Manufacturing Financial News

As investors await these results this week, a gauge of Indian tech shares has fallen for three straight weeks after rallying for the most part in 2023. The broader benchmark NSE Nifty 50 Index was also in the red so far this year after gaining 20% in 2023.

Listed major auto OEMs in India have varied businesses that makes it difficult to play the EV theme through them, says Kumar Rakesh, IT & Auto Analyst, BNP Paribas. «However, some of the auto component manufacturers have started building capabilities in the EV value chain and could be a key beneficiary of increased localisation of EV components in India,» he says in an interview with ETMarkets.com. Edited excerpts: Now that you have the December sales numbers, what is the broad outlook on the earnings of auto companies in Q3? Where do you think the good news will come from? Kumar Rakesh: On Q3 earnings, our sense is that 2W and 3W companies will outperform the PV OEMs and can see earnings growth of 25-30%, while PV OEMs can see a potential earnings growth of low double digits. This was on back of the strong festive demand for both PVs and 2Ws, albeit a higher base of PVs while a low base effect for 2Ws. Tractors were weak in Q3 and could see earnings degrowth, while CVs could see low-mid single digit earnings growth. While we see all the festive cheers already factored in the earnings expectation and the recent share price rally, we see a further recovery, especially in the rural segment can bring in some good news, especially for 2W players like HeroMotoCorp. However, more pain from the entry segment PV sales and increasing discounts can be potential negatives to watch out for.

Indian policymakers are expected to fix inverted import duties for sectors like textiles, leather and engineering goods, so that inputs are not charged at a higher rate than ready-to-use products. The commerce ministry has reportedly reached out to the finance ministry to sort out such distortions for more than a dozen items in the Union budget. Manufacturers have long sought corrections, as high input duties increase local production costs, but government action has been slow.

During a recent shopping expedition, we encountered a consumer offer that turned the concept of present-value of money on its head. We were looking to buy a refrigerator and were informed that if we opted for a no-cost six month equated monthly instalment (EMI) plan, we would get a discount. No such discount was available on making the full payment instantly.

Some industry leaders have also been critical of the inability of corporates to groom in-house talent for top jobs, being forced to turn to external candidates. In the light of that, boards have been paying closer attention to ensure a second line of talent is ready and available for the leading roles.

Advisors searching forinvesting themes in 2024 may want to try AI, health care innovation and new supply chains, a BlackRock strategist says.

By David Shepardson

Prescriptions for ADHD treatments surged among adults during the COVID-19 pandemic, helping to fuel lingering shortages that are frustrating parents and doctors

U.S. consumers looking to get a tax credit on an electric vehicle purchase will have fewer models to choose from under new rules that limit the countries where automakers can buy battery parts and minerals

Indian Navy on Wednesday received its first locally made medium altitude long endurance drones, which were contracted using emergency financial powers last year, marking the first major weapons delivery by the Adani Group. The drones will enhance surveillance and reconnaissance capabilities in the Arabian Sea, said Navy chief Admiral R Hari Kumar. The drones — Drishti 10 Starliner unmanned aerial vehicles (UAVs), also known as Elbit Hermes 900 — have been manufactured at Hyderabad facility of Adani Defence and Aerospace which is being expanded to a manufacturing hub for missiles and UAVs.

High Courts of Bombay and Karnataka, seeking to be heard before the courts pass any stay order on the restrictions imposed on usage of sugar for ethanol production, an official told ET. Several sugar firms have approached various courts seeking a stay on the Centre's December 7 order prohibiting mills from producing ethanol from sugarcane juice in the 2023-24 season. In the absence of a caveat, the courts can pass a stay order without hearing the government, explained the official cited above. The Centre issued the ban to keep a check on rising sugar prices in the domestic market despite restrictions on exports due to lower sugarcane yield in main producer states of Maharashtra and Karnataka. Sugar prices had touched ₹40 in northern India by the end of sugar season 2022-23 (October-September). The government later allowed diversion of 1.7 million tonnes of sugar for ethanol production in the 2023-24 marketing year that started on October 1, 2023, to allay industry concerns. Industry body Indian Sugar Mills Association (ISMA), which has now renamed itself as Indian Sugar and Bio-energy Manufacturers Association, had said the «sudden ban» on the use of cane juice for ethanol would have an adverse impact on capacity utilisation of mills, putting at «risk» their ₹15,000-crore investment in the last three years to set up plants for green fuel. In July, the Food Corporation of India (FCI) had stopped supplying rice for ethanol production to distilleries, leaving distilleries with fewer options for raw materials for ethanol production.

NEW DELHI : Mobile phone exports from India can more than triple to $39 billion over the next two years, from $11 billion in FY23, if the government reduces import tariffs on components, and eliminates them in some categories, the Indian Cellular and Electronics Association (ICEA) said on Wednesday. These shipments can even swell to $50 billion, if India rationalises import duties and undertakes reforms to ease doing business, the industry body said.

₹1.65 trillion in GST revenue in December, a notch below the monthly average so far this fiscal of ₹1.66 trillion. But GST revenue receipts still showed a double digit growth of 10.3% compared with a year ago.

When Boeing was building a seemingly unassailable position in commercial aviation in the 1960s and 70s, passengers’ faith in its relentless focus on quality inspired the slogan “If it ain’t Boeing, I ain’t going." After the latest calamity to befall the company—the in-flight blowout of a 737 Max door plug of a plane operated by Alaska Airlines that fortunately wasn’t fatal, unlike the two crashes involving 737 Max jets in 2018 and 2019— aviation needs a new catchphrase that encapsulates Boeing’s shattered safety reputation and the ascendance of its sole big rival. This flier suggests, “If it ain’t Airbus, the regular bus will do just fine." In the wake of the Lion Air and Ethiopian Airlines disasters, I wrote that the Airbus-Boeing duopoly had become “extremely unbalanced." At this point, I’m running out of hyperbole to describe the starkly diverging fortunes of the two aircraft makers.

Boeing chief executive officer Dave Calhoun fought back tears as he said the planemaker must own up to its shortcomings as it grapples with a safety incident that has renewed questions over the quality of its manufacturing. «We're going to approach this — No. 1 — acknowledging our mistake,» Calhoun told Boeing employees Tuesday during a companywide meeting at its 737 aircraft factory near Seattle. «We're going to approach it with 100% and complete transparency every step of the way.»

Union Budget 2024: With India’s ambitious clean energy targets reaching a fever pitch, all eyes of the renewable energy sector are set on the upcoming Union Budget 2024. Seen as a pivotal instrument in propelling the nation’s green agenda, the Budget holds the key to unlocking investments, streamlining policies, and accelerating the transition towards sustainable practices.

home to a slew of electric vehicle (EV) manufacturers, and that the state's industrial landscape and robust infrastructure were among other draws that can entice a company like Tesla. Follow Vibrant Gujarat Summit LIVE Updates here "…So as far as Tesla is concerned, the government of Gujarat will be more than happy to facilitate them in case if they decide to come to the state," Gupta was quoted by PTI as saying.

Investing.com — U.S. futures stagnated Wednesday, trading in tight ranges as investors adopted a “wait-and-see” approach ahead of the release of the key monthly inflation data later in the week.

Elon Musk will visit Gujarat, a senior government official on Wednesday said the billionaire-founder of Tesla is not coming for the ongoing Vibrant Gujarat Global Summit, but they are welcome to invest in the state. The state is very keen to get Tesla if it comes to India, Managing Director of Gujarat Industrial Development Corporation Rahul Gupta said. He also said the state is already home to a slew of electric vehicle manufacturers.

₹71,000 crore to China, the ED alleged. Several arrests have been made and a court room drama is expected soon. We will return to the charges in a bit.

Evify, an electric vehicle logistics firm, said it has raised $1.3 million in funding in a pre-series A round led by venture capital firms GVFL and Piper Serica Angel Fund. Existing investors We Founder Circle and IVY Growth, along with a few angel investors, also participated in the round. Founded in 2021 by logistics expert Devrishi Arora and cleantech specialist Pragya Mittal, the company is focused on electric vehicle-based logistics to transition India's direct to consumer FMCG and ecommerce last-mile delivery to electric vehicles. The firm will use the fresh funds to expand its operations across Gujarat and product innovation. The aim is to grow the existing fleet from 400 to 4,000 electric bikes by March 2025. Currently, it is operational in Surat and Ahmedabad.