point. Eight banks — Singapore's DBS Bank, France's BNP Paribas, UK-based HSBC and Standard Chartered, UAE's Mashreq Bank and First Abu Dhabi Bank, Japan's Sumitomo Mitsui Banking Corp (SMBC) and Taiwan's CTBC Bank — are the joint underwriters for the loan.

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Honda Motorcycle & Scooter India (HMSI) on Thursday inaugurated a new engine assmebly line with capacity of manufacturing 60 engines daily at its Global Resource Factory situated in Manesar, Haryana with focus on CKD (Completely Knocked Down) exports. «The new assembly line is equipped to produce engines for models ranging from 1100cc to 300cc, catering to diverse needs and preferences of customers across the globe,» said the company through a press release. «We are happy to introduce a new engine assembly line for CKD exports at our Global Resource Factory in Manesar. It is a testament to our relentless pursuit of driving technological advancements in the industry. With this step, HMSI aims to boost its export capabilities, reaching new heights in market expansion and adherence to global quality standards,» said Tsutsumu Otani, Honda Motorcycle and Scooter India Managing Director, President and CEO.

Tata Motors, the renowned Indian automotive giant, is set to expand its manufacturing prowess with a planned $1 billion investment in a new plant in Tamil Nadu, southern India. Sources privy to the company's plans revealed that the facility will focus on producing luxury cars under the Jaguar Land Rover (JLR) marque, reported Reuters. Although Tata Motors had initially announced the investment in March, specifics regarding the models to be manufactured remained undisclosed.

Jhandewalas Foods has given multifold returns to its investors in the last 1 year. The stock has skyrocketed over 1,932 percent in this period to currently trade at ₹139.31. Meanwhile, in 2024 year-to-date (YTD), the stock has also given multibagger returns, rallying 310 percent.

Didn’t President Biden promise a better trade policy than his predecessor? Well, he now appears to be in a race with Donald Trump to be Protectionist in Chief. Witness his pitch for new tariffs at a campaign stop on Wednesday in Pittsburgh. Speaking at United Steelworkers headquarters—where else?—Mr.

Taiwan Semiconductor Manufacturing Company on Thursday beat revenue and profit expectations in the first quarter, thanks to continued strong demand for advanced chips, particularly those used in AI applications.

China’s youth unemployment rate remained steady in March, in what could be seen by some as a tentative sign that the world’s second-largest economy is gradually stabilizing. The jobless rate among China’s 16- to 24-year-olds—excluding those enrolled in school—stayed at 15.3% last month, the same as in February, according to data from the National Bureau of Statistics on Thursday. That is broadly in line with figures earlier this week showing that overall headline unemployment stood at 5.2% in March, ticking down from the prior month’s 5.3%.

₹375, implying 23% upside. The brokerage highlighted that, despite the company's late entry, it has grown to become a significant player in the safety control cables (SCC) and aluminium light-weighting components (ALP) for the two-wheeler segment, where its market share is rising.

Exide Industries, a leader in energy storage and management solutions, soared to yet another all-time high, reaching ₹481.70 per share, representing a 4.70% increase. This stellar surge in stock price has resulted in a cumulative gain of 54% over a mere nine trading sessions. The recent surge in the stock has escalated its one-year return to 148% and its two-year return to nearly 200%.

SDLG, a member of Volvo Group, which offers sustainable solutions to construction, earthmoving, infrastructure and mining projects has inaugurated its first manufacturing facility in Bengaluru, India. 

Sterling Tools Limited, the automotive fastener manufacturer, through its subsidiary, Motor Control Units (MCUs) in India, has signed a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co Ltd, a supplier of components to theHyundai Kia Motor Group. 

Ramkrishna Forgings has signed an agreement to supply power train components to USA's largest electric passenger vehicle producer, the company said in a stock exchange filing on Thursday. This deal signals the company's debut in US' electric vehicle market. This landmark approval signifies the company's position into the electric passenger vehicle segment with a strong emphasis on powertrain components, it said in the statement. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

Hyundai Motors India was ordered by the National Consumer Disputes Redressal Commission (NCDRC) to pay Rs 15.1 lakh to Sukhjinder Singh, an owner of a Hyundai Verna car. This judgement came after Hyundai Motors India failed to rectify the car's problem and instead decided to fight against the legal order to replace the car's engine, in various consumer forums for almost 10 years. This long legal fight, was ultimately lost by Hyundai Motor India, in which the commission concluded that the manufacturer needed to replace the car's engine. However, considering the time taken for this fight to conclude, NCDRC ordered Hyundai Motors India to refund the car's purchase price plus accumulated interest to Singh. «In the present case, the car was purchased on 17.08.2011. As on date, over 13 years in its usable life have already lapsed. Even if the engine is replaced today, its utilisation is for a very limited time and the Complainant will not be able to benefit from the investment he made. This situation emerged due to non-compliance of the order of the District forum by Hyundai Motor India LTD on 17.06.2016 to replace the engine of the car,» said NCDRC at the case's hearing.

Q4 Results Today: A total of 19 companies are scheduled to release their financial results for the fourth quarter of FY24 (Q4 FY24) today, April 18 (Thursday). Infosys Ltd, Bajaj Auto Ltd, HDFC Life Insurance Company Ltd, ICICI Securities Ltd, TV18 Broadcast Ltd, Mastek Ltd, Network18 Media & Investments Ltd, Accelya Solutions India Ltd, Advik Capital Ltd, Eimco Elecon (India) Ltd, Gujarat Hotels Ltd, National Standard (India) Ltd, Oriental Hotels Ltd, Reliance Industrial Infrastructure Ltd, R.S.Software India Ltd, Sanathnagar Enterprises Limited, Shish Industries Ltd, Surana Solar Limited, and Swaraj Engines Ltd are the 19 companies that will release their Q4 results today, April 18.

chips, is poised to get more than $6 billion in grants from the Commerce Department to help pay for domestic factory projects, part of an effort to bring semiconductor production back to American soil. The award, which isn’t yet finalized, could be announced as soon as next week, according to people familiar with the matter. It’s not clear whether the company also plans to accept loans available through the 2022 Chips and Science Act in addition to the direct grant funding.

Kaynes Technology will manufacture 3,000 indigenously designed RUDRA high-performance computing (HPC) servers for government-owned Centre for Development of Advanced Computing (CDAC). ET has learnt that CDAC, a research and development organisation under the ministry of electronics and information technology (MeitY), has already awarded the contract to Kaynes, a listed company.