Manufacturing Financial News

Q2 GDP data release on November 30, domestic rating agency Icra economist has pegged the GDP growth at 7 per cent, while British brokerage Barclays see it at 6.8 per cent. We estimate that Q2 FY24 expanded by 6.8 per cent year-on-year, slower than the 7.8 per cent in Q2 FY23, but still showing robust sequential growth. Underlying growth trends continue to look robust with activity underpinned by domestic consumption, high levels of state-led capex and strong growth in the utilities sectors, Rahul Bajoria of Barclays said in a note Tuesday.

West Bengal Chief Minister Mamata Banerjee on Tuesday announced a slew of new policies including plans to double the state's exports, modernise its logistics and promote renewable energy manufacturing, while opening the Bengal Global Business Summit here. Banerjee also announced a policy to promote bio-fuels and a new sub-sea cable landing station at the sea-resort of Digha to help improve internet connectivity in the eastern region.

Maruti Suzuki India will consider issuance of preferential shares to its parent firm at its Board of Directors Meeting, scheduled on November 25. The issue of equity shares will be considered for Suzuki Motor Corporation on a preferential basis, said the leading auto maker in a regulatory filing to the stock exchanges on Tuesday, November 21.

IPO) of Gandhar Oil Refinery will open for subscription on November 22. The issue closes on November 24.

Investing.com — Medtronic (NYSE:MDT) has raised its annual revenue and earnings outlook following «broad-based, diversified» growth across several of the medical device manufacturer's businesses in its fiscal second quarter.

Quess Corp, IT staffing and business solutions provider has said. Within development, skill set which saw a surge of 36% in demand for developers proficient in over 100 technical proficiencies. “Mature skills like Java and .NET continued to dominate, with high demand in the banking, consulting, technology, telecom and automotive sectors.

Maruti Suzuki India has announced the winners of Cohort 8 of its Mobility & Automobile Innovation Lab (MAIL) – a program part of Maruti Suzuki Innovation umbrella.

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Boult expects dependence on the Chinese supply chain is set to decline sharply as component manufacturing picks up pace in India, with local value addition around 15% compared with zero in early 2022. Boult cofounder Tarun Gupta told ET that this has been the trend since the Make-in-India initiative kicked off. To be sure, while some components such as batteries are sourced locally, most of the component supply chain is still in China. “Before early 2022, virtually everything was coming from China,” Gupta said.

Anish Damania, CEO, JM Financial, says: “We will see markets doing much better, capital raise is becoming more prolific and investors will continue to doubt this and because investors are doubting this, there is room for appreciation. The key themes which we feel will dominate the India story will be in the manufacturing sector, finance sector, logistics and infra.” Given the kind of backdrop that we are looking at, the fact that there will be triggers down the line with respect to the overall elections, the valuation picture for our own markets, where is India standing at the current juncture? According to us, and we have been having this view for some time, we are on the throes of a mega bullish market lasting for several years, starting from 2020 to 2030. And I feel that this is the biggest bull run which we will see and which will be characterised by both stock markets doing very well and capital markets also doing extremely well. This is the time when India will require the funds, there will be a lot of activity and we feel that this is a time which we need to capitalise on.

According to the business solutions provider Quess Corp, about 65 per cent of the aggregate demand emerged from Development, ERP, Automotive Design, Testing, and Administration skills.

Indian Renewable and Energy Development Agency (IREDA) subscribed 53% in the first two hours on the first day of the bidding process on Tuesday. At 11.53 a.m., the public issue was subscribed 0.53 times, led by retail investors, whose category was subscribed 84%. The issue was subscribed to 51% in the NII category.

₹722.6 billion. Analysts at Choice Broking expect the defence sector to witness healthy spending over next 5-6 years, acquisition of new platforms and modernization of existing platforms, which will lead to an increase in spending in the coming years.

Tesla Inc. that would allow the US automaker to ship its electric cars to the country from next year and set up a factory within two years, according to people familiar with the Indian government’s thinking. An announcement could come at the Vibrant Gujarat Global Summit in January, one of the people said, declining to be identified because the discussions are private.

Tata Technologies IPO: The initial public offering (IPO) of the Tata Technologies Ltd is going to hit Indian primary market on 22nd November 2023 i.e. on tomorrow. Tata Technologies IPO date of subscription will remain open till 24th November 2023 i.e.

Also read- IREDA IPO opens today. GMP, price, review, other details. Apply or not? Motilal Oswal Financial Services also said that large manufacturers as Hindustan Unilever Ltd, Britannia Industries Ltd and ITC Ltd reported low single-digit revenue growth, and muted volume growth due to intensified competition from smaller players.

BSE, following the announcement that Titagarh Rail Systems has entered into a strategic partnership with ABB for metro projects in India. Titagarh Rail Systems Limited share price opened at ₹960 apiece on BSE. Titagarh Rail System stock price touched an intraday low at ₹959.85 apiece.

Elon Musk's X Corp is suing liberal media advocacy group Media Matters for allegedly manipulating the social media platform's algorithms and fabricating posts to drive away advertisers. Responding to a post mentioning the lawsuit against Media Matters, Musk said it was only the first of many to be filed against the advocacy group. Also Read| Elon Musk mocks Satya Nadella's message on Microsoft - OpenAI partnership, says ‘Now they will have to…’ A lawsuit filed by Elon Musk's X Corp in a US federal court in Texas was quoted by the New York Times as saying: “Media Matters has manipulated the algorithms governing the user experience on X to bypass safeguards and create images of X’s largest advertisers’ paid posts adjacent to racist, incendiary content, leaving the false impression that these pairings are anything but what they actually are: manufactured, inorganic and extraordinarily rare," Linda Yaccarino also launched a veiled attack on Media Matters after a lawsuit was filed by X Corp.

“We believe that foreign flows into Indian equities could slow down. It is not because the world is not convinced about India’s growth, but because given the rates at which treasuries are quoting in the developed markets,” says Harini Dedhia, Portfolio Manager and Head of Research, Tamohara Investments. In an interview with ETMarkets, Dedhia said: “The risk-to-reward ratio is not favorable in looking at equities in general as an asset class; forget Indian equities,” Edited excerpts: We are seeing some turnaround in Indian markets – is it the Diwali dhamaka or Santa rally? Neither really. The last 1-year performance of the Nifty50 has been less than that of a fixed deposit scheme, so to term it a rally would be incorrect.

Elon Musk's social media company X filed a lawsuit against liberal advocacy group Media Matters for America on Monday, saying it manufactured a report to show advertisers' posts alongside neo-Nazi and white nationalist posts in order to «drive advertisers from the platform and destroy X Corp.» Media Matters, a Washington, DC-based non-profit, called the lawsuit «frivolous.»

Fortescue will proceed with its first three projects under the iron ore group’s ambitious plans to become a major force in hydrogen and renewable energy, giving a green light to $US750 million ($1.14 billion) in investments.