Manufacturing Financial News

Regen Powertech Pvt Ltd (RPPL) has sought the Supreme Court’s view on whether the bankruptcy courts can direct consolidation of the insolvency proceedings of two companies, whose businesses are allegedly inter-twined and inter related, for speedy recovery of dues. A Bench led by Justice Sanjiv Khanna sought response from the resolution professional and others on an appeal by the SBI-led Committee of Creditors questioning the National Company Law Appellate Tribunal’s (NCLAT) decision directing consolidation of CIRPs of RPPL and its wholly-owned subsidiary Regen Infrastructure and Services Pvt Ltd (RISPL) and also setting aside of the approved resolution plan of RPPL. The CoC argued that the appellate tribunal’s jurisdiction cannot extend into entering upon merits of the business decision made by the CoC in its commercial wisdom, the appeal said, citing the insolvency law committee’s March 26, 2018 report that specifically decided not to address the issue of group companies. The RPPL lenders in April 2021 approved the resolution plan of RPPL by 94.08 voting percentage and its total claim is for Rs 1306.40 crore. The CoC of RPPL had opposed the consolidation while the CoC of RISPL had given a conditional consent for consolidation. Legal experts also say that the issue “requires an authoritative determination” by the SC as this plea of consolidation of insolvency proceedings applying group company doctrine is arising in several cases before the bankruptcy courts. “The IBC is silent on this aspect but the facts in some cases are very compelling where there is siphoning of funds.

By Casey Hall

By Lucy Raitano

By David Shepardson

Tata Power Renewable Energy Ltd (TPREL) on Friday said it has inked a pact for building a 43.75 MW captive solar project for Mukand Ltd, a Bajaj Group firm. Located at Jamkhed in Maharashtra, the installation will generate 99.82 MUs (million units) annually and is expected to offset 54,687 tonne CO2 emissions per year.

During a podcast discussion with Prof. Ishan Shivanand, Dr. Rahul Gupta, Director of the White House Office of National Drug Control Policy expands on the Global Coalition to Address Synthetic Drugs and the strategic partnership between India and the US to beat the overdose epidemic.

Investing.com — U.S. futures rose Friday, boosted by strong numbers from a couple of tech giants ahead of the release of key inflation data.

Plaza Wires have been maintaining a strong upward trend since their listing, hitting the upper circuit limit with each passing day. The company's shares got listed on the stock exchanges on October 13, 2023, raising ₹71.3 crore through the initial public offering (IPO). The IPO received a tremendous response from investors, as it was subscribed to 160.98 times.

(Reuters) — U.S. stock index futures climbed on Friday as robust forecasts from Amazon.com (NASDAQ:AMZN) and Intel (NASDAQ:INTC) along with a pullback in Treasury yields lifted megacaps, while investors awaited a key inflation data during the day.

By John Kemp

Sajjan Jindal is reportedly in the process of establishing a significant presence in the Indian auto market. The plan involves acquiring a substantial stake in MG Motor India, a unit of the Chinese company SAIC, and subsequently acquiring Ford's factory in Chennai through a new entity.

₹25 crore through its new division, Optiemus Unmanned Systems (OUS), to develop and manufacture high-precision drones locally. The drones, unveiled at India Mobile Congress 2023, are equipped with state-of-the-art features such as advanced sensors, secure communication systems, and robust safety measures. This move aligns with the Indian government's "Make in India" push and Prime Minister Narendra Modi's Atmanirbhar Bharat agenda to promote domestically designed and produced goods.

By Mike Stone

Investing.com — U.S. stock futures rose Friday, ending a difficult week on a positive note, helped by healthy earnings from both Amazon and Intel.

BEIJING — Chinese tech giant Huawei reported revenue figures Friday that showed only a 1% increase in the third quarter from a year ago, according to CNBC calculations.

Taiwan's chip industry is ready to work with the government to achieve its 2050 net-zero goal but development of new energy sources needs to be hastened as demand for artificial intelligence booms, a top industry executive said on Friday. Taiwan imports almost all its energy needs, mostly in the form of natural gas and coal, but has embarked on a big push for more renewable energy to achieve its carbon neutral target.

₹2 trillion worth of electronics manufactured in the country. “Samsung Fold Five and Apple iPhone 15 are already being manufactured here", he added, while stressing the need to take this success in mobile and electronics manufacturing further.

Narendra Modi inaugurated the 7th Edition of India Mobile Congress 2023 on October 27 and said 'The Future is Here and Now," reported ANI. The event is taking place at Bharat Mandapam, Pragati Maidan in New Delhi.

President Biden praised what he called the “historic tentative agreement" that the United Auto Workers and Ford struck late Wednesday as a testament to collective bargaining. Perhaps, but the real test will be whether Ford can stay competitive, especially amid the government-forced electric-vehicle transition. UAW President Shawn Fain’s strategy of staging strikes at select plants operated by all three Detroit auto makers appears to be paying off.

WhatsApp has decided to stop supporting smartphones running on the outdated Android version known as KitKat (Android 4.4), following Google’s move to phase out these older devices. WaBetaInfo reports that

Have Indian equity markets decoupled? While the global equity markets have faced challenges, with declines of average 2.37% in last six months as against Nifty Fifty returns of 11.5%, India has managed to buck the trend and gain ground. The resilience and strength displayed by the Indian equity markets have led some to believe that they have decoupled from global trends.