Manufacturing Financial News

NARCL) has offered lenders base bids for the bad loan accounts of Hitodi Infra, Sion Panvel Tollways and Morarjee Textile with total consolidated debt of more than ₹4,000 crore. Based on binding bids from the government-backed bad bank, lenders have initiated a Swiss challenge auction for Hitodi Infra. The lenders, including Bank of Baroda, ICICI Bank, Axis Bank, Bank of India, IDBI Bank and State Bank of India, have appointed BoB Capital as the process advisor. NARCL has offered ₹465 crore for the outstanding loans of ₹2,101 crore. The lenders have asked bidders to either bid in all cash or on a cash-and-security receipt basis. NARCL buys debt under a 15:85 structure where 15% is paid in cash and 85% in security receipts. The minimum markup will be 5% of the anchor bid. The Swiss auction will be held on March 26.

Baring Private Equity subscribed to nearly 35% of the Rs 70-crore anchor book of stabilisers manufacturer Platinum Industries. According to the stock exchange disclosure, the company allotted 14,62,035 shares to Baring Private Equity India AIF II at Rs. 171 per share. The investment philosophy of the Baring Group is rooted in partnership with their clients, aiming to deliver customised private equity and real assets solutions. As of December 31, 2023, Barings Group manages assets under management (AUM) totalling $ 6.05 billion.

Mint on the sidelines of the Mobile World Congress last week. “We’re open to divesting certain businesses. We are looking at this portfolio all the time.

Delhi High Court has barred Natco Pharma from manufacturing and selling cancer drug Olaparib either under the brand name ‘BRACANAT’ or under other brand names till further orders. “…the defendant (Natco) is in fact exploiting the suit patent by manufacturing and selling Olaparib. It is also admitted that this exploitation has take place in the 19th year of the life of the suit patent.

BJP) to perform a hat-trick in the upcoming Lok Sabha elections, the party and its leaders are increasingly talking of their plans for the third term. Prime Minister Narendra Modi has spoken several times in the recent past how his party will form the government and what all it would do. While such statements before polls are considered a rhetorical ploy by a party to present the inevitability of its victory in order to swing the undecided voters, PM Modi has outlined the agenda of his next government. In the last formal meeting of the Union Council of Ministers on Sunday before the upcoming Lok Sabha elections, Modi chaired a brainstorming session on the vision document for 'Viksit Bharat (Developed India) 2047'. A 100-day agenda for immediate steps for quick implementation of policies after formation of the new government in May 2024 was also discussed. It signalled the government's confidence in its poll prospects as well as the eagerness to fast-forward policies that take benefit of the prevailing favourable factors. «Wait for bigger decisions in the third-term. I'm already working on a roadmap that will be completed soon,» Modi said at the ET NOW Global Business Summit last week. «There comes a time in the development journey of any country when all the circumstances are in its favour. This is the time when that country makes itself strong for many centuries to come. That's the time I see for India today,» said Modi.

Mint. “Not only are we a major supplier of critical minerals, we're also home to a buzzing ecosystem that is developing lithium and is looking at the future of lithium-ion technology for batteries and vanadium redox flow batteries, which will be a very key opportunity to grow and address the demands—be it for vehicles or for storage," she added. While Japan, Korea and European nations have been Australia’s traditional partners, Choudhury sees an increasing opportunity for Indian firms.

auto manufacturers seeking quarterly incentive payouts and inclusion of more components under the production-linked incentive scheme, according to an official on Monday. «This year, the incentive (under Auto PLI) will be given annually but a committee has been formed in the ministry that will look into the requests of OEMs (Original Equipment Manufacturers). »One of the requests is that certain (Advanced Automotive Technology) AAT components be included. We have only 103 components," Additional Secretary in the Ministry of Heavy Industries Hanif Qureshi said. In January, Union Heavy Industries Minister Mahendra Nath Pandey told PTI that the government constituted a committee to examine the auto industry's demand for including more components in the PLI scheme for automobile and auto components.

The price of a basic Hermès Birkin handbag has jumped $1,000. This first-world problem for fashionistas is a sign that luxury brands are playing harder to get with their most sought-after products. Hermès recently raised the cost of a basic Birkin 25-centimeter handbag in its U.S.

₹42.49 crore initial public offering (IPO) of small and medium-sized enterprise Shree Karni Fabcom will open for subscription on Wednesday, March 6, 2024. The issue, which will close on Monday, March 11, has a price band in the range of ₹220 to ₹227 per share. Shree Karni Fabcom IPO GMP or grey market premium was ₹300, indicating that the company is estimated to list at ₹527, a 132.16 percent premium to its IPO price.

₹10/- each fully paid up at a price of ₹55 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors there by is ₹110,000.

₹8,428 per share on March 4, against previous close at ₹8,027 on March 1. In fact, Tata Investment shares rose as much as 18 percent in the last five trading sessions on NSE. The Tata Group's non-banking financial company surged after Union Cabinet approved two semiconductor plant proposals by the Tata Group last week.

Investing.com — Super Micro Computer (NASDAQ:SMCI) is up more than 12% in premarket trading Monday, propelled by an announcement on Friday that it will be added to the benchmark S&P 500 index. The SMCI stock is the best-performing large-cap company this year, surging nearly 220% since January 1.

Narendra Modi’s government has pledged to boost manufacturing in India as it seeks a third term in power, potentially increasing the country’s control on supply chains and creating jobs, a government adviser said. Modi’s government would target the export-oriented sectors that face high import duties which hurt their competitiveness, Arvind Virmani, a member of the government’s policy making agency Niti Aayog, said in an interview on Friday. A Modi administration would also focus on lowering trade barriers and improving output-linked incentive plans, he said, adding that the finance ministry is identifying sectors where duties can be reduced.

NEW DELHI : Jindal Stainless Ltd is set to upgrade its facilities in Hisar, Haryana as a green hub for manufacturing in a couple of years, in preparation for the new European carbon tax that starts in 2026, said managing director Abhyuday Jindal. The company on Monday inaugurated India’s first green hydrogen stainless steel plant in partnership with Hygenco India Pvt. Ltd at Hisar.

NEW DELHI : Rating agency Moody's on Monday raised its forecast for India's GDP growth in 2024, reflecting both global and domestic optimism in the country's economy on the back of robust manufacturing activity and infrastructure spending. "India’s economy has performed well and stronger-than-expected data in 2023 has caused us to raise our 2024 growth estimate to 6.8% from 6.1%," the rating agency said in its Global Macro Outlook 2024-25.

Tata Electronics will set up a semiconductor fab in partnership with Powerchip Semiconductor Manufacturing Corp (PSMC), Taiwan. This unit will be constructed in Dholera, Gujarat. The plant will attract Rs 91,000 crore investment.

BEIJING (Reuters) — China's leading electric vehicle (EV) maker BYD (SZ:002594) on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, as a price war rages in the world's largest automobile market.

Virginia lawmakers have passed legislation that would legalize skill games, the slots-like betting machines that proliferated in businesses around the state before an on-again, off-again ban took effect

Boeing is in talks to buy Spirit AeroSystems, which makes fuselages for Boeing 737 Max jetliners

More than 61,000 pounds of steamed chicken soup dumplings sold at Trader Joe’s are being recalled for possibly containing hard plastic, according to U.S. regulators

A Delaware judge has declared a mistrial in the latest lawsuit alleging that exposure to the popular weedkiller Roundup causes cancer