Manufacturing Financial News

Strong rally in the broader market in the recent months has brought valuations closer to historical highs in a few pockets, but Samco Mutual Fund believes there is more steam left in this momentum. “Thinking from the perspective of a momentum or relative strength investing, we see a lot of strength in the small and mid-cap space. One should hold on to them till the party is going on, but with much more caution and tighter stops,” said Viraj Gandhi, CEO of Samco Mutual Fund. Edited excerpts: The latest AMFI data showed that the pace of inflows has slowed down in midcap and small-cap funds. Is this a sign of fatigue? The pace is still intact in the midcap funds as in September, it was the second highest in the last 12 months. Small-cap funds also saw a decent inflow of about Rs 2,700 crore.

warehousing demand across the top five cities was recorded at 17 mn sq ft of gross leasing in the first three quarters of 2023. Despite a relatively slower growth during H1 2023, leasing activity picked up in Q3 2023, registering a 55% QoQ growth.

Samsung SDI said on Monday it will supply Hyundai Motor with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies. «The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries,» Samsung SDI said in a statement. The battery maker, which supplies to General Motors Co, Stellantis, and BMW among others, added that it will supply prismatic batteries manufactured at its factory in Hungary for Hyundai Motor's EVs targeting the European market from 2026 through 2032.

Peak XV Partners’ scale-up programme for early-stage startups, has selected 13 ventures with a focus on deeptech, artificial intelligence, advanced manufacturing and quantum computing as part of its ninth cohort. This is the first cohort of Surge since Peak XV Partners came into existence after the split of erstwhile Sequoia Capital.

Takeover target Pact Group has axed 175 jobs, put a Victorian business up for sale and is weighing up whether to proceed with a renewed attempt at selling its entire contract manufacturing business valued at close to $130 million.

Crisis management, cyber resilience, and handling emergencies have taken centre stage, prompting corporates to take pre-emptive actions to deal with them, a PwC India survey said. According to India's Crisis and Resilience Survey 2023, the looming spectre of unpredictable events, alongside escalating cyber threats like ransomware, has nudged 96 per cent of businesses to elevate their cyber resilience blueprints. Moreover, 97 per cent of organisations are poised to significantly invest in crisis management, viewing unforeseeable events as tangible risks, it added. «The survey indicates that crisis management, cyber resilience, and emergency management are taking the centre stage,» it said. PwC India said 112 organisations from diverse industries, such as telecommunications, industrial products and manufacturing, financial services, banking and capital markets, automotive, education, healthcare, and pharmaceuticals, were surveyed. «The continuous and relentless waves of changes have pushed corporates, especially in India, to recognise and act upon the pressing need for strategic resilience,» the study said. With disruptions on the rise from 80 per cent in 2019 to 98 per cent in 2023, organisations have made resilience a strategic organisational priority, the survey said. «The numbers from the 2023 survey aren't just statistics — they're a reflection of the urgent shift in mindset needed across the board.

Voltas has revived its plans to manufacture air-conditioner compressors in the country with a partner from either Japan or Korea after its earlier such joint venture proposal with China's Highly International was rejected by the government, a top executive has said. The Tata-owned home appliance manufacturer has lined up investments of over Rs 1,300 crore for manufacturing, which include components like compressors, expansion of capacity, and manufacturing of newer home appliances, its managing director and CEO Pradeep Bakshi said. «The compressor project is still on, and we are looking at other partnerships,» he said. «The company is on an investment spree on new factories apart from backward integration.» The compressor project will involve investment of over '350 crore.

road projects on the build-operate-transfer (BOT) model by March 2024, giving a renewed push to the public-private partnership in road construction, road transport and highways minister Nitin Gadkari has said. This shift from the existing emphasis on engineering, procurement, and contract (EPC) model will drive private players to build better quality roads because they have to maintain them for 15 years, Gadkari told Yogima Seth Sharma, Deepshikha Sikarwar and Vinay Pandey in an interview. Edited excerpts: How has the highways sector performed in the current fiscal? Our budgetary allocation for current fiscal is ₹2.7 lakh crore and we expect to use all of it.

These devices, which once helped millions get connected to fast internet when WiFi penetration was low and data prices too steep, are now missing from retail shelves, edged out by the ubiquitous 4G smartphones with their WiFi hotspots and publicly available free WiFi in community areas. A multitude of factors have led to 4G dongles seeing the end of the line, right from data prices crashing to the proliferation of high data usage during the pandemic through home broadband connections, said industry executives and market trackers. «There are now no new dongles coming into the market.

Fortescue Metals principal of build and test Gavin Selth says that in motorsport, everyone talks about making it on to the grid.

Blenders, vacuum cleaners, geysers, mixer grinders, water purifiers, inverter batteries and a variety of other appliances, such as microwaves, chimneys and dishwashers, are among the items for sale. Promotions like 'No Cost' EMIs, credit card discounts, cashback incentives, and at least a 35% discount are the cherry on top of these price reductions. Why do you still steadfastly refuse?

Middle East, which has created significant uncertainty in financial markets. The week began with a slight dip in COMEX gold prices, but a remarkable one-sided rally ensued.

Steelbird Hi-tech India aims to invest over Rs 250 crore to set up a new manufacturing facility in Hosur, Tamil Nadu, as it looks to scale up capacity to cater to rising demand, according to a top company official. The company, which has four plants each in Baddi (Himachal Pradesh) and Noida, is looking to roll out over 20,000 units from the Hosur plant in two years time. In an interaction with PTI, Steelbird MD Rajeev Kapur said the plant has been envisaged to cater to the aftermarket and demand from various OEMs (Original Equipment Manufacturers) based in South India.

Federal Reserve have fueled some of the wildest swings in Treasuries in recent memory. Add geopolitical angst and a surge in debt supply and you have a recipe for sustained volatility for months to come, market watchers say. Dubbed the “world’s safest asset,” Treasuries have proven anything but recently as dramatic moves in yields become an almost daily occurrence.

market sentiment. The coming truncated week is likely to bring in volatility as a plethora of companies are scheduled to release earnings and the October derivatives expiry is due. “Markets are likely to remain sideways to volatile in the coming week, and Nifty 50 may trade within a wider range of 19300-19850,” said Arvinder Singh Nanda, senior vice president, Master Capital Services. A breakout in either direction within this range has the potential to trigger a significant move, possibly spanning 200 to 400 points in one direction, Nanda said. On Friday, the Nifty 50 ended at 19542.65 points, down 82.05 points or 0.4%. The stock market will be closed on Tuesday for Dussehra.

Two senior Republican members of the U.S. House of Representatives have called on the Biden administration to tighten export controls on advanced semiconductors to China. The lawmakers, Michael McCaul and Mike Gallagher, chairmen of the House Foreign Affairs Committee and the House Select Committee on China respectively, expressed concerns over the Department of Commerce's Bureau of Industry and Security's (BIS) lax enforcement of existing rules. The call for action comes amid advancements by China's Semiconductor Manufacturing International Corporation (SMIC) and Huawei Technologies.

Prime Minister Narendra Modi asserted on Saturday that the country is heading towards becoming a developed nation in the next 25 years and appealed to the youth to be active participants in this journey. The world is your oyster, he said, and encouraged the young to undertake nine tasks for welfare of the poor and protection of the environment. Addressing students and alumni of the Scindia School in Gwalior on the 125th foundation day of the institution, the prime minister said when he took over in 2014 he could have drawn plans for the short term of a decade but chose to work for the growth of the country in the coming decades.

₹1,836.14 crore, surpassing expectations. Surprisingly, this growth didn't emanate from their two-wheeler sales, which declined 13.5% in in volume terms to 881,583 units, but from the legacy three-wheeler auto rickshaws, a segment Bajaj commands with a 60% market share. Sales of these high margin vehicles--both the passenger and goods transport versions, used for last-mile logistics--have been surging in India.

acquisition of steel maker Mittal Corp Ltd by an affiliate of the listed firm Shyam Metalics and Energy Ltd. Resolution professional Shailendra Ajmera, who is backed by EY, had admitted Rs 1,767 crore in claims, while successful bidder Shyam Sel and Power Ltd proposed to pay Rs 351 crore.

Pixel smartphone in India, Apple's largest contract manufacturer Foxconn spoke about the «beginning of the Bharat era». Foxconn's India representative V Lee posted on LinkedIn photos of the company's Hon Hai Tech Day 2023 that took place on October 18 and captioned it, «Great event with so much India ambitions, beginning of the Bharat era, devoting to EVs and semiconductors.» In September, ET reported that Foxconn was evaluating several states, including Tamil Nadu, where the Taiwanese company has mature operations. Lee had responded to a post on LinkedIn that featured an ET report about Tamil Nadu emerging as a hub for EV investments with the comment, «Coming,» signalling the company's interest in possibly choosing Tamil Nadu as the safe harbour for its ambitious electric vehicle (EV) plans. «Foxconn is exploring EV opportunities with few states in India, including Tamil Nadu,» Lee told ET. «Our chairman (Young Liu), too, has said that regionalised production for cars is natural which is why we had our factory in Ohio and we are going to have one in Thailand.

By Polina Devitt and Amy Lv