Manufacturing Financial News

Enforcement Directorate has attached three immovable properties worth Rs 24.95 crore of Hero MotoCorp executive chairperson Pawan Kant Munjal attached as part of money laundering probe, the federal agency said on Friday. The ED said that the total value of seizure and attachments now stands approximately at Rs 50 crore. «The prosecution complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India,» the ED said. A First Information Report (FIR) was filed in October on a complaint alleging forgery, falsification of accounts, criminal conspiracy, and cheating by certain officials of Hero MotoCorp. The FIR named Pawan Munjal, and Hero MotoCorp executives Vikram Kasbekar and Hari Gupta. However, the company said in a statement on the exchanges that this case is an old matter and pertained to the year 2009-10 with a disgruntled service provider, Brains Logistics, a former vendor of Hero Honda Company, alleged that the accused colluded to and committed “the illegal acts of forgery, cheating and falsifying the books…and manufactured fake month-wise bills”. These bills, totalling Rs 5.95 crore for 2009 and 2010 were debited to the complainant, it alleged. Separately, in August this year, the ED had conducted searches on Munjal and some others as part of an investigation into an alleged money laundering case. The searches were carried out at the residential and business premises of Munjal in Delhi and Gurgaon, and some linked entities. In a statement, the company had at the time said, “Officials from the Enforcement Directorate (ED) today visited two of our offices in Delhi and Gurugram and the residence of our executive chairman Dr Pawan Munjal.

Mineral Resources has made another lithiumacquisition less than a week out from the company’s annual general meeting, where billionaire founder Chris Ellison is expected to shed some light on the strategy behind a spate of recent deals.

Polyplex Corporation's share price. The really unlucky ones, who bought the stock in April 2022, are currently sitting on a huge nominal loss of about 62%. Back then the stock was trading around its all-time high of ₹2,813.After an impressive surge of over 40% in the first half of 2022, it has been all downhill for the stock.

SHANGHAI (Reuters) — Measures such as the U.S. Inflation Reduction Act are unlikely to stop firms from going abroad, as companies thrive through competition and not through regulation or subsidies, the chairman of Chinese battery maker Gotion High Tech said.

Investing.com-- Major Asian chipmaking stocks sank on Friday, tracking a steep decline in Semiconductor Manufacturing International Corp (HK:0981) after China’s biggest chipmaker logged a 80% slide in its quarterly profit amid worsening demand. 

HANOI (Reuters) — Apple (NASDAQ:AAPL) supplier Luxshare Precision Industry Co has been awarded a license to invest an additional $330 million in its plant in Vietnam's northern province of Bac Giang, raising the total investment to $504 million, provincial authorities said.

Force Motors, the Abhay Firodia group's flagship company, saw its shares hit the 5% upper circuit limit of ₹4,053.25 apiece during early trade deals on Friday. This impressive gain came after the investors responded positively to the company's Q2FY24 performance, which was released post-market hours on Thursday.

Mahindra & Mahindra (M&M) will today announce its financial results for the second quarter of FY24. The passenger vehicle (PV) and commercial vehicles (CV) manufacturer is expected to see decent revenue growth in Q2FY24 on the back of strong volumes, while margins may remain under pressure sequentially due to unfavorable mix. From a demand standpoint, the July-September quarter of FY24 was a mixed bag for the automobile industry led by year-on-year (YoY) expansion for PVs and CVs.

Larsen & Toubro Ltd., incorporated in the year 1946, is a Large Cap company (having a market cap of Rs 413810.84 Crore) operating in Construction sector. Larsen & Toubro Ltd.

Vipul Shah, Chairman, Gem & Jewellery Exports Promotion Council (GJEPC). In an interaction with ET Digital, Shah says he is upbeat about the prospects of the gems & jewellery sector as the industry expects the ongoing festive month to give a sharp surge in demand.

Manish Chokhani, Director, Enam Holdings, says “I am not a believer that you make everyone poorer and distribute the poverty. You have to make everyone richer and pull them up. I am hopeful this happens and everything is back on balance. I have no axe to grind, I have no products to sell, no brokerage to run, no mutual fund to sell and I have invested myself. I really think the next 20 years is really India's period, it is for us to lose.” You have said that when India's market cap was not even a trillion dollars, five corporate houses would be building the next couple of trillion dollars for us and that time you were vocal about Reliance. BATAJ. Yes. We called it.

Sandip Sabharwal, asksandipsabharwal.com, says 2024 will be a year of good double-digit gains in the market. 2023 was expected to be a bit dicey in a way because of the rate hike cycle and the impact that it will have on valuations, etc, market selloffs and whether it can create some disruptions. In my view, the time to be worried about higher interest rates is not now, it was earlier. Now we need to look forward and see what will happen as interest rates eventually start coming down.” While nothing is really happening in the market for the last two days, how do you think the year ahead is going to look like? The year ahead will be very good. I believe 2024 will be a year of good double-digit gains in the market. 2023 was expected to be a bit dicey in a way because of the rate hike cycle and the impact that it will have on valuations, etc, market selloffs and whether it can create some disruptions. I believe that a lot of people are now worried about higher interest rates. In my view, the time to be worried about higher interest rates is not now, it was earlier. Now we need to look forward and see what will happen as interest rates are already high and then eventually they will start coming down and what that does to market valuation and overall economic outlook and both of them which are positive.

ASK Automotive, a manufacturer of advanced braking systems, was subscribed 51.02 times on the final day. The portion reserved for qualified institutional buyers was subscribed 142.41 times, while the non-institutional or high-net-worth investors' segment was subscribed 35.47 times.

Honda has reported that its profit jumped 34% in the July-September quarter from a year earlier as a cheap yen helped boost the Japanese automaker’s overseas strong earnings thanks to healthy demand, especially in the U.S. Honda’s profit rose to 254 bi...

Police say an industrial robot crushed a worker to death at a vegetable packaging plant in South Korea

President Joe Biden has gone to Belvidere, Illinois, to celebrated a labor deal that will prevent a Stellantis plant in the city from closing

Indian solar panel manufacturers are grappling with the influx of cheaper Chinese imports funnelled through intermediary countries such as Vietnam, Malaysia, and Singapore as Chinese companies exploit Free Trade Agreement (FTA) loopholes to export to India. Despite New Delhi's imposition of a 40% customs duty on solar modules and 25% on solar cells in April 2022 to boost domestic production and reduce Chinese imports, companies in China are finding ways to bypass these high tariffs and continue supplies to Indian solar farm developers. The Chinese companies have effectively utilised this strategy in the past to evade local tariffs, as demonstrated by a year-long investigation in August 2023 by US federal authorities, which revealed that five Chinese solar panel firms had circumvented tariff regulations by channelling their operations through countries such as Cambodia, Malaysia, Thailand, and Vietnam. Following the imposition of tariffs, direct Chinese exports to India have declined, but from April to August 2023, imports of solar panel modules from Vietnam and Malaysia have surged, accounting for 60% of all such imports into India, with majority of these products originating from Chinese companies. Indian manufacturers say the imports are hurting domestic industry as the Chinese firms are resorting to dumping their products by misusing the FTA route.

InterGlobe Aviation Ltd’s flight would face some disturbance in FY24. InterGlobe runs IndiGo, India’s largest airline by market share. Pratt & Whitney engines are facing a ‘powder metal’ issue, and 600-700 engines are being removed worldwide for inspections.

Motilal Oswal Financial Services, while sector outlook is important for allocation, bottom-up stock picking has been more profitable in the past year. This trend may continue in the near-medium term, especially with the expected rise in volatility leading up to assembly and national elections. Rajgarhia shared his insights with Mint’s Ram Sahgal in the preparatory to Samvat 2080.

Thermax Ltd, whose shares have risen 48% so far this year. The heavy electrical equipment manufacturer is viewed as a beneficiary of investments in clean energy, decarbonization, and focus on cleaner air and water. Its September quarter results (Q2FY24) were a mixed bag.

It’s something we use everyday — couldn’t survive without, actually — and often take for granted.