Manufacturing Financial News

Ed Clark, the executive leading Boeing (NYSE:BA)'s 737 MAX program, has stepped down, Reuters reported Wednesday after obtaining a company memo.

ITC is evaluating the purchase of a 47% stake held by Peak XV Partners (formerly Sequoia Capital) in listed Prataap Snacks, said people with knowledge of the matter. This follows the failure of talks with Haldiram's owing to a valuation mismatch. Prataap is best known for Yellow Diamond chips and traditional Indian namkeen under the Avadh brand. Listed Bikaji Foods, another large snacks company, had also looked at the deal but those negotiations also fizzled out, said people in the know. Buyout funds KKR, TA Associates and Apax are among others that have been tapped since Peak XV initiated a plan to fully exit its nearly 13-year-old investment in Prataap and hired Deutsche Bank to sell the company. The transaction if successful will trigger an open offer for an additional 26% of the Indore-based company, which has been a laggard ever since its stock market debut in 2017 when it listed at a 33% premium. Prataap ended 1% down at ₹1,174.45 for a market value of ₹2,802.19 crore on Wednesday.

Canadians might have to pay more for chocolate and candies this Easter as manufacturers feel the crunch of high cocoa prices, which peaked earlier this month.

100% FDI is allowed in space sector. The liberalized entry routes under the amended policy are aimed to attract potential investors to invest in Indian companies in space," the government said in its press release. The entry route under the amended policy are as follows: > Upto 74% FDI under Automatic route: Satellites-Manufacturing & Operation, Satellite Data Products and Ground Segment & User Segment.

By Stephen Nellis and Max A. Cherney

By Steve Gorman

Wipro Ltd on Wednesday disclosed a new deal with US chipmaker, Intel Foundry. The deal with the chip development division of Intel will further see Wipro engineers work on Intel’s latest ‘18A’ chip node that will be used in cutting-edge consumer electronics devices next year onward. Though Wipro did not disclose the exact size of the deal, two senior industry consultants said under conditions of anonymity that the deal with Intel Foundry is expected to be one of Wipro’s largest deal signings in the past three years.

₹83 to ₹87 per share, with a face value of ₹10. Investors can bid for a minimum of 1600 shares and in multiples thereof. The minimum lot size for an application is 1600 shares.

NEW DELHI : Global supply chain challenges that have weighed down Indian airlines the past few years are unlikely to go away anytime soon, going by French aircraft manufacturer ATR’s projections. The company expects its aircraft deliveries to return to pre-covid levels only by 2027-2028, with a gradual easing of supply chain constraints in the aviation ecosystem. In 2023, ATR delivered 36 aircraft, down from 68 in the pre-covid year of 2019.

Mumbai: Kajaria Tiles, the largest manufacturer of ceramic and vitrified tiles in the country along with the Royal Challengers Bangalore announced today that the brand would stay on as the “Principal Sponsors" for the RCB Women’s Team extending their partnership which began with the inaugural season of T20, last year. Speaking on the associationMr Rishi Kajaria, Joint Managing Director at Kajaria Ceramics Ltd, said: “I am happy to announce that we have extended our partnership with the Royal Challengers Bangalore Women’s Team and look forward to a successful season. For us Women Empowerment is a core ethos of our organisation, and our sporting superstars are inspiring not just this generation but every little girl watching the game. We look forward to continuing our support for RCB Women team and contributing to their journey of success in the upcoming season". Rajesh Menon, Vice President & Head of Royal Challengers Bangalore, said “We are pleased to extend our partnership with Kajaria for another season. The association began on a successful note with the inaugural season, last year and we look forward to strengthening our collaboration as the tournament grows in magnitude." The second edition of the Women’s T20 will be played between 23 February to 17 March 2024 across two venues, Bangalore, and Delhi.

₹6,725 per share. The session concluded with the stock settling at ₹6,474 per share. This surge marks a cumulative return of 24% over the past seven days.

ALSO READ: Sachin Tendulkar hails Yashasvi Jaiswal, Sarfaraz Khan as India secure biggest Test win; netizens react The latest viral video was shot when Sachin Tendulkar was travelling to Jammu and Kashmir. During his flight, the 50-year-old was greeted with chants of 'Sachin, Sachin!'. It's not the first time that people were left starstruck whenever the 2011 World Cup winner made a public appearance.

moment in the sun. Rock-bottom interest rates lowered the cost of clean power, which is expensive to deploy but runs on sun and wind that come free of charge. The price of solar panels and wind turbines fell as technologies matured and manufacturers gained scale.

India Inc. is likely to give an average pay hike of 9.5% in 2024, marginally lower than last year’s actual salary hike of 9.7% amid tepid business sentiment in sectors like technology, consulting and services, e-commerce, and retail. The salary hike forecast for the Indian market was announced by Aon plc, a global professional services firm, in a virtual press conference on Wednesday. The projections are based on data from 1,414 companies covering nearly 45 industries.

Also Read: Auto Q3 Result Review: Expect positive momentum to sustain, says Nuvama; picks Hero Moto, M&M, Minda The fundraising by Hyundai would put the valuation of its Indian operation at more than half its market capitalisation of around $47 billion in Seoul, the report added. Some domestic Indian investment banks are also likely to be appointed for the IPO in coming months.

Biocon to 'underperform' from 'hold'. However, Jefferies has maintained its target price of ₹250 for the stock, implying an 11 percent downside from its current market price of ₹281.50. "We downgrade Biocon to Underperform from Hold with an unchanged PT of ₹250.

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Also Read: Multibagger stock: Swan Energy delivered over 500% return in less than 3 years; up for 6th straight year During the bidding period from February 13 to February 15, the Vibhor Steel IPO garnered a remarkable subscription rate of 298.86 times. From the first day, the IPO witnessed a strong response, maintaining strong momentum throughout the three-day bidding process. This stellar response marked the IPO as the first to achieve a subscription rate exceeding 200 times in 2024.

Tech Mahindra, its new chief aims to win back the mojo as a «credible challenger» in key sectors such as banking, financial services and insurance (BFSI), telecom and manufacturing focusing on differentiated capabilities. «Over the next few months, we are focussed on defining the purpose of the company, coming out with a strategic narrative for the company,» Joshi, chief executive officer and managing director of Tech Mahindra, told ET.

By Tetsushi Kajimoto

Investors tend to routinely monitor stock valuations, assessing whether they are expensive or reasonably priced.