Manufacturing Financial News

₹1230 per share, representing a 7.6 percent discount from Monday's closing price, with plans to finalize the transaction by Wednesday. Also read: JSW Steel eyes stake worth $1 bn in Australia’s Blackwater coal mine The company aims to reduce its debt burden, as indicated in a U.S filing from November. Goldman Sachs is providing advisory services for the deal, as per the term sheet disclosed.

Investing.com — It’s time to take a more positive view on equity markets, according to Goldman Sachs, with the influential investment bank shifting to an overweight stance after starting the year neutral on the asset class.

Balrampur Chini Mills Limited (BCML), a leading integrated sugar mill company on Monday announced a Rs 2000 crore forward integration project which will be the first-ever "industrial bioplastic" plant in India. The Kolkata-based company said this diversification with its upcoming PLA (Polylactic Acid) manufacturing venture is well-aligned with the sustainability goals envisioned in India, to combat climate change. «The new project aims to propel India towards net zero emissions by 2070 with an estimated investment of Rs 2,000 crore in phases over the next 30 months,» Balrampur Chini Executive Director Avantika Saraogi said. «Expected to be completed within 30 months, the new venture will mark the establishment of the first-ever industrial bioplastic plant in India. The state-of-the-art PLA factory will command a whopping capacity at a global scale of 75'000 tonne per annum,» the company said.

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₹10 trillion. This projects, announced at the Uttar Pradesh Global Investors Summit in Lucknow, spans a variety of sectors including manufacturing, renewable energy, IT & ITeS, food processing, housing, real estate, hospitality, entertainment, and education.

The Biden administration says that the government would provide $1.5 billion to the computer chip company GlobalFoundries to expand its domestic production in New York and Vermont

Whirlpool of India's foreign promoter, Whirlpool Corporation, is looking to sell up to 24% stake in the company through block deals in a transaction worth around $450 million, according to news reports. The floor price for the sale has been set at Rs 1,230 a share, which is at a discount of nearly 8% to the current market price of the stock. On Monday, Whirlpool shares closed nearly flat on the BSE at Rs 1,332.

The U.S. government is giving chip maker GlobalFoundries $1.5 billion in grants to build and expand facilities in New York and Vermont, the first major award in a program that aims to reinvigorate domestic chip production. The award from the Commerce Department kicks off what is expected to be a series of cash injections into semiconductor manufacturing projects in Arizona, Texas, New York and Ohio in the coming weeks.

MILAN (Reuters) — Stellantis (NYSE:STLA) is considering building up to 150,000 low-cost electric vehicles (EVs) in Italy, in its Mirafiori complex in Turin, as part of its agreements with Chinese automaker Leapmotor (HK:9863), Automotive News Europe said on Monday.

By Doina Chiacu

Air India and Tata Advanced Systems (TASL), are set to invest ₹2,300 crore in Karnataka, towards establishing a Maintenance Repair and Overhaul (MRO) facility in Bengaluru, envisioning the city as the aviation hub of South India, PTI reported on February 19. The investment is aimed at fostering economic growth and employment opportunities in the state, it added.

₹207 crore ($25 million) to the second fund of India-focused growth capital fund Amicus Capital Partners. The investment is from NIIF Fund of Funds – I, the first fund under NIIF’s Private Markets business. The commitment underscores NIIF's intent to back "fund managers who are executing a well-defined investment strategy in a disciplined manner with a strong team", said Anand Unnikrishnan, managing partner – private markets, NIIF, in a release.

The IPO is an entirely fresh equity issue of 49.9 lakh shares, aiming to raise Rs 22.5 crore. The company is offering its shares at Rs 45 apiece, and investors can bid for 3,000 shares in one lot.

commitment of Rs207 crore ($25 million) from NIIF Fund of Funds – I, the first fund under its Private Markets business to Amicus Capital Partners India Fund II. With a target size of $200 million, Amicus Capital Fund II expects to support businesses that leverage technology to scale, early in their growth journey, across sectors such as speciality manufacturing, technology & business services, healthcare, financial services and other sectors, stated a release from NIIF.

The book-building issue will end on February 20. The price band has been set at Rs 216-227 per equity share. The shares will be listed on the NSE Emerge platform.

Quess Corp: The recruitment firm has said it will be demerged into three listed entities– Quess Corp Ltd, Digitide Solutions Ltd, and Bluspring Enterprises Ltd. The new Quess Corp will handle workforce management; Digitide Solutions will provide business process management solutions and insurtech; and Bluspring Enterprises will offer facility management, industrial services and investments. The demerger is expected to attract investment, improve capital allocation and boost growth.

Narendra Modi is scheduled to visit Uttar Pradesh for a day on Monday. During his visit, he will lay the cornerstone of the Shri Kalki Dham Temple in Sambhal district and deliver a speech to the audience, as stated in an official announcement.

Joe Biden's administration intends to relax limits on tailpipe emissions that are designed to get Americans to move from gas-powered cars to electric vehicles, the New York Times reported, citing people familiar with the plan. The administration would give car manufacturers more time instead of requiring them to rapidly ramp up sales of electric vehicles over the next few years, the report said, adding that the new rule could be published by early spring. The shift would mean that EV sales would not need to rise sharply until after 2030.

Close to 36% of the respondents surveyed in 2024 as compared to 32% in 2023 said they will prefer hybrids or PHEVs as compared to 10% for BEVs. Compared to 2023 the jump in the number of those favoring hybrids is 4 percentage points — double of what is seen among those likely to opt for EVs. Also, there's an overall growing intent to buy a non-traditional engine vehicle-53% in 2024 compared to 49% in 2023 over petrol and diesel. The intent to buy hybrids over pure battery electric vehicles comes to the fore even as EVs benefit from state as well as central government funded incentives which in turn has allowed manufacturers to price them better as compared to hybrids. This is despite the hybrids costing more than EVs. «People want to buy hybrids over EVs as it offers peace of mind that EVs can't,» says Rajeev Singh, partner and consumer industry leader, Deloitte Asia Pacific.

Volkswagen is reviewing the future of its joint venture in the Xinjiang region of northwestern China and another German industrial giant is starting to sell its stakes there following new international scrutiny of forced labor by predominantly Muslim ethnic groups. Volkswagen said last week that it was in discussions with one of its main joint venture partners in China, the state-owned Shanghai Automotive Industry Corp., in the wake of allegations of human rights violations at their joint venture in Xinjiang.

New Delhi: The textile industry is moving to shed its polluter tag by adopting a ‘circular economy’ in order to avoid being snared by future climate change tax regimes such as the European Union’s proposed Carbon Border Adjustment Mechanism (CBAM), two persons aware of the plans said. CBAM will tax the ‘embedded carbon’ in imports from select emission-intensive sectors—steel, aluminium, cement, hydrogen, electricity and fertilizers. It is expected to be implemented in 2026.