Manufacturing Financial News

An official survey of manufacturers shows China’s factory activity contracted in October, suggesting the economy remains on uneven footing

Samsung Electronics has reported its highest quarterly profit for the year

Hero MotoCorp, the world’s largest two-wheeler manufacturer, will report its financial results for the quarter ended September 2023 today. The company is expected to see double digit growth in net profit, while revenue is seen rising moderately. Despite strong urban demand and adequate finance availability, volume performance of two-wheeler companies in Q2FY24 has been restricted due to the timing of the festive season.

Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, declined to an eight-month low of 55.5 in October, down from 57.5 in September, Reuters reported. This unexpected drop contradicted expectations of a rise to 57.7, as per an earlier Reuters poll. However, despite the slowdown, this marked the 28th consecutive month that the PMI remained above the 50-mark, which separates expansion from contraction.

Blue Jet Healthcare share price was listed at ₹380 on the NSE (National Stock Exchange) almost 10% higher than the issue price of ₹346 on Wednesday. On the BSE (Bombay Stock Exchange) Blue Jet Healthcare share price was listed at Rs359.90 per share and touched highs of ₹395.85, during intraday trades. Investor confidence had remained strong on the company as was visible from IPO subscription level as was subscribed 7.95 times, which as per analysts is a good subscription level.

Ozempic maker Novo Nordisk is facing a proposed class action lawsuit that alleges the company has not properly warned Canadians about severe side effects, including stomach paralysis and gallbladder disease.The proposed class action lawsuit was filed on Oct. 6 in British Columbia for alleged damages arising from Novo Nordisk’s drugs Ozempic, Rybelsus and Wegovy.

Sun Pharmaceutical Industries is expected to report a strong rise in sales for the quarter ending September helped by healthy contributions from the US as well as the domestic formulations markets. Analysts at PhillipCapital India Research expect Sun Pharma to report 10% sales (revenue) growth on account of continued contributions from multiple myeloma treatment drug Revlimid generics in the US, sustained growth in the US specialty business as well as growth in the domestic formulations business. This is despite muted performance by Taro (Sun Pharma’s US Subsidiary) and impact of import alerts, said analysts at Phillip Capital.

exporters of sugar in the world. Despite this, the Indian sugar industry is battling several challenges. The yield of sugarcane in India is very low compared to other major exporters.

Infibeam Avenues has acquired an entire ground plus 10-storey commercial tower, which was being developed by textile manufacturer Sintex Group as its headquarters in Ahmedabad, for Rs 90 crore, said persons with direct knowledge of the development. In March, Reliance Industries completed its Rs 3,567-crore acquisition of Sintex Industries, exactly a year after banks had approved the acquisition and a month after the National Company Law Tribunal (NCLT) approved the transaction. This under-construction office tower with 400,000 sq ft space being built on 1.7 acres was not part of the resolution as one of the lenders had already taken charge of the property to recover its dues even before the resolution process had started. “The non-banking finance company (NBFC) had taken over the ownership of the property through a trust called Aavas Trust that decided to divest the property on an ‘as is where is basis’ through Swiss auction method,” said one of the persons mentioned above. International property consultant JLL as the exclusive transaction advisor had invited bids for the property with a base price of Rs 76.5 crore. After receiving bids from a few interested parties, the under-construction property on a freehold land parcel at Ahmedabad’s Vaishnodevi Circle was sold to the highest bidder, Infibeam Avenues, and the deal was registered on Monday. ET’s separate email queries to Infibeam Avenues, Sintex Industries, and transaction advisor JLL India remained unanswered until the time of going to press. Infibeam Avenues is expected to complete the construction of the newly-acquired commercial tower.

India's manufacturing growth softened for the second straight month as demand eased, which alongside bigger increases in the cost of raw materials had an impact on business confidence, a private survey showed on Wednesday. S&P Global Manufacturing Purchasing Managers' Index showed factory activity dropped to an eight-month low of 55.5 in October from 57.5 in September. A Reuters poll had forecast an uptick of 57.7. However, the index has remained over the 50-mark, which separates expansion from contraction, for the 28th consecutive month. «India's manufacturing sector generated substantial growth in October, despite a challenging global economic environment.

RattanIndia Enterprises, the flagship company of Rattanindia Group, zoomed 11% to ₹57.40 apiece in Wednesday's early trade. This sharp uptick in shares came after the company received DGCA’s certification for its drone product.

Asian stocks inched lower on Wednesday ahead of a keenly-awaited policy decision from the Federal Reserve later in the day, while the yen was stuck near one-year lows against the dollar, keeping markets on edge for possible intervention by Tokyo. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.13% lower, starting November in a sombre mood after clocking three straight months of losses.

Bangladesh has nearly 3,500 factories with some four million workers employed, mostly women, according to the Bangladesh Garment Manufacturers and Exporters Association, or BGMEA data. They get 8,300 takas or USD 75 as their monthly minimum wage but often need to work overtime to make ends meet, labor unions and workers said as quoted by The Associated Press. Thousands of garment factory workers took to the streets of Bangladesh's capital Dhaka and the industrial district of Gazipur on Tuesday to demand better wages.

₹1 lakh car dubbed “the people’s car". The price tag became a goal by accident when he happened to mention it during an interview with a journalist. Sure, the idea had a philanthropic ring to it, but it wasn’t a charity project, which the Tata group has several anyway. Tata Motors aimed to make money by launching a small car capable of unlocking the mass market of aspirational, not-so-rich Indians wanting safer and more comfortable lives.

Not just numbers', Elon Musk goes emotional on Tesla earnings call; Analysts call him ‘little baby’ The downward trend began earlier this month when Tesla revised down its growth expectations in its third-quarter earnings call. This move was followed by pessimistic comments from various global automakers and Wall Street analysts. Recently, battery-maker Panasonic Holdings Corp.

One ofTritium’s biggest shareholders, Brian Flannery, says the company has left it too late to reduce its ongoing costs and should have closed its Brisbane factory a year ago and moved all manufacturing to the United States.

NEW DELHI : Foreign electric vehicle (EV) makers such as Tesla Inc. seeking an Indian foothold may have relief at hand, with the government considering lower import duties for EVs up to a certain price level, two people familiar with the discussions said. All completely built-up (CBUs) vehicles priced below $40,000 now face an import duty of 70%, and a new national EV policy may slash it to 15-30% for EVs priced up to $25,000-35,000, the people said on the condition of anonymity.

Bajaj Finance, Sun Pharma, Tata Steel, Britannia, Hero Moto, Adani Wilmar, Ambuja Shares of Bajaj Finance, Sun Pharma, Tata Steel, Britannia, Hero Moto, Adani Wilmar, and Ambuja will be in focus as the companies will announce their second quarter results. L&T L&T reported consolidated net profit of Rs 3,223 crore in the September quarter, up 45% year-on-year. Patanjali Foods Patanjali Foods will be moved out from the additional surveillance measure (ASM) framework from November 1, according to an exchange circular. Read more: Here's the trade setup for today's session Airtel Telecom major Bharti Airtel Ltd saw its profit fall by 37% to Rs 1,341 crore for the quarter ended September. Tata Consumer Tata Consumer Products reported 3% growth in its consolidated net profit at Rs 338 crore in the July-September period. Adani Total Gas Adani Total Gas reported 8% year-on-year (YoY) growth in consolidated net profit for the quarter ended September to Rs 173 crore. Lupin Lupin said it has received an establishment inspection report (EIR) from USFDA for its Mandideep Unit-2 manufacturing facility. Navin Fluorine Navin Fluorine reported net profit of Rs 60 crore for the quarter ended September. Revenue from operations stood at Rs 472 crore. VIP Industries VIP Industries is said to be considering potential sale as PE firms show interest, according to an ET Now report. Amara Raja Batteries Amara Raja Batteries' net profit rose 6% to Rs 214 cr in the September quarter.

India's infrastructure sector closed the September quarter on a firm note, while frantic festive demand lifted automobile dispatches to yet another record in October, highlighting the twin drivers of the economy — government capital expenditure and high-end consumption. The Index of Eight Core Industries rose 8.1% in September from a year earlier, with coal, steel and electricity posting robust growth, data released on Tuesday showed.

Infosys continues to be plagued by the exodus of senior executives to rivals with Rajeev Ranjan being the latest to leave India’s second-largest software services exporter after a stint of more than 24 years. Ranjan, who was the executive vice president (EVP) and service offering head for manufacturing in India and Japan business units, left Infosys to join US-based engineering firm Ness Digital Engineering as its chief operating officer (COO).

Investing.com — Crude prices fell hard for a second day in a row and looked poised to end October with double-digit losses as oil bulls who rushed to hedge against the Israel-Hamas war discovered to their disappointment that the rest of the market wasn’t prepared to assign a war risk premium to a trade simply unaffected by the conflict.