Manufacturing Financial News

ITC Ltd on Tuesday said its Non-Executive Director David Robert Simpson has resigned due to personal reasons. His resignation will be effective from January 30, the Kolkata-headquartered company said in a regulatory filing. Simpson was on ITC board as a representative of Tobacco Manufacturers (India) Ltd, a subsidiary of British American Tobacco plc.

Rajeev Chandrasekhar on Tuesday said compliance with the advisory on deepfakes has been «mixed» from platforms, and added that tighter IT rules are likely to be notified in next 7 days to tackle the issue. The government, he said, had earlier made it clear to social media and online platforms that if its advisory on deepfake is not fully adhered to, new IT rules would follow. «There has been a mixed performance of compliance and I had said at the time of the advisory, that if we find that the advisory is not being followed through completely, we will follow it up with a very clear amended IT rules that will be notified,» Chandrasekhar, Minister of State for IT and Electronics, said on sidelines of an event.

Parakramsinh Jadeja, CMD, Jyoti CNC Automation, says “out of the IPO proceeds, we are going to pay close to Rs 475 crore on debt and after that will have less than 0.25% debt to equity ratio and in the next two to three years, we are looking to be a debt-free company. In terms of new capex, our plant has been put up over there. We do not need to invest much over here and then that kind of a total four phase we do, we do not need extra space to be there.” Your company is the third largest CNC manufacturer and it has seen its fair shares of ups and downs as well. After suffering a setback in FY21-22, you have turned the corner in FY23 now and turned profitable as well. What led to this turnaround and what is the outlook now going forward? Is the profitability you think sustainable going forward? Parakramsinh Jadeja: we have a robust order book and in terms of a percentage also if you look at the past, first half numbers are grooming up there.

Kedar Kadam, Director - Listed Investments at Waterfield Advisors is of the view that new large schemes may or may not be announced in this Interim Budget, but some existing popular schemes could see expansion/extra resources to boost implementation rates. In an interview with Mint, Kadam also shared his views on the domestic market and economy.

NALCO, a PSU firm engaged in alumina and aluminum manufacturing and sales, saw its shares surge sharply in today's intraday session, hitting a new lifetime high of ₹144 apiece by gaining 6.70%. This achievement is particularly noteworthy as the stock has set a new record after a gap of 16 years, surpassing its previous all-time high of ₹141.60 apiece, which was set in January 2008.

ICICI Securities calculations suggest that India’s first US Dollar 1 trillion market cap (m-cap) stock could emerge by 2032. Reliance Industries , HDFC Bank , Bajaj Finance are amongst the top contenders that could reach $1 trillion market value by 2032 as per ICICI Securities. The macro framework for any company reaching the $1 trillion market value is based on the assumption of reaching peak corporate profitability (7% ‘net profit to GDP" ratio) in the listed space driven by gradual advancement towards peak GDP growth of 9%.

Polycab India, a leading electrical wires and cables manufacturer, jumped 3.60% to ₹4,351.75 apiece. This comes on the heels of an 8.2% surge over the last two trading sessions. Between January 04 and January 11, the company's shares faced downward pressure amid reports of tax evasion allegations.

the growth of Indian railways is imminent. India needs to up its game and increase the daily train numbers substantially to meet the surging demand in the travel sector. The Indian Railways is gearing up for a massive investment of ₹1 trillion (tn) in acquiring new trains in response to this rise in demand.

“We expect much higher allocations from FIIs this year. India is in a sweet spot with clear visibility of growth and credible shock absorbers,” says Alok Agarwal, Head-Quant & Portfolio Manager, Alchemy Capital Management. In an interview with ETMarkets, Agarwal said: “We expect domestic defence capex to be a structural theme for the next few years at least. Railways in India have been age-old and requiring attention,” Edited excerpts: The market seems to have climbed all walls of worries to hit fresh highs in the first week of January 2024. But the voice is getting louder both domestic and global that these valuations are unsustainable. What do you take? Alok Agarwal: The Nifty50 is currently trading at a one-year forward P/E ratio of 21.9x – this is about 24% premium to the last 10-year average valuations, although about 5% below the peak seen in Oct’21.

China are finding no easy options when it comes to shifting production to cheaper centres elsewhere. Six years ago, monopoly maker Hasbro approached Indian durable goods and aerospace supplier Aequs to sub-contract.

(Reuters) — Elon Musk said on Monday he would be uncomfortable growing AI/robotics at Tesla (NASDAQ:TSLA) without at least a 25% voting control of the company.

Mint on condition of anonymity. The company has held dealer ‘clinics’ with 30-35 potential Indian dealer partners in Vietnam, and is soon going to announce its distributor network, which will display both two- and four-wheelers.

China. That is drawing the attention of President Joe Biden and his aides, who are considering new protectionist measures to make sure American industry can compete against Beijing. As US factories spin up to produce electric vehicles, semiconductors and solar panels, China is flooding the market with similar goods, often at significantly lower prices. A similar influx is also hitting the European market.

Taiwan is pivotal to the geopolitics of Asia and the future of global technological leadership. Communist China has never controlled Taiwan, a self-governing democracy, but arrogates to itself the right to take Taiwan over at a time of its choice, regardless of what Taiwanese think. How to deal with Communist China is therefore always a central issue in Taiwan’s elections.

₹450 crore currently, as it aims to tap into the growing demand for pre-cooked food items across international and domestic markets. Currently, 98% of the Mumbai-based company’s revenues come from overseas sales, but it is ramping up its domestic business with the newly-launched pickle and cooking pastes brand Soul, which it plans to grow to ₹100 crore in the next three years, its chairman and managing director Bimal Thakkar told Mint in an interview. The company will invest ₹100 crore over the next two years to expand its manufacturing capacity, while eyeing acquisitions for inorganic growth.

By Richa Naidu

Boeing told employees Monday that it plans to increase quality inspections of its 737 Max 9 aircraft, following the failure of emergency exit door panel on an Alaska Airlines flight last week

Automakers are looking to an old friend to help offset rising labor costs: robots. For decades, car companies have increased automation inside their factories. Now, auto executives are looking more closely at this approach, to address a rising labor bill and take advantage of more sophisticated technology.

Germany is stuck in a rut, and there is no quick way out. The European powerhouse’s economy, the largest on the continent and the world’s fourth biggest, shrank last year, extending a six-year slump that is raising fears of deindustrialization and sapping support for governments across the region. Output in the country likely shrank by 0.3% in the three months through December from the previous quarter, the German federal statistics agency said Monday.

The more the U.S. government worries about China’s ambitions in the chip industry, the more equipment for making chips that China seems to buy. When ASML, the Dutch company that makes the world’s most advanced lithography machines for manufacturing microchips, reports fourth-quarter results next week, one of the most eye-catching numbers will be the share of sales it made in China.

Confederation of All India Traders (CAIT) Monday said that the pran pratishtha ceremony at Shri Ram Mandir in Ayodhya on January 22 is expected to generate business worth ₹1 lakh crore across the country. "This event not only resonates with religious sentiments but also brings a surge in economic activities.