Manufacturing Financial News

RBI has been holding rates since February. Here 11 mutual fund managers explain the policy for investors. Mahendra Jajoo, CIO Fixed Income, Mirae Asset MF In line with market consensus, MPC conveyed a balanced approach with keeping key policy rates as well as stance unchanged considering ebbing inflationary pressures globally but still emphasising on the need for policy to be actively disinflationary. The pleasant surprise was a significant revision upwards in FY24 growth projections by 50 bps to 7%. Inflation projection for FY 24 remains unchanged at 5.4% but that for Q2FY25 is projected at 4%. Market will feel somewhat relieved on the suggestion that with liquidity turning in deficit on its own accord, OMO operations may not be needed in the immediate term.

Apple and its suppliers have ambitious plans to manufacture over 50 million iPhones in India every year within the next two to three years, Wall Street Journal reported citing sources. This move is part of Apple's strategy to reduce its dependence on China and diversify its supply chain. If successful, India would account for a quarter of global iPhone production by the end of the decade. Last month, Foxconn, one of Apple's key suppliers, showed its commitment to India by announcing an investment of over $1.5 billion in India.

Canadian companies are now paying more than $1 million in ransomware attacks, according to a new study.

RBI MPC meeting outcome: In 5th monetary policy meeting of teh financial year 2023-24, the Reserve Bank of India (RBI) has decided to keep repo rate unchanged at 6.50 per cent. In fact, the RBI raised its gross domestic product (GDP) forecast for current fiscal by 50 bps, which has gone down well among markets and economic experts.

cement sector even after Adani Group’s large acquisition of Holcim's 67.5 million tonnes (MT) cement assets. In the last week of November, Ultratech Cement, India's largest cement manufacturer, acquired 10.8 MT capacity of Kesoram Industries. It was the fourth major cement deal over the past one year.

under strain. Wind-turbine supply chains have struggled as manufacturers rushed out bigger and more powerful models. Last month Siemens Energy was rescued by a loan guarantee from the German government.

Nifty 50, Sensex at record highs; how should you play large, mid, smallcaps? Nuvama underscored that midcaps are also expensive but they should still do relatively better than smallcaps. "Midcaps are also expensive at 26 times P/E (versus 20 times 10-year average), but the sizes and profiles of midcap businesses in India have improved significantly in the past five–seven years. Midcap premium of 28 per cent to Nifty valuation (versus 7-8 per cent average) is also not supportive.

carbon-neutral port operations and be Net Zero for APSEZ by 2040. Our climate-friendly transformation includes electrifying all cranes, switching all diesel-based Internal Transfer Vehicles to battery-based ITVs, and installing an additional 1000 MW of captive renewable capacity," the X post read. Gautam Adani also said his conglomerate is pledging mangrove plantations in about 5,000 hectares by the financial year 2024-25.

EV battery space over the past few months. More so in recent days after the Indian government extended the PLI benefits for additional segments of batteries. The interest in the EV battery segment had also picked up pace after India discovered lithium reserves.

MPC) unanimously opted to maintain the repo rate at 6.5 per cent for the fifth consecutive time, RBI Governor Shaktikanta Das said on Friday. The decision, following a three-day bi-monthly meeting, underscores the committee's commitment to its current policy stance. Governor Das highlighted the central bank's continued focus on the withdrawal of accommodation stance.

Tata Group is gearing up to construct one of India's largest iPhone assembly plants, aligning with Apple Inc.'s strategy to expand its manufacturing footprint in the country, as per a Bloomberg report. The conglomerate plans to build the factory in Hosur, located in the southern state of Tamil Nadu, sources told the publication. The facility is anticipated to accommodate around 20 assembly lines and aims to employ around 50,000 workers within the next two years.

Tata Motors is pressing Indian officials not to lower import taxes of 100% on electric vehicles and to protect domestic industry and its investors, as the government reviews Tesla's plans to enter the market, people with direct knowledge said. As India tries to boost domestic manufacturing and electric vehicle (EV) adoption, Tesla is proposing to set up an Indian factory but is demanding lower import taxes for electric cars.

Zomato: Svf Growth (Singapore) Pte, part of Japan’s SoftBank Group, will sell a 1.1% stake in food-delivery company Zomato Ltd Friday for an estimated ₹1,127.5 crore, or $135 million, as per the term sheet of the block deal. The floor price of the deal is set at ₹120.5 per share, a discount of about 1.1% to Zomato’s Thursday closing price of ₹121.80 on the BSE.

Ashutosh Tiwari, Managing Director and Head of Institutional Equities at Equirus believes Budget 2024 may be balanced, along with growth orientation, and it will also include populist measures with a focus on rural and lower strata of society which has been under distress post Covid. In an interview with Mint, he says NDA's win in the 2024 General Election will not trigger any sharp rally in the market.

ITC Ltd has overtaken rivals Adani Wilmar, Britannia, Parle Products and others to become the country's largest fast-moving consumer goods (FMCG) manufacturer in the foods space by domestic sales in the nine months to September, as per the latest data by market tracker NielsenIQ shared by three industry executives. ITC clocked food FMCG sales of ₹17,100 crore in the period, while Britannia was at ₹16,700 crore, Adani Wilmar at ₹15,900 crore, Parle Products at ₹14,800 crore, Mondelez at ₹13,800 crore and Hindustan Unilever Ltd (HUL) at ₹12,200 crore, NielsenIQ data showed. ITC has jumped from the fourth spot in the same period last year, when Adani Wilmar was leading the market. Adani Wilmar's sales in the January-September period last year stood at ₹16,100 crore, while Britannia was at ₹14,900 crore, Parle at ₹14,800 crore, ITC at ₹13,900 crore and Mondelez at ₹12,400 crore, as per NielsenIQ data. The industry executives said one of the key reasons ITC managed to overtake Adani Wilmar was due to the steep fall in edible oil prices. That has impacted the revenue of the country's largest edible oil company in the nine-month period.

India Inc is tapping the low-cost private placement route to raise funds like never before. Fund mobilisation through corporate bonds that are privately placed has hit a record ₹8.97 lakh crore in 2023, with three weeks left in the year.

₹900 crore) in 2018, currently owns 43.4% stake in the company. Both TPG and its current promoter Krishna Kanumuri may sell stakes as part of the transaction. The first round of bids came in November, and the three funds are in further discussions.

When the U.S. military took the extraordinary step of grounding its fleet of V-22 Ospreys this week, it wasn't reacting just to the recent deadly crash of the aircraft off the coast of Japan

A Kentucky child is dead and a Missouri infant has brain damage from the same kind of bacteria that sparked powdered formula recalls and shortages last year

Alan Ruck over a multi-vehicle crash on Halloween night that left the car driver with severe injuries. As per a complaint filed in Los Angeles Superior Court, the attorneys for the victim, identified as Horacio Vela, are seeking unspecified damages against Ruck, alleging negligence by the star.

Galen G. Weston says “we know we all need to do more to help” as he and the head of Walmart Canada appeared back to Ottawa to explain their plans to stabilize food prices.The appearance comes just hours after a new 2024 Food Price report from Canadian researchers suggested grocery prices are expected to rise next year, but not at the same pace as was seen in 2023 as inflation cools.The researchers estimate food prices will increase by 2.5 to 4.5 per cent in 2024.