Manufacturing Financial News

The Biden administration is contemplating measures to plug a loophole that has been enabling Chinese firms to acquire U.S. artificial intelligence (AI) chips through overseas channels, as reported by Reuters on October 13, 2023. This move underscores Washington's ongoing effort to curb China's burgeoning AI capabilities which are significantly anchored on U.S. chip technology.

AI, automakers are getting big on a number of technologies to make automobiles gadget-like, industry experts told ET. “The mix of 5G, cloud, and edge computing offers a strong cocktail of digital technologies that can transform automobiles into extremely sophisticated and smart objects," Vinod Gopinathan, Chief Information Officer, Ashok Leyland, told ET.

Elon Musk recently announced he would provide connectivity support to internationally recognized humanitarian organizations operating in Gaza through his satellite communication system, Starlink. He stated on the social media platform known as X (formerly Twitter) in response to a statement from the U.S. Representative Alexandria Ocasio-Cortez. She had raised concerns about the communication blackout in Gaza. Following the extensive Israeli military operations, including airstrikes and ground incursions, aid organizations faced significant challenges. They reported a breakdown in phone and internet services, hampering their ability to maintain contact with their teams operating in the Gaza Strip. Following the Russian invasion of Ukraine in February 2022, Starlink, under the management of SpaceX, Elon Musk's company, was rapidly established within Ukraine. This communication network, essential for advanced military personnel operating in regions with impaired communication infrastructure, became an important asset for Kyiv in the field of battle.

Banana and cotton cultivators are distressed and the Maharashtra government must provide immediate relief, state Congress chief Nana Patole said on Saturday. Talking to reporters in Jalgaon, some 400 kilometres from here, Patole slammed the ruling Bharatiya Janata Party for rubbing salt into the wounds of farmers and unemployed youth. «The state government is blowing its own trumpet claiming it is giving crop insurance for Re 1.

Industrial Automation solutions provider, Fuji Electric is looking to expand its presence in India and is doubling down on its investments in the country in a bid to diversify its supply chain operations from China. «As we have the three-year plan, we need to look for a bigger factory, and Tamil Nadu would be our first preference to do the investment,» Yosuke Ishizaka, Managing Director, Fuji Electric India told ET in an exclusive interaction.

External Affairs Rajkumar Ranjan Singh on Saturday urged airlines from Vietnam to explore launching direct flights to cities in north-eastern states of India to provide increased investment and tourism opportunities to both countries. Guwahati, considered the Gateway to Southeast Asia, has an international airport with direct flights connecting Bangkok and Singapore, Singh said while addressing a session on investment and trade at the North East India Festival here. «All eight North East states are well connected by air, land and rail with other parts of India.

₹1,911 crore from ₹1,720 crore in Q2FY23, driven by strong performance across all three of its businesses. It reported consolidated profit after tax (PAT) of ₹5 crore in the quarter, as against a loss in the corresponding quarter last fiscal year, the company said in an exchange filing. Earnings before interest, tax, depreciation, and amortization (Ebitda) for the quarter stood at ₹315 crore and the Ebitda margin at 16%.

Himalayan 452 will have a weight of 196 kg, which is 3 kg lighter than the 411 version. Reportedly, the Himalayan 452 will be equipped with a fresh 451.65 cc single-cylinder engine featuring liquid-cooling, marking a first for Royal Enfield. It is anticipated that the engine will deliver approximately 40 bhp at 8,000 rpm, with an expected early torque output of around 40 Nm.

The ten-year US yields, which made a fresh 16-year high of 5.02%, shrugged off strong US data released in the week on expectations that the US Federal Reserve will keep the interest rates unchanged at its FOMC monetary policy meeting due next week. A decent auction of seven-year US bonds also helped the yields to grind lower.

TOKYO—Toyota sells more cars each year than any other company, and it had similarly big dreams when it created its own in-house technology startup in 2021. It picked an American tech whiz to run it and envisioned building software for its cars that would become a standard for the whole industry. So great were the startup’s ambitions that one of its projects was building an entire new city in the foothills of Mount Fuji where it could test self-driving cars, robots and hydrogen for power production.

Refex Industries have offered bumper returns to investors in the last 10-year period, surging as much as 8,500% over the decade. If an investor had put Rs 10,000 in the stock 10 years ago and stayed patient, the investment would have turned to Rs 8.5 lakh, according to an analysis by ET Markets. In the last five-year period, the shares have jumped nearly 1195% and about 611% in the past three years. Refex Industries, a smallcap company, is a specialist manufacturer and re-filler of refrigerant gases, particularly, environmentally acceptable gases that are replacements for Chloro-fluoro-carbons (CFCs). These are used primarily as refrigerants, foam-blowing agents and aerosol propellants. It has an EPS of 56.22 on a trailing 12-month (TTM) basis and the stock is currently trading at a PB of 4.22. According to the latest shareholding pattern available with the exchanges, promoters own a majority of the stake at 53.3%, while the rest of 46.6% lies with public shareholders. Among the public shareholders, mutual funds and foreign investors have no significant stake, while retail investors own a large holding of 28%. For the recent September quarter, Refex Industries' net profit nearly halved to Rs 21.4 crore from Rs 42.7 crore in the year-ago period.

Swan Energy paid ₹231.4 crore to lenders, the first full tranche of payment for acquiring Anil Ambani- promoted Reliance Naval and Engineering in a bankruptcy auction, the company said in a statement to the Bombay Stock Exchange. Swan Energy had to pay its first instalment of ₹292 crore in March but was given an extension by the bankruptcy tribunal after it paid ₹100 crore to lenders, ET had reported on October 10 Swan Energy partnered with resolution applicant Hazel Mercantile Ltd through its special purpose vehicle — Hazel Infra — to acquire RNEL under Insolvency and Bankruptcy Code (IBC).

purchasing power. Separately, manufacturers have also shifted their attention to marketing premium products that offer better profit margins, industry experts said. Most budget models in electronics have moved to ecommerce platforms.

Akash Ambani, chairman, Reliance Jio, Sunil Mittal, chairman, Bharti Enterprises, and Kumar Mangalam Birla, chairman, Aditya Birla Group (the co-parent of Vodafone Idea), also told delegates at Asia’s biggest technology event, the India Mobile Congress, that they will double down on investments to ensure broader rollout of 5G in the country. “Country after country as well as World Bank, United Nations, WTO, the Africa Union, the EU, G20, BRICS – everyone is chanting that the digital infrastructure model that India has built can accelerate the world economy, especially in those countries which have lack of infrastructure,” Mittal said. Echoing the sentiment, Jio’s Ambani said using the latest technology can improve the lives of people and the best example of it is India’s digital public infrastructure, purpose-built on an integrated technology backbone that helps the state achieve its stated objective of financial inclusion for the underprivileged. “Millions of youngsters like me are inspired by your work in making Digital India a means to build a more innovative, inclusive and sustainable world,” Ambani said, referring to Prime Minister Narendra Modi. Speaking at the inauguration of India Mobile Congress, Ambani and Mittal also underlined their readiness to offer broadband-from-space services. Kumar Mangalam Birla, additional director of Vodafone Idea, added that India has emerged as a champion of the global south, with many countries from the global south now eager to adopt “India’s path breaking digital public infrastructure assets across identity, payments, and data management.” Mittal also highlighted the success India has achieved in manufacturing in the last few years with players ranging from Apple to

Ford has reported significant growth in the third quarter, although its financial results fell short of Wall Street estimates

JPMorgan Chairman and CEO Jamie Dimon and his family are planning to sell 1 million shares of the bank starting next year, according to a regulatory filing

Comparing the number of Marwaris in 2013 that made it to the Forbes list of top 100 Indian billionaires with those in 2022 showed that while there were 29 Marwaris in 2013, in 2022, the number had gone down to 26, but the number of Marwaris in the first 10 had risen from 2 to 4 in the same period. While these figures show the community remaining as relevant as one of the top wealth creators, it was equally obvious they no longer occupied centre stage. The community's historically pre-Independence dominance continued after 1947, with many Marwari business houses ruling the roost with the likes of the Tatas.

Mint reported that DPDP rules are slated to be rolled out in a “graded" manner, wherein large, global firms will get six months to become compliant with the new data regulation in India. Smaller companies are likely to be offered more time to comply with the rules. Companies have started working on it too—on 28 September, Nick Clegg, Meta’s president of global affairs, told Mint in an interview that the company is already working to comply with India’s data regulations.

New Delhi: Zensar Technologies Ltd has nearly 100 proofs-of-concept (PoCs) projects centred around generative artificial intelligence (AI). However, chief executive Manish Tandon cautioned that the AI field is at risk of being overly focused on demonstrations and prototypes rather than addressing practical challenges and limitations of the technology. “Generative AI is leading to billable PoCs and not multi-year projects.

NEW DELHI : Reliance Jio launched its satellite communications service called Jio Space Fiber at the India Mobile Congress even as rival Bharti Group-backed satellite internet service conglomerate, Eutelsat-OneWeb, said it was ready to begin offering satellite broadband services from next month. The Mukesh Ambani-backed telco demonstrated the reach of the service by connecting four of the remotest locations in India with JioSpaceFiber in Gir, Gujarat, Korba in Chhattisgarh, Nabrangpur in Odisha and Jorhat, Assam.

By Lucia Mutikani