Manufacturing Financial News

₹24 a share as dividend taking total dividend to ₹69 for FY23. At the end of the December'23, quarter , TCS has declared dividend of ₹18 translating to a dividend yield of 1.78%. Also Read- Adani Power shares hit record high today, jump 18% in 4 sessions The IT companies are likely to feel growth challenges during the January to March'2024 quarter too.

Limelight Lab Grown Diamonds has received a strategic investment of US$1 million from two leading retail jewellery chains. The newly raised capital comes in the form of a strategic alliance that will enable Limelight to open new stores and boost its brand presence in the country. Before this, the company had secured an investment from the Emerald Group, Asia's largest jewellery manufacturer, as part of a strategic tie-up to establish Limelight as a one-of-a-kind vertically integrated brand to jointly manufacture, sell and distribute LGD studded jewellery in India and worldwide. The current investment plays a similar role in the company's strategic play to enable faster and more robust growth in the brand's store expansion in the country. At present, the company has 10 stores. It also has 40 plus shop-in-shops spread across 25 cities including Mumbai, Delhi, Jaipur, Varanasi, Hyderabad, Bangalore, Chennai, Kolkata and others. Madhavan said «We have received good response and support for LGD jewellery from customers across the country. It has also reflected in our sales and has given us the confidence to scale at a faster pace. With the Government’s impetus and focus on this sunrise sector, the investment further propels us towards achieving the goal of scaling our presence in India as well as globally.»

₹4.1 lakh crore ($49.16 billion) in value of mobile devices produced in India, as per a Business Standard report. This marks a 17 percent year-on-year (YoY) increase. Notably, despite stagnant domestic sales volume, the value of mobile exports remains high, it said.

SRF is one of the leading multi-business chemicals conglomerates, engaged in the manufacturing of industrial and specialty intermediates. The chemicals business faced challenges in the last few quarters amid a seasonal dip in demand for refrigerants and inventory destocking in agrochemicals and order delays.

manufacturing startup Zetwerk is betting big on the defence market and is looking to invest up to Rs 350 crore in the next few years to acquire foreign companies involved in manufacturing components for electronic warfare, setting up a new test facility in Tamil Nadu and creating a new drone manufacturing unit. In an interview with ET, Vishal Chaudhary, co-founder at Zetwerk, said the company is in advanced stages of acquiring firms that specialise in high precision manufacturing, which will compliment its current portfolio of electronic warfare equipment. The executive said the acquisition would be in the Rs 50-75 crore range and would most likely be from Europe. “We have to be very selective in the choice. At the end of the day, the application is aerospace and defence, so that sort of narrows the world and then there are certain international regulations where you can go and where you can’t. So, Europe is one of those potential areas where there are some very good companies,” Chaudhary said, adding that negotiations are at an advanced stage and the acquisition could be completed within six months.

As domestic growth prospects remain promising, backed by capital investments and policy support, Ambit Asset Management is betting on three major themes to play on India’s story. Mass consumption, manufacturing and industrial, and exports are the three major themes that the asset management firm is bullish on. “We are becoming increasingly positive on the mass consumption theme, driven by the recovery in the Hindi belt, deflation in raw material prices, and large companies taking aggressive price actions,” said Bhargav Buddhadev, fund manager at Ambit Asset Management, in an interview with ETMarkets. Buddhadev holds a positive outlook on the manufacturing and industrial theme, as he anticipates a revival in private capital expenditure. Lastly, he favors the export theme, given the government's implementation of various policy initiatives such as signing FTAs and incentivizing several sectors through PLI schemes. Edited excerpts:

dollar was on the front foot on Wednesday, pinning the yen near its lowest its decades though the heightened threat of currency intervention by Tokyo capped further declines in the Japanese currency. The yuan was steady after a private-sector survey showed that China's services activity growth accelerated in March, in a sign sentiment was staging a tentative recovery in the world's second-largest economy.

The last fiscal year ended on an upbeat note for India’s economy, going by the purchasing managers’ index (PMI) for the manufacturing sector. It hit a 16-year high of 59.1 in March, the highest level since February 2008.

Intel on Tuesday disclosed deepening operating losses for its foundry business, a blow to the chipmaker as it tries to regain a technology lead it lost in recent years to Taiwan Semiconductor Manufacturing. Intel said the manufacturing unit had $7 billion in operating losses for 2023, a steeper loss than the $5.2 billion in operating losses the year before. The unit had revenue of $18.9 billion for 2023, down 31% from $27.49 billion the year before.

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Dixon Technologies, India’s largest electronics contract manufacturer, is in initial talks to buy a majority stake in the local phone-making unit of China’s Transsion Holdings, people aware of the details told ET. Transsion’s India business is valued at about Rs 700 crore, they said. The talks come amid greater scrutiny of Chinese firms operating in the handset ecosystem. The Centre wants Indian companies and executives to have more sway over the country’s mobile phone industry, currently dominated by Chinese handset brands, as part of an informal mandate, according to people with knowledge of the matter.

The strange thing about Boeing’s crisis is that so many people saw it coming—and tried to stop it. The planemaker’s safety problems have been obvious since two 737Max jets crashed in late 2018 and early 2019, killing 346 people. Boeing’s engineers were warning managers of potential quality problems as far back as 2001.

The European Council recently approved the EU’s Corporate Sustainability Due Diligence Directive (CSDDD), a due-diligence requirement that creates a legal liability for EU-based firms arising from any environmental and human-rights violations (including labour rights) within their supply chains. The CSDDD awaits a nod from the European Parliament, which is going for elections in June. Indian exporters are still grappling with the European Union’s Carbon Border Adjustment Mechanism (CBAM) that will effectively tax our carbon-intensive industries serving EU markets.

jobs, and then sell what they produce to the rest of the world. The recipe — customized in varying ways by Hong Kong, Singapore, South Korea, Taiwan and China — has produced the most potent engine the world has ever known for generating economic growth. It has helped lift hundreds of millions of people out of poverty, create jobs and raise standards of living.

General Electric has completed its split of the one-time conglomerate into three separate companies, as its aerospace and energy businesses started trading on the New York Stock Exchange as separate entities on Tuesday

₹32,400 crore for capital expenditure (capex) over the next three years as part of its expansion plans. The company said it plans to increase its capacity to around 200 million tonnes per annum (MTPA) in the near future. It also announced the commissioning of two new greenfield projects with a total capacity of 5.4 MTPA in an exchange filing.

JSW Energy on Tuesday said it plans to raise Rs 5,000 crore by selling shares to high net worth investors through a qualified institutional placement process or QIP. The QIP will take place in one or more tranches. The company did not disclose the purpose of the fundraise.

electric vehicle policy will help global carmakers expedite decisions on investing in manufacturing EVs in the country besides allowing brands gauge customer response to premium EV models in a value conscious market, said a senior executive at the local arm of Czech carmaker Skoda Auto. Speaking to ET, Petr Janeba, brand director, Škoda Auto India said the policy will make high-end EVs more popular in the Indian market as there will be a lot of variety to choose from. “The Volkswagen (VW) Group is committed to invest in India, so any such policy will help in expediting the decisions. We are now in the middle of calculations. With the new policy, it looks more positive than before,” said Janeba, who joined the Indian operations in January. He did not elaborate.

Blackstone acquired IGI for $570 million in May 2023 from Chinese conglomerate Fosun and the business's founding Lorie family. IGI has most of its business in India and describes itself as the world's largest independent lab for testing and grading diamonds and other gemstones and jewelry.

Adani Enterprises share price that has risen 90% in last year has more than doubled from lows seen in February last year. Analysts at Jefferies India Limited however expect almost 17% upside for Adani Enterprises led by commissioning of Copper unit first phase and expansions being undertaken during second phase. The target price of Jefferies for Adani Enterprises stands at ₹3800 while the stock is trading at close to ₹3260 levels.

Shares of metal companies surged Monday, leading gains in a session where benchmark indices hit lifetime highs. The Nifty Metal index also surged to a record, ending with near 4% gains on positive manufacturing data from China amid brightening prospects of a June start to the US rate easing cycle. Shares of companies in this space ended 4-11% higher, with state-owned companies clocking in relatively higher gains. This outperformance was driven by them being relatively under-owned, said experts.