Manufacturing Financial News

Investing.com -- Futures edge lower on Wednesday, suggesting a slight pullback on Wall Street following a surge in stocks in the prior session that was fueled by expectations for potential Federal Reserve interest rate cuts in early-2024. Elsewhere, FedEx shares dip premarket after the delivery giant slashes its annual revenue outlook, while Toyota (TYO:7203) (NYSE:TM) temporarily suspends shipments of its Daihatsu brand cars as a scandal over rigged safety tests deepens.

Aditya Agarwala, Invest4edu, says «the top sectoral funds for me would run the gamut of sectors allowing us to take exposure in these sectors, keep us well covered and diversified as well. So Bandhan Financial Service Fund, Tata Digital India Growth Fund, Quant Manufacturing Fund and Nippon India Innovation Fund stand out according to me.» Agarwala also says: «NFOs do not give any extra advantage over and above your existing mutual fund schemes which are there, so that myth that you should put money in an NFO just because the NAV is trading at 10, that is wrong. Plus, the expense ratio is slightly higher if you invest in an NFO. It is just that these funds, some of them are new and innovative and maybe they give you an exposure to the sectors which otherwise most of these schemes and mutual funds do not give you an exposure to.» How has the year been as far as the launch of NFOs are concerned? It has been a fabulous year both on the front of NFOs and IPOs markets have been buzzing around and people have welcomed the NFOs as well but slightly lower as compared to 2022, I guess but very marginally.

Rahul Shah, CFO, DOMS, says “across our product categories, the EBITDA margins are constant, close to 15-16% and that is where we like to be. We will want to continue this margin profile and focus more on increasing our revenues because the factors I mentioned and given the market potential, I think the need would be to enhance the revenue while at the same time maintaining this margin profile.” I guess strong growth record and high margin profile has been leading to your subscription numbers as well and the listing pop. Will the company continue to grow at this pace and will margins continue to remain higher? Firstly, we would like to welcome the new shareholders to the DOMS family.

Euler Motors, which manufactures and sells electric three-wheeler commercial vehicles, saw its net loss widen almost five-fold in FY23 to Rs 175.44 crore, from Rs 36.33 crore in FY22. During the year, the company spent nearly Rs 4 to earn a rupee in operating revenue. The Delhi-based company reported a 250% on-year jump in revenue from operations to Rs 61.53 crore, according to its financial statements filed with the Registrar of Companies.

Also Read: Outlook 2024: How equities, gold and crude oil will perform next year “Indian economic growth will continue to be led by investments rather than consumption in 2024 indicating growth in industrial, manufacturing, real estate and allied segments. Projected earnings growth for HSIE coverage universe (~215 stocks): 29% and 8% for FY24 & FY25 respectively (Ex-energy 19% and 15% for FY24 & FY25, respectively, as FY23 was an exceptional low base year for energy)," the brokerage firm said in a report.

travel and tourism sector has seen a robust demand in 2023, and the future looks even brighter. India's travel sector is revving up, projected to be the fifth largest outbound travel market by 2027. The national transporter aims to ferry seven billion passengers annually, projecting an increase to 10 billion by 2030.

Jindal Stainless (JSL) has soared the most, over 130 percent, followed by Welspun Corp, which rallied 124 percent in 2023 YTD. The surge in JSL comes on the back of exceptional earnings performance. In the September quarter, the company's net profit rose 120 percent to ₹764 crore against a net profit of ₹347 crore in the September 2022 quarter.

Until recently, the Chinese manufacturer behind Elf Bar e-cigarettes was able to slip its products passed U.S. customs officials

The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States, part of a broad effort to stimulate their sales to help combat climate change

Japan has reported its exports fell slightly in November from a year earlier while imports declined nearly 12%

As the world’s demand for chocolate grows, farmers in Nigeria are moving into protected areas of a forest reserve that's home to endangered species like African forest elephants

Jyoti CNC Automation has received a nod from the Securities and Exchange Board of India (Sebi) to launch its initial public offer (IPO). The company’s initial public offering comprises a fresh issue of Rs 1,000 crore. The company had filed its Draft Red Herring Prospectus (DRHP) with the market regulator in September 2023. The company proposes to utilise the net proceeds towards repayment and/or pre-payment of some of its loans in full or part, a company release said on Wednesday. The company had availed funding for long-term working capital requirements and general corporate purposes. Jyoti CNC Automation claims to be the second-largest CNC machine manufacturer in India accounting for approximately 8% of the market share in fiscal 2022.

BEIJING — Tesla cut prices for its electric cars in China by more than BYD did for its flagship Han sedan, according to analysis Wednesday from U.S.-based firm JL Warren Capital.

Ford Motor Co. has scrapped plans to sell its Tamil Nadu plant to the Sajjan Jindal-led JSW Group, The Economic Times reported citing sources. This plant is Ford's only remaining factory in India, and the deal being called off has given rise to suspicions that the American auto giant may be considering starting afresh in the world's third-largest auto market.

Daihatsu-developed models currently in production, both in Japan and overseas," said the auto company in a statement following a report by an independent panel. Reportedly, established earlier this year to examine a safety scandal initially revealed in April, the committee has identified additional irregularities. The investigation discovered new issues in 174 aspects across 25 test categories, supplementing the previously uncovered misconduct in April and May related to door components and side-collision tests, as stated by Toyota.

HCLTech said on Wednesday that one of its isolated cloud environments was subject to a ransomware attack and the company is investigating the matter. “This is to inform you that HCLTech has become aware of a ransomware incident in an isolated cloud environment for one of its projects. There has been no impact observed due to this incident on the overall HCLTech network,” the Noida-based company said in an exchange filing on Wednesday.

BLS E-Services Ltd, and Popular Vehicles and Services Ltd — received capital markets regulator Sebi's go-ahead to raise funds through initial public offerings (IPOs). These companies, which filed their preliminary IPO papers with Sebi between August and October, obtained observation letters from the regulator during December 12-15, an update by the markets watchdog showed on Wednesday. In Sebi's parlance, obtaining its observation letter means its go-ahead to float the public issue.

₹1,008.59 crore from the IPO that will end on December 21. Let us check Happy Forgings IPO subscription status, GMP today and other key details: Happy Forgings IPO was subscribed 4.63 times on December 20, the second day of the bidding process. The public issue received bids for 3.87 crore equity shares as against 83.65 lakh shares on the offer, as per data available on NSE till 1:00 pm.

diamond trade is witnessing early signs of recovery as US consumers have started buying solitaires of more than one carat, helping revive the market which accounts for more than half of India’s diamond exports. “Natural diamond jewellery sales were up 5.1% by units and 4.7% by revenue in November, when holiday purchases picked up in the US. Loose diamond unit sales rose 16% in November on a year-on-year basis," said Vipul Shah, chairman of the Gem & Jewellery Export Promotion Council (GJEPC). Demand for diamonds in the US had almost halved in the past few months as the world’s largest economy grappled with recessionary pressure. India’s exports of cut and polished diamonds in the April-November period stood at $11,063.62 million, down 27.95% year-on-year. “But since Christmas and New Year are big events in the US, the purchase of diamonds has gone up.

DOMS Industries shares got listed at a premium of 77.2% (Rs 610) at Rs 1400 apiece on the bourses on Wednesday. The issue was priced at Rs 790 at the upper end. Net proceeds will be utilised for the part funding of the cost of establishing a new manufacturing facility and general corporate purposes. DOMS Industries' public offer was subscribed 93 times at close. The category reserved for retail investors was subscribed the most at 69 times, followed by NIIs at 66 times. The QIB portion of the issue was booked 116 times. The company boasts a track record of impressive financial performance with consistent revenue and profit growth, further fueled by robust expansion plans that unlock exciting future potential. «The hefty GMP already anticipates much of the company's future growth, leaving limited immediate gains on the table. Therefore, we recommend skipping fresh buys on the listing. Investors seeking quick profits can consider booking gains and exiting,» said Shivani Nyati, Head of Wealth, Swastika Investmart. Also Read: RBZ Jewellers IPO: Should you subscribe to this Rs 100-crore issue?

Varun Beverages share price rallied over 17% to hit a fresh 52-week high on Wednesday after the company announced the acquisition of South Africa’s Bevco, which analysts believe to be a good value creation opportunity. Varun Beverages shares jumped as much as 17.78% to a 52-week high of ₹1,380.45 apiece on the BSE. One of the largest franchise bottlers of PepsiCo in the world, Varun Beverages announced that its board of directors approved the acquisition of 100% stake in South Africa’s The Beverage Company Ltd (BevCo) with plans to expand its geographical footprint in Africa.