Manufacturing Financial News

Tesla will enter India next year. India's Prime Minister's Office has told relevant departments to fast-track Tesla's proposed investment in India by January 2024, ET has reported. Tesla's entry will put a stamp of maturity on India's car market, the third biggest in the world after China and the US.

SHANGHAI (Reuters) — Japan's Toyota Motor (NYSE:TM) has told dealers that it will extend a plan to reduce output at one of its joint ventures in China, where it faces rising competition.

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Guruprasad Srinivasan, CEO and Kamal Pal Hoda, CFO, Quess Corp, in conversation with ET Now. Huda says: “We have a plan to break even in Foundit business by the end of this year, and we are very much on track. Foundit has had a 35% sales growth quarter on quarter and year on year. And there are a lot of initiatives that have been taken in Foundit to look at our cost base, our marketing costs. The development cost of the new product has been largely through so we expect Foundit to break even by the end of this year.” What is leading to this high EBITDA growth? Has the cash burn in Foundit reduced? Kamal Pal Hoda: Yes, the cash burn in Foundit also reduced, but that is not the only reason for EBITDA to go up. There have been a lot of operational synergies. As you can see, the EBITDA in all four of our platforms have gone up. So the WFM EBITDA has gone up by 5%. GTS the EBITDA has gone up 4% quarter on quarter. OAM, the facility management business, the EBITDA has gone up 14% quarter on quarter. So, yes, there is a reduction in cash burn in Foundit, but that is not the only reason, we had good growth from all our four platforms.

steel capacity has crossed 161 million tonnes and the industry is poised for continued growth, Steel Secretary Nagendra Nath Sinha said on Tuesday. As per the National Steel Policy, India has an ambitious target of installing 300 MT steel capacity by 2030. «We have already crossed 161 million mt of capacity, comprising 67 MT by blast furnace-basic oxygen furnace (BF-BoF) route, 36 MT by electric arc furnace (EAF) and 58 MT by induction furnace (IF) route,» Sinha said addressing the '4rth Indian Steel Association (ISA) Steel Conclave' event in the national capital.

Dennis Bastas, the billionaire businessman behind the country’s largest generic drug supplier, is one of several parties in the final stages of the auction of BWX’s skincare brand Sukin and its production site.

Rajeev Thakker, CIO,PPFAS MF, says “ at a time when US bond yields are around 4 to 5% and threatening to go higher and for longer, I do not think one should be really looking at hitting sixes right now. People have made a good amount of returns in the last few years, not the last two years, but maybe from a five-year perspective. I think it is time to be more conservative in terms of the future outlook. I do not think it is a time to be very aggressive in terms of investing.” The PMS started with an AUM of less than Rs 500 crore, Is it worth Rs 20,000 crore now? Equity scheme is Rs 45,000 crore. So, Rs 45,000 crore of equity and you started in 2012? 2013.

Elon Musk's electric vehicle (EV) company Tesla to India as soon as January 2024, The Economic Times reported. The Prime Minister's Office recently convened a meeting to discuss the future of EV manufacturing in India, which includes Tesla's investment proposal, it added. While the meeting was focused on policy matters, officials did prioritise the acceleration of approvals for Tesla's proposed investment in the country by January 2024, an official told the paper.

Q2 Result: Shree Cement likely benefitted from the strong demand during the July-September quarter, as has been the case with its peers. The cement demand from the infrastructure sector remained strong and with monsoon activity remaining weaker than expected, the construction activities overall did not see much slowdown as has been the case historically in the monsoon impacted September quarter. The company will release its quarterly earnings today.

Dalal Street, Mish Designs shares listed on the BSE SME exchange today at ₹160 per share levels, which is 31 per cent higher from the issue price. The BSE SME issue was offereed at a fixed price of ₹122 apiece. After listing at ₹160 per share levels, Mish Designs share price further went upside and hit intraday high of ₹165 per share within few minutes of stock listing.

semiconductor industry has been in the limelight in recent years due to its soaring demand and the persistent global shortage of chips, making it a favoured investment sector for investors looking for high growth. Adding to this excitement, Qualcomm Inc., a global semiconductor giant, has announced plans to outsource the manufacturing of semiconductor chips in India. The company aims to capitalise on its substantial scale and the need for high chip volumes by collaborating with key industry players to introduce state-of-the-art technology in the country.

Surge, Peak XV’s accelerator programme. Other investors in the round include Peer Capital, All In Capital and Better Capital. The new funding will be used to accelerate hiring and enhance the user experience on the online platform, said a statement from the company.

An opportunity to gain exposure to a distributor, manufacturer and assembler of zero-emissions buses and trucks on the cusp of the EV revolution with a line into government and commercial contracts.

Global Advanced Metals is up for sale after a maverick run offloading three undeveloped West Australian mines that went on to become world-class lithium assets.

By Francesco Guarascio

Investing.com-- Chinese exports fell more than expected in October amid worsening overseas demand, while an unexpected rise in imports saw China’s trade surplus shrink to its worst level in 17 months. 

BEIJING (Reuters) — China's imports unexpectedly grew in October while exports contracted at a quicker pace, in a mixed set of indicators that showed the recovery in the world's second-largest economy remains uneven.

ChatGPT from OpenAI (a company Musk co-founded), Google Bard, Facebook’s Llama – meaning the algorithm was trained on huge chunks of textual data. Competition hotting up in this domain is likely to mean an acceleration in AI development. Grok is currently available only to premium users of X.

Honasa Consumer: Analysts predict that the stock of Honasa Consumer, the parent company of Mamaearth, is likely to debut with a flat to marginally positive listing on November 7. Mamaearth's recent IPO faced significant market challenges, although it was well-received by qualified institutional bidders (QIB), who oversubscribed the offering by 11.5 times. In contrast, retail investors demonstrated caution, subscribing only 1.4 times the allotted quota.

By Blake Brittain

By Valerie Volcovici