Manufacturing Financial News

The two-day event will bring together Indian companies and several dozen Walmart buyers from the United States to evaluate their products for export, with buyers offering real-time, on-the-ground deals and prospects. Aligned with Walmart’s commitment to annually source $10 billion of goods from India by 2027, the goal of the event is to partner with the Make in India initiative, increasing exports across categories where India has expertise including food, consumables, health and wellness, general merchandise, apparel, shoes, home textiles and toys.The event will further enhance Walmart’s efforts to support India’s ambition to develop the country’s supply chain to be a leading participant in global markets, bringing together the Walmart sourcing innovation team and India-based supply chain innovators.Andrea Albright, Executive Vice President, Sourcing, Walmart, said, “Walmart has long invested in India, and sees tremendous opportunity in continuing to expand exports with our existing suppliers while developing relationships with new ones.

Airtel Thursday said it has expanded its 5G network to all 23 districts of West Bengal, which will bring the high-speed technology to its 1.6 million customers. This marks a significant milestone for Airtel as the company has achieved 5G coverage across all districts and union territories in the country within a year of the launch of the service, the company said.

Investing.com — U.S. futures traded in a muted fashion Thursday, as investors awaited a speech by Fed Chair Jerome Powell while digesting more quarterly earnings.

Manish Chokhani, Director, Enam Holdings, says “in a bull market, if you try to change horses midway, like last year, when a lot of banks did not do well, many thought why don’t I jump to real estate? Next year, I will try tactically to jump from real estate to auto. If you do that, you will miss out by not being invested. If you miss the best 15-20 days of a market in a year, you have basically given away your returns. So, whatever you like and you understand, the market does not owe money to anyone.” Chokahni also says: «If I put FDI, FPI and equities and debt inflows together, the country is slated to be getting in excess of a hundred billion dollars starting post election.» Our theme this year is Yeh Diwali Muskaan Wali (A smiling Diwali). You already have that muskaan (smile) but what is bringing about that muskaan? I was remembering RRR, so thankfully that is not coming back. We have got a better googly for you this time. But yes much like RRR, the way it shot up all the way to the Oscars like Indian equity markets despite all odds? Well a lot of things to feel bullish about.

Bajaj Hindusthan Sugar Ltd on Thursday reported a consolidated net loss of Rs 122.87 crore in the second quarter of this fiscal. Its net loss stood at Rs 162.37 crore in the year-ago period.

Vande Bharat trains next year. As per a TOI report by Smriti Jain, the railways is also taking steps to enhance passenger safety by introducing «anti-injury» fittings in its coaches. The TOI report quoting, BG Malya, General Manager of Integral Coach Factory (ICF) Chennai said that ICF is targeting about 500 to 550 Vande Bharat trains for the next year.

₹834-crore worth ASK Automotive IPO, which opened for public subscription on November 7, ends today, November 9. ASK Automotive is a manufacturer of Advance Braking Systems for two-wheelers in India.

India is planning to ease and expand some norms for five sectors to help them better utilise its $24 billion industrial incentives aimed at boosting local manufacturing, two government officials said on Thursday. The 1.97-trillion rupees production-linked incentive scheme (PLI), launched in 2020, covers 14 sectors ranging from electronic products to drones but has been successful only in a handful of them, triggering reviews. The changes are being planned in the textiles, pharmaceuticals, drones, solar and food processing industries, which together form nearly a third of the PLI scheme. The government plans to include more products in the textile sector such as man-made fibre and give firms an additional year to meet the manufacturing targets required to claim incentives for the scheme, the officials said. The scheme will also be extended by a year for the pharmaceuticals sector, while the financial allocation will be raised for incentive payouts to the production of drones to 3.3 billion rupees from the current 1.2 billion rupees, the officials added. For the food processing sector, India plans to extend the scheme to millet-based products and include the production of ingots and wafers in the scheme for the solar module sector, the officials said. India's trade ministry, which oversees the scheme's implementation, is discussing the changes with other federal departments, they said. The officials did not wish to be named as details of the discussions have not been made public. The trade ministry did not respond to an emailed request for comment. «None of the changes currently being discussed require fresh financial allocation, but will draw from the scheme's savings,» one of the officials said. Consumer-goods

Cash-strapped fast-charging company Tritium will close its Brisbane factory and consolidate its operations in the United States to save itself.

The venture capital arms of General Motors and Stellantis are among investors sinking $33 million into a Minnesota company with technology to make magnets for electric vehicle motors without using expensive rare-earth metals

The 13 largest U.S. tire manufacturers are facing a lawsuit from a pair of California commercial fishing organizations that could force the companies to stop using a chemical found in almost every tire because it kills migrating salmon

Hindustan Times. This came ahead of the Hindu festival ‘Diwali’. The officials informed that these suspected adulterated food products were brought to Moga from Jodhpur and Abohar for further processing, the report said.

Power Finance Corporation: State-owned Power Finance Corporation (PFC) on Wednesday posted a nearly 27% rise in its consolidated net profit to ₹6,628.17 crore in the July-September quarter compared to a year ago. The consolidated net profit of the company was ₹5,229.33 crore in the quarter ended on September 30, 2022, a BSE filing showed. Total income rose to ₹22,403.69 crore in the quarter from ₹19,344.39 crore in the same period a year ago.

Kaynes SemiCon, a 100% subsidiary of Kaynes Technology, is investing Rs 2,850 crore in a facility in Hyderabad for outsourced semiconductor assembly and testing (OSAT), with automatic test equipment (ATE) and a reliability testing line, chief executive Raghu Panicker said. The groundbreaking ceremony for the facility that will have 13 lines for OSAT, and one each for ATE and reliability testing was held recently.

₹1,500 crore for acquisitions in the near-to-medium term to grow the company’s India and contract development businesses, chief executive officer Nikhil Chopra said in an interview. “India is contributing around 53% to the overall company, and 12% is contributed by the CDMO (contract development and manufacturing organization), which combined is 65%, and we want to take it up to 80% by FY27. Chronic segment, which contributes about 55% of the Indian business, is our major area of focus for acquisitions as we intend to take that contribution to 60%," Chopra added.

₹10,800 crore), two people aware of the development said, in what may rank among the largest green energy deals in India. The Acme Solar InvIT will be privately listed and will be sponsored by India’s largest pure-play solar platform Acme and incoming investors. The InvIT will house 1.8 gigawatts (GW) of operating solar assets.

₹12.5 trillion to develop infrastructure projects in the year starting 1 April, building on substantial increases in recent years to spur economic growth, two people with direct knowledge of the matter said. The government stepped up its capex budget in recent years to improve India’s creaking infrastructure, create jobs and accelerate economic growth. It budgeted ₹10 trillion to develop infrastructure in the current fiscal year, marking a 37% increase from the previous year, with growth rates of 24% in FY23 and 40% in FY22.

Bata India Ltd has reported net profit of Rs 33.99 crore during Q2 FY24, a 38% decline from the same quarter last year when the company had reported a net profit of Rs 54.82 crore. The net profit was also significantly down from the April-June quarter when the company had reported Rs 106.89 crore profit. Revenue from operations was also down to Rs 819.11 crore during July-September from Rs 829.76 crore in the same quarter last year.

₹2.1 trillion, which is the highest half-yearly amount seen in the past four years and 3.8% higher than the already high subsidy burden in the corresponding period last year. Going forward, an increased subsidy burden could put pressure on the government’s capex plan as it tries to achieve its fiscal deficit target for 2023-24. With capacity utilization rising (74% as of the year’s first quarter), private investment is expected to pick up.

Piyush Goyal will meet Tesla chief Elon Musk in the United States next week as the two sides look to advance the U.S. carmaker's plan to enter the South Asian market, sources familiar with the plans said. The meeting between Goyal and Musk will be the most high-profile one since the Tesla boss met Indian Prime Minister Narendra Modi in June and later said he was keen to make significant investments in the country.

HAL) signed a Transfer of Technology (ToT) agreement with CSIR-National Aerospace Laboratories (NAL) on Wednesday, for the manufacturing of BMI Engine Bay Door for the series production of LCA — Tejas Mk1A. Tejas Mk1A is an indigenous 4.5 generation, all weather and multi-role fighter aircraft for the Indian Air Force.