Manufacturing Financial News

Investing.com — The U.S. dollar retreated in early European trade Thursday, with risk sentiment boosted by Nvidia’s stellar earnings, with traders awaiting the release of key business activity surveys for clues of the health of the global economy.

NEW DELHI : The Indian economy, which expanded at a four-month high in January, continued to strengthen in February, seeing accelerations in both manufacturing and services sectors during the month. While services sector output climbed to a seven-month high in February, manufacturing sector output reached a five-month high, firming India’s position as one of the fastest-growing major economies.

₹162-171 per share for its ₹235 crore initial public offering (IPO). The issue will open for subscription on February 27 and close on February 29. The IPO is completely a fresh equity sale of 1.37 crore shares with no offer-for-sale component.

In May 2023, Centrum Broking estimated the implied market cap of US-based aluminium manufacturer, Novelis, at approximately $9.7 billion. It was an “implied" market cap as Novelis is an unlisted entity, wholly owned by AV Minerals of the Netherlands, which in turn is under the full ownership of Kumaramangalam Birla's flagship Hindalco. With Hindalco's recent move to seek SEC approval for an IPO, this implied valuation may soon translate into an actual market cap as AV plans to sell part of its stake.

Vande Bharat trains, which are semi-high speed and self-propelled and which showcase India's indigenous manufacturing capabilities. In the 1980s and 1990s, the Shatabdi Express trains held a similar status, often referred to as «desi bullet trains.» These day trains typically return to their origin station on the same day, offering high-speed connectivity between major cities with minimal intermediate stops. In a recent interview, Civil Aviation Minister Jyotiraditya M. Scindia, son of former Railway Minister Madhavrao Scindia, shed light on the genesis of the Shatabdi Express trains. Madhavrao Scindia inaugurated the first Shatabdi Express in 1988, linking Delhi and Jhansi to commemorate Jawaharlal Nehru's birth centenary. An accomplished administrator, Madhavrao Scindia left a lasting legacy during his tenure as Railway Minister from 1986 to 1989 in the Rajiv Gandhi Ministry, where he envisioned the Shatabdi Express as a realization of his dreams. Madhavrao Scindia's vision for the Shatabdi Express was inspired by his observations during visits to Japan and France, where he surveyed their high-speed train systems. Accompanied by his son Jyotiraditya, Madhavrao Scindia gleaned insights from these trips, seeking to imbibe the best practices into India's railway infrastructure. In the interview, Jyotiraditya M. Scindia said that his father used to take him on some trips abroad at his own expenses to give him exposure.

Tata Investment Corporation rallied 7% to hit a new 52-week high of Rs 6,958.5 in Thursday's trade on BSE. The stock has also zoomed 33% in the last eight days. The stock has been on the rise since the beginning of February following reports that the government has received nine bids from companies including Tata Group and Tower Semiconductor for the overhaul of its Semiconductor Laboratory (SCL) in Mohali.

By Anant Chandak

Grasim Industries, the flagship company of the Aditya Birla Group, has made its foray into the paint business with the launch of their highly anticipated brand, Birla Opus. This move intensifies competition in the decorative paints sector, currently dominated by major players like Asian Paints and Berger. The Mumbai-headquartered group aims to become a profitable No. 2 player in the coming years. «The launch of our paints business mirrors our zest for innovation. The booming construction sector is a major reason for this venture,» said Chairman Kumar Mangalam Birla at the launch event.

The ceremonial commencement of Berger's manufacturing facility took place on February 15, 2024. Hon’ble Chief Minister Naveen Patnaik inaugurated the facility and participated in the groundbreaking ceremony alongside Government dignitaries and Berger Paints officials.

By Nate Raymond

By Nick Carey

Belagavi South assembly constituency, that houses hundreds of industrial units. Shridhar Uppin, Founder & CEO of engineering company Positron, was routinely supervising the operations at his factory, which produces heat exchangers. Despite the shop floor operations going on smoothly, Upin was concerned. He slowly opened up enough to share his worries. “My next generation is not inclined towards managing the company’s operations. They are happy with their regular 9-5 salaried job. I am now thinking of passing on the baton to the most deserving candidate on the shop floor,” said Uppin, 51, a first-generation entrepreneur. However, this was not the only concern. A bigger worry is the infrastructure-related issues plaguing Belagavi’s industrial area. “The city has grown exponentially in the past 10-15 years in terms of industries, but the kind of infrastructure that is required is still missing. Notably, Belagavi is among the top three cities in Karnataka in generating revenue and providing employment. We sometimes feel the city gets a step-motherly treatment from the state government,” said Uppin, the deepening creases on his forehead indicating the extent of his worries.

Nidhipati Singhania’s JK Cement has completed the acquisition of 100% stake in Toshali Cement as per a stock exchange disclosure made by the company. JK Cement has 20 million tonnes per anum of capacity and ranks amongst the top 8 cement manufacturers in the country. With the acquisition of Odisha-based Toshali Cement the company will add a further 0.6 million tonnes per anum of cement capacity.

₹1,054.40 apiece on Thursday after the company announced expansion plans in Chennai. The real estate developer Brigade Enterprises has signed a joint development agreement with PVP Ventures Limited to develop a 2.5 million square feet, high- rise residential project, spread across 16 acres in Perambur, Chennai.

Also Read: Union Cabinet approves amendment in FDI policy on space sector, up to 100% in making components for satellites As per the existing FDI policy, FDI is permitted in the establishment and operation of satellites through the government approval route only. "In line with the vision and strategy under the Indian Space Policy 2023, the Union Cabinet has eased the FDI policy on the space sector by prescribing liberalised FDI thresholds for various sub-sectors and activities," the press release said.

Investing.com-- Asian stocks were a mixed bag on Thursday as gains in the technology sector, following positive signals from AI darling Nvidia, were offset by persistent fears of high U.S. interest rates, while Japan’s Nikkei 225 benchmark hit a record high. 

₹135 to ₹142 per share. At the upper end of the price band, the company plans to raise a total of ₹429 crore from the issue. The IPO comprises a fresh issue of equity shares totaling up to ₹329 crore and an Offer For Sale (OFS) component of up to 70.42 lakh equity shares by promoter NextWave Communications.

₹11.11 lakh crore in FY25). Since 2014, the Government of India has accorded significant importance to infrastructural and developmental initiatives. The same is evident in sectors like cement, which have experienced steady growth over the past 5–6 years.

By Rae Wee

A leading manufacturer of ghost guns has agreed to stop selling its untraceable, unassembled firearms to Maryland residents

Boeing says the head of its 737 jetliner program is leaving the company immediately, paving the way for the aircraft maker to appoint new leadership at the troubled division