Manufacturing Financial News

₹50.60 apiece three years ago, shares of Steel Strips Wheels (SSWL), a prominent player in the automotive wheel manufacturing sector, have strengthened 442% to trade at the current price of ₹274.30 apiece. In the same period, the Nifty Smallcap 100 index gained 116%. The stock experienced significant gains in the calendar year 2021, soaring by 241%.

Ministry of Defence on Wednesday signed a contract worth ₹1,070 crore with Mazagon Dock Shipbuilders Ltd for the acquisition of 14 Fast Patrol Vessels (FPVs) to boost the capabilities of the Indian Coast Guard (ICG). The acquisition aims to boost ICG's capability and reinforces the increased focus of the government towards maritime security.

₹10/- each, aggregating up to ₹22.5 crore. The company has appointed Khambatta Securities Limited as the Book Running Lead Manager to the issue while Bigshare Services Private Limited is the Registrar. Also read: Government allows direct listing of securities by Indian companies on GIFT IFSC The New Delhi-headquartered company intends to utilise ₹17 crore of the net proceeds from the offering for working capital requirements.

By William Schomberg

By Tom Wilson

Investing.com — U.S. futures rose Wednesday, boosted by generally positive corporate results as the quarterly earnings season kicks into top gear.

PLI scheme for Advanced Chemistry Cells (ACC) to select bidders to set up mega battery manufacturing facilities of 10 GWh capacity with a budgetary outlay of Rs 3,620 crore. Documents for the global tender are available online from Wednesday.

Gainwell Commosales, India dealer of Caterpillar heavy equipment, on Wednesday acquired TIL Ltd (formerly Tractors India) and infused Rs 120 crore into the Kolkata-based construction equipment maker that includes Rs 70 crore for subscribing a preferential issue of equity shares. Gainwell, the Kolkata-headquartered capital goods manufacturer with presence in the mining, construction, energy, defence, railways, and heavy equipment sectors, plans to invest Rs 1,000 crore over the next three years with an aim to become a $1-billion company by 2028, a senior company executive said. The acquisition of TIL, done through group entity Indocrest Defence Solutions Pvt Ltd (IDSPL), is a strategic move to strengthen the company’s position in the heavy equipment manufacturing industry. A new six-member board of directors, headed by Gainwell chairman and managing director Sunil Kumar Chaturvedi as chairman and MD, replaced the previous TIL board on Wednesday. “The new management of TIL has devised a comprehensive two-year plan to revitalise the company that includes introducing new generational products as well as engineering and technology to refresh all its existing offerings,” Chaturvedi said. TIL’s product portfolio comprises a wide range of mobile cranes (rough terrain, truck cranes, industrial, and pick-n-carry cranes) lattice boom crawler cranes, reach stackers, and container handlers. The company also makes custom-made and application-specific defence equipment. Gainwell will use a mix of debt and equity to raise funds for its ambitious expansion plan.

New Delhi: Apparel exporters body AEPC on Wednesday sought tax incentives such as uniformity in GST and enhanced interest subsidies to boost domestic manufacturing and India's outbound shipments. The Apparel Export Promotion Council (AEPC) asked to provide tax concessions to apparel manufacturers adopting Environmental, Social, and Corporate Governance (ESG) and other international quality standards and compliances. The council also sought budgetary support for the branding and marketing of made-in-India products.

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.

By Jonathan Cable

JSW Steel and Jindal Steel and Power gained up to 4% while Steel Authority of India Ltd saw its share price rise almost 6% on news flow around China Central Bank to cut reserve ratio requirement and boost economic growth. The People's Bank of China (PBOC) has decided to cut the reserve requirement ratio (RRR) for all banks by 50 basis points (bps) in February to boost the economic growth.

₹510.4 crore in the December 2023 quarter from ₹1,296.6 crore in the year ago period. The revenue from operations of the company came down 4% year-on-year from ₹13,734.6 crore in Q3FY23 to ₹13,101.3 crore during the period under review. The Q3 earnings for Tech Mahindra are in line with the expectations as the company's fiscal health remains impacted by the seasonal factors, ongoing challenges in the communications sector, and subdued discretionary expenditures in crucial markets.

Investing.com — European stock markets rose Wednesday, as investors digested a deluge of corporate earnings ahead of the release of the latest regional business activity data.

Interim Budget have been robust, but in view of the current global headwinds the govt would need to continue its thrust on public capex, Ficci said in a note on January 24. There is a need for an «Indian Taxonomy» comparable and interoperable with global taxonomies, frameworks and principles, it said, adding that evaluating exposure to sustainable versus non-sustainable activities is difficult for banks and other financial institutions without a taxonomy. China plus one: Given the current global business dynamics and most advanced economies looking at China plus one strategy, India has a big manufacturing opportunity knocking at its doors. India must keep making efforts to become a global manufacturing hub by incentivising and attracting large investments from global manufacturing companies, Ficci said in its budget recommendations. PLI scheme: While the Production Linked Incentive (PLI) schemes have worked well, the government could look at extending the concessional tax regime for manufacturing operations for at least five years, Ficci recommended. Given that many global investors are lookingn to put money to work in India, extending these concessions will boost investor confidence further, it said.

Exide Industries Ltd on Wednesday reported 2.3 per cent increase in consolidated profit after tax at Rs 202.69 crore for the third quarter ended December 31, 2023. The company had posted a consolidated profit after tax (PAT) of Rs 198.14 crore in the same quarter last fiscal, Exide Industries said in a regulatory filing.

₹1.1 crore on Air India for safety violations on certain flights. The regulator had received a safety report from an employee of the airline alleging certain violations on some routes.

By Toby Sterling

AEPC on Wednesday sought tax incentives such as uniformity in GST and enhanced interest subsidies to boost domestic manufacturing and India's outbound shipments. The Apparel Export Promotion Council (AEPC) asked to provide tax concessions to apparel manufacturers adopting Environmental, Social, and Corporate Governance (ESG) and other international quality standards and compliances. The council also sought budgetary support for the branding and marketing of made-in-India products.

Ram Mandir on Monday, investors are continuing to look for stocks that could benefit from the surge in religious tourism.

ASML, which supplies chipmaking machines to the semiconductor industry, reported Wednesday a rise in annual net profit despite a high-tech trade spat between China and the West. Net profits came in at 7.8 billion euros ($8.5 billion) for 2023, the firm said in its annual results statement, compared to 5.6 billion euros the previous year.