Manufacturing Financial News

President Joe Biden has vetoed a Republican measure that would have blocked a White House waiver that allows some foreign-made content in federally funded chargers for electric vehicles

₹3.53 trillion, signify a collective step towards economic stability backed by trust and collaboration. It was encouraging to see the state receive interest for an additional ₹1 trillion investment, signifying opportunities in various sectors. The MoUs with diverse sectors are not merely financial commitments.

Jeff Bezos's fiancee Lauren Sanchez threw a belated birthday party for the Amazon boss at their Beverly Hills mansion. The theme was reportedly 'celestial Space Age', keeping in mind Bezos' Blue Origin aerospace manufacturer based in Cape Canaveral, Florida. Among the celebrities who attended the party were rapper Jay-Z and his queen Beyonce; Katy Perry and Orlando Bloom; socialite Paris Hilton; talk show legend Winfrey Oprah; and reality star Kim Kardashian. Former president Donald Trump's daughter Ivanka and husband Jared Kushner also attended the party, live a few doors down from Bezos and Sanchez at their mega-crib in Indian Creek Village. Besides, Kris Jenner, Hailey Bieber, and Kendall Jenner were also seen enjoying themselves during the festivities.

R K Singh on Thursday assured stakeholders that if required, additional funds will be allocated under the National Green Hydrogen Mission for the decarbonisation of the transport sector. Chairing a meeting of government and industry stakeholders from the transport sector in the national capital, he emphasised the government's commitment to energy transition and India's Nationally Determined Contributions (NDC) commitment to reduce emissions intensity.

FoneBox Retail IPO: The initial public offering (IPO) of small- and medium-sized enterprise (SME) Fonebox Retail Limited received mixed response from investors on Thursday, January 25, as the public issue was subscribed 14.88 times on the first day of bidding. FoneBox Retail IPO opened for subscription today and will close on January 29, 2023. FoneBox Retail IPO received mixed response from retail investors, non-institutional investors (NIIs) and qualified institutional buyers (QIBs) on the first day as the the portion reserved for QIBs was under-subscribed.

₹250 crore defence ministry contract to produce 96 Specialist Mobility Vehicles (SMVs), branded as ATOR N1200. These vehicles are currently being manufactured in Chandigarh, with delivery commitments for June 2024.

Tata Motors recently unveiled teasers for its upcoming iCNG AMT cars, marking the first instance of a factory-equipped CNG vehicle with an AMT transmission. Bookings are now officially open for the Tiago iCNG AMT and Tigor iCNG AMT, with a booking amount of ₹21,000. The Tiago will come in three variants – XTA CNG, XZA+ CNG, and XZA NRG, while the Tigor iCNG AMT will be offered in two variants – XZA CNG and XZA+ CNG.

Indian bonds are likely to attract about $100 billion of foreign inflows in the coming years, lured by the global bond index inclusion, according to HSBC Asset Management.

Indian industry, including exporters on Thursday, asked the government to provide tax incentives for research and more funds for marketing activities in the Budget to boost manufacturing and the country's outbound shipments. They also urged the government to consider developing a global shipping line in partnership with the private sector. India's outward remittance on transport services is increasing with rising exports. «We remitted over USD 80 billion as transport service charge in 2021. As the country moves towards the goal of USD 1 trillion, this will touch USD 200 billion by 2030,» Federation of Indian Export Organisations (FIEO) said, adding that the private sector may be engaged to develop the shipping lines. This will also reduce arm-twisting by foreign shipping lines, particularly of our MSMEs, the organisation said.

Jindal Stainless Ltd has cut its exports forecast for the fiscal year ending March due to freight disruptions in the Red Sea and faltering demand in Europe and the United States, a top executive said. India's biggest stainless steel manufacturer hopes to ship out 10-12% of its estimated overall sales of over 2.1 million metric tons in 2023/24, down from its previous forecast of 15%, Abhyuday Jindal, managing director of Jindal Stainless, told Reuters in an interview. The company is exploring «new options» and a «variable freight model», Jindal said, as part of efforts to deal with the challenges posed by attacks launched by the Iran-allied Houthi militia on ships in the Red Sea.

Jasbir Singh, Chairman & CEO, Amber Enterprises, says From the budget point of view, I do not think that there is anything pending, only the phased manufacturing programme implementability which was recommended to the government two years back. We expect that it would be in line. Also, there will be some custom duty increases on the compressor side. We see almost five companies coming to India and putting up compressor plants.

Jasbir Singh, Chairman & CEO, Amber Enterprises, says “looking into the announcements by the Railway and the Urban Development ministries for metro coaches, we expect the total addressable market to go to almost about Rs 75,000-80,000 crore for the order book which is coming in next five to six years. 3,000 new Vande Bharat Expresses are going to be launched and one Vande Bharat Express has 16 coaches and we want to address almost about Rs 2-2.5 crore per coach as a bill of material solution provider, giving solution not only for air conditioners, but for other equipment which rolling stock manufacturer buys from outside, like doors and gangways, pantry systems, gears, couplers, interiors, toilets and seats, etc. ”

India topped the chart for the 10th straight month with the best PMI reading, top-notch stock market performance, and strong exports growth. China climbed two spots to reach No.

'The Claman Countdown' panelists Simeon Hyman and John Lonski break down the Federal Reserve's favorite inflation number.

India in the last 12-18 months, Bain Capital, is on track to invest up to $10 billion in the next 3-5 years, according to one of its top executives. «India's time has come both due to its own internal development and hard work of structural improvements over the years,» said David Gross-Loh, managing partner, Asia, Bain Capital.

Newme, on Wednesday told ET that it has raised $5.4 million (Rs 45 crore) in a seed funding round led by Fireside Ventures. The Bengaluru-based startup, which currently sells its own brand of clothing across both online and offline outlets was founded in 2022. It had in the past raised an undisclosed round of funding from investors such as Aum Ventures, 2am VC and All In Capital, all of whom have participated in the current round.

Japan has reported its exports surged almost 10% in December from a year earlier, helped by a revival in trade with China and strong demand for vehicles

There is global consensus that the Fourth Industrial Revolution has ushered in a new era. At discussions of the World Economic Forum, Davos, most focused on artificial intelligence (AI) and supply chain disruptions. At the heart of these discussions are three critical transitions: the AI and machine learning (ML) revolution, green energy transition and supply chain diversification.

By Trevor Hunnicutt

Investing.com — The S&P 500 gave up the bulk of gains Wednesday, as Treasury yields rose, but the broader average still eked out a fourth-straight record as a surge Netflix provided further ammunition for the bulls to load up on tech stocks.

₹522 crore during the quarter compared to a loss of ₹2,502 crore in the corresponding quarter last year and ₹6,511 crore in the preceding quarter. The recovery was primarily led by the domestic unit of Tata Steel, which reported a pre-tax, depreciation and interest profit of ₹8,257 crore compared to ₹5,335 crore last year. Meanwhile, Europe reported a loss of ₹2,872 crore before tax, depreciation, interest and exceptional items.