Manufacturing Financial News

luxury auto dealer Landmark Cars reported a 20.55% rise in quarterly profit, helped by lower expenses even as demand slowed. Consolidated net profit rose to 201.6 million rupees ($2.42 million) for the quarter ended Sept.

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. Discussions between the Musk and Goyal in the U.S. will centre around Tesla's plans to setup an Indian factory, manufacturing a $24,000 car there, sourcing more components and establishing charging infrastructure across the nation, one of the two sources told Reuters. A discussion is also likely on a new policy India is working on which will allow automakers to import fully built EVs into India at a reduced tax rate of 15%, down from as much as 100% now, if they commit to some local manufacturing. This meeting is to ensure that talks between India and Tesla «are moving in the right direction,» the person added.

NEW DELHI/WASHINGTON : US Secretary of State Antony Blinken and Defense Secretary Lloyd Austin will hold talks with India this week that officials say will focus on security challenges in the Indo-Pacific and concerns over China, rather than the wars in Gaza and Ukraine. The talks in New Delhi on Friday with India's foreign minister Subrahmanyam Jaishankar and defence minister Rajnath Singh are part of the so-called "2 2 Dialogue", launched in 2018 to boost defence cooperation and align policy objectives in the Indo-Pacific region.

Mihir Vora, Chief Investment Officer, TRUST Mutual Fund. In an interview with Mint, Vora shared his views on markets and the sectors he is positive about. Edited excerpts: We’ve had a dream run in the markets over the past eight years.

Tata Power Q2 Results: Tata Power announced its July-September quarter results for fiscal 2023-24 (Q2FY24) on Wednesday, November 8, reporting a rise of 8.8 per cent in net profit of ₹1,017 crore, compared to ₹935 crore in the corresponding period last year. "We have reported yet another strong quarter of financial performance, driven by robust contributions from all our core business clusters.

Authorities in Bangladesh have announced a new minimum wage for garment factory workers after weeks of violent protests

FMCG maker Dabur India, armed with a cash reserve of Rs 7,000 crore, is scouting for acquisition opportunities in healthcare and home & personal care segments, according to its CEO Mohit Malhotra. Besides, Dabur is looking for acquisition opportunities in the online space, and with several D2C (Direct to Consumer) brands operating in it, it finds the valuation «more reasonable» now and will pursue it if it finds a suitable one for growth, he said. The company is scaling its presence in the online space, which includes e-commerce channels and D2C business, where it plans to introduce more innovations under existing brands and through inorganic opportunities. «We are introducing innovations there. Those innovations are coming on the back of existing brands and these innovations will come on the back of some new brands that we might launch or we are looking at an acquisition for a new brand,» Malhotra told PTI. The company would pursue organic growth with new brand launches in skin care and premium skin care, and the rest would be through acquisitions. «We do not want to do any organic new brand launches with the exception of skincare and premium skincare that we are not present in.

RBI’s target band in July and August on account of higher food prices, which raised investor concern about whether RBI would have to hike rate again to bring inflation back under control. However, the vegetable prices that spiked and led to this acceleration in inflation were of a short-duration nature and their prices have since reversed. Over the coming quarters, MS India economist, Upasana Chachra, expects that headline inflation will remain within the target range.

ASK Automotive are currently open for public subscription. Here's a brief look at subscription status and other details. Protean eGov Technologies The IPO of Protean eGov Technologies was subscribed 8.5x so far on the third day of the bidding process.

Prince Pipes & Fittings, India's leading integrated piping solutions provider and multi-polymer manufacturer, witnessed a remarkable surge in its stock price during Wednesday's trading session, driven by the company's strong Q2FY24 performance. For the September ending quarter (Q2FY24), the company reported a net profit of ₹71 crore, a significant improvement compared to the net loss of ₹24 crore in the same period last year. The company's Q2FY24 results include an exceptional item of a net gain of ₹17.93 crore related to the settlement of the registration of its corporate office at The Ruby, Dadar, Mumbai, based on a valuation report, as per the company's earnings report.

₹30.11 crore from the SME IPO that closes on November 10. Kalyani Cast Tech IPO is an SME IPO and a book built issue. The IPO has received strong investors’ demand as it has been fully subscribed within hours of opening.

BEIJING — China's truck industry is finding more reasons to buy vehicles with assisted-driving technology.

Pratt & Whitney nightmares continue Since induction in March 2016, Pratt & Whitney GTF engine performance has troubled IndiGo, like many other airlines in the world. A delayed induction led by inflight shutdowns and warnings leading to diversions had become a common occurrence, so much so that the regulator had to step in. The new measures meant that inspections had to be done earlier than planned, leading to more down time for the plane and additional work for the engineering team.

By Greg Bensinger

GoZero, the bus manufacturer formerly known as TrueGreen, will consider more capital raisings and corporate partnerships as well as a potential float as it tries to drum up interest from debt and equity investors in its expansion plans.

Recyclers across the U.S. are struggling, hurt by a shortage of workers and rising costs that too often make recycling uneconomic. They are hoping artificial intelligence can help turn things around and boost recycling rates.

New Delhi: A year ago, Maruti Suzuki India Ltd’s share of the Sports Utility Vehicle (SUV) pie was just 9.5%, way thinner than then leader Tata Motor’s 22.6% slice. Indeed, Maruti was then the fifth biggest SUV maker in the country, even trailing South Korea’s Kia, which had entered the market in 2019. However, in the first half of 2023-24, Maruti, long renowned as a maker of frugal, fuel-efficient small cars, nosed ahead of Mahindra to become the largest SUV maker in the country.

New Delhi: India, in ongoing talks on several free trade agreements, may push for clauses to ensure that steel products imported from the partner country are manufactured in that country rather than being routed through it, commerce and industry minister Piyush Goyal said on Tuesday. Speaking at the 4th edition of ISA Steel Conclave virtually, the minister said that these clauses will ensure that the Indian steel industry is protected from dumping from the developed world.

And, it's all possible because prices are dropping for both natural gems as well as lab-grown diamonds (LGDs) as more manufacturers enter this segment of the jewellery market. LGDs have seen price drops in the range of 45-50%, while the natural diamond category has seen a price drop of 35-40%, as the economic slowdown in developed markets of the US and China has hurt demand for the gemstone. Six months ago, a 1-carat LGD ring at the retail level was priced at ₹2 lakh. But now it costs ₹80,000-₹1 lakh.

While the smaller towns and cities are seeing thriving demand for manpower with many companies ramping up their presence to meet rising consumer demand, job creation remains muted in the metros as companies tread cautiously amid macroeconomic and geopolitical headwinds, according to staffing companies such as Teamlease Services, Xpheno and Foundit.

Canada’s main stock index was down 150 points in early-afternoon trading with losses led by the energy sector as the price of oil dropped below US$80 per barrel.