Manufacturing Financial News

“Country after country as well as World Bank, United Nations, WTO, Africa Union, European Union, G20, BRICS, everyone is chanting that the digital infrastructure that India has built can accelerate the world economy, especially in those countries which have lack of infrastructure,” Bharti Airtel chairman Sunil Mittal said during the inauguration of India Mobile Congress. He also stressed about the success India has achieved in manufacturing, particularly digital infrastructure in the last few years. “I spoke about it last year that manufacturing of the scale and size which we want may not happen in India during my lifetime. But I realised that India is moving fast,” Mittal said. He highlighted that companies ranging from Apple to Dixon to Samsung and Tata’s, every company, be it small or big, are getting into manufacturing and India is emerging as a world leader in manufacturing, especially digital infrastructure.

India will be a leader in telecom technologies in years to come with the investments being made by the country in 5G and 6G and domestic equipment manufacturing, telecom minister Ashwini Vaishnaw said. He was speaking during the inaugural session of the India Mobile Congress 2023. “Today, the whole world is watching India expectantly.

Shein and PDD Holdings-owned Temu have applied to end their legal fights with each other in the U.S., documents show, marking a truce even as a global market share battle between the low-price online platforms heats up. Joint declarations were filed to courts in Chicago and Boston by lawyers representing the companies and their subsidiaries, requesting that two legal cases be dismissed «without prejudice» by their judges.

Google and he can expect inquiries about the company's efforts to maintain competitiveness in search, particularly with the rise of smartphones, and its innovations in search advertising. During cross-examination, government representatives may inquire about the substantial annual payments Google makes to secure its search engine as the default on smartphones. Reportedly, the U.S.

BEIJING — Chinese smartphone and appliance maker Xiaomi announced late Thursday a new operating system — as it seeks to develop its ecosystem with the imminent release of its own car.

Narendra Modi inaugurated the 7th Edition of India Mobile Congress 2023 on October 27, which is taking place at Bharat Mandapam, Pragati Maidan in New Delhi. PM Modi will present awards to 100 ‘5G Use Case Labs’ established in educational institutions across the country, reported ANI.

electric vehicles said Thursday it would build its first U.S. plant in southeastern North Carolina, creating hundreds of jobs. Executives at Epsilon Advanced Materials Inc.

BSE on Friday, October 27, a day after the company reported its July-September quarter (Q2) earnings. Dixon Tech share price opened at ₹5,458.05 against the previous close of ₹5,341.10 and soon rose 3.2 per cent to hit the intraday high of ₹5,513.35 in trade so far. The stock, however, cooled off and traded 1.56 per cent higher at ₹5,424.20 around 10 am on BSE.

China when they gather in Osaka this weekend. Group of Seven trade ministers convene on Saturday and Sunday against a backdrop of soaring geopolitical risk due to the Middle East and Ukraine conflicts and diplomatic relations frayed by sanctions and trade barriers meant to enhance industrial security. In an indication of the importance of supply chains, the G-7 will hold talks with India, Indonesia, Australia, Chile and Kenya.

Canara Bank: Canara Bank reported a growth of 43 per cent in net profit to ₹3,606 crore, compared to ₹2,525 crore in the corresponding period last year. The public sector lender's net interest income (NIIs) – the difference between interest earned and interest expended- in the second quarter of the current fiscal rose 19.8 per cent to ₹8,903 crore, compared to ₹7,433.8 crore in the year-ago period. Shriram Finance: The NBFC on Thursday reported a 19.7% yoy increase in AUM to ₹2.03 trillion.

Intel forecast fourth-quarter revenue and margins above Wall Street estimates on Thursday, optimistic about a healthy rebound in personal computer sales, improvement in its data center business, and a growing lineup of customers seeking its manufacturing services. While Intel remains under heavy competitive pressure from Nvidia in the data center chip market, the easing PC slump and stabilization of its server chip business helped raise gross margins faster than analysts had expected. The company's executives had warned that it could take well into next year for margins to rise significantly.

Unilever said it will cut product prices in India in a few categories, such as soaps and laundry, to pass on the benefits of lower commodity prices, boost volumes and compete with local entrants. The maker of Lux soap and Surf Excel detergent also said the Indian market is seeing a gradual recovery, led by urban areas, but the rural market has remained subdued. «I don't expect that we will have deflation other than in a couple of areas,» Unilever CFO said. «It (deflation) is possible in India because a couple of our categories — fabric cleaning and skin cleansing — are very heavily correlated to the underlying commodity prices and (have seen) local competition re-enter the market.

Maruti Suzuki Q2 Results Preview: Maruti Suzuki is all set to announce its July-September quarter results for fiscal 2023-24 (Q2FY24) on Friday, October 27. India's largest car manufacturer is expected to report robust earnings on the back of healthy volumes, a rich product mix, and softer commodity costs, according to estimates by analysts and leading brokerage houses. Maruti Suzuki highlighted in its FY23 annual report that it expects a 6 per cent compound annual growth rate (CAGR) until FY31 for the Indian passenger vehicle (PV) industry.

Current female labour force participation rate (FLFPR) stands at 37%. However, to ensure incremental growth in the Indian workforce, India needs to increase its FLFPR to 43.4% by 2030.

₹3,200 crore through an equity fundraise led by existing investor Temasek and project debt from State Bank of India (SBI) to build a cell manufacturing factory and expand its electric two-wheeler business. Ola Electric has introduced new products in its electric scooter line-up, with the latest S1X starting from ₹89,999 ex-showroom for the 2kWh battery variant. Mint was the first to report on 6 September that Ola Electric Mobility has signed an agreement to raise $140 million from existing investors including Temasek Holdings, at a valuation of $5.4 billion, lower than the $7-8 billion that Ola was seeking.

More Canadians are failing to meet their car loan payments as short supply and the rising cost of borrowing have consumers feeling the pinch.

U.S. Oil and Gas Association president Tim Stewart breaks down the Biden admin's energy policies on 'The Bottom Line.'

By David Shepardson and Joseph White

Amber Enterprises following the company's September quarter results. In Q2 FY24, the consumer durable firm reported a net loss of ₹4 crore. This loss was primarily attributed to a significant increase in depreciation cost by 42% year-on-year (YoY) and a 50% YoY surge in finance cost.

Optiemus Infracom Ltd, which will be called Bharat Innovation Glass Technologies. “For the first time cover glass will be made in India for both local and international OEMs that are assembling their devices in India. The technology is scalable and can be expanded to support an increase in supplies.

State Bank of India is likely to raise up to Rs 10,000 crore through the issuance of a tier-2 bond next week as the country’s largest bank looks to shore up long-term capital amid firm demand for credit. “They (SBI) are aiming to garner up to Rs 10,000 crore through a tier-2 bond sale. The bonds are rated AAA by Crisil and India Ratings and will likely have a maturity of 15 years and a call option of 10 years,” a source aware of the development said. Typically, the coupon rates – or interest paid to investors – for SBI’s bonds are the lowest in the banking sector, as the lender witnesses firm demand for its debt offerings, given its government ownership and status as the country’s largest bank. While detailing its June quarter results, SBI’s top management forecast credit growth of more than 15% in the current financial year, saying demand in retail loans would be complemented by a healthy corporate loan pipeline in excess of Rs 3.5 trillion.