Manufacturing Financial News

R K Singh said. The minister for power, new and renewable energy made the remarks during a meeting with the green hydrogen developers on October 19, an official statement said on Friday.

₹2,773 crore net profit for the September quarter against a net loss in the same quarter last fiscal. The Mumbai-based steel manufacturer reported a 6.71% year-on-year increase in its consolidated revenue from operations to ₹44,584 crore. Consolidated earnings before interest, taxes, depreciation, and amortization (Ebitda) stood at ₹7,886 crore, with an Ebitda margin of 17.7%.

Foxconn has spoken about the «beginning of the Bharat era.» Foxconn's India representative V Lee posted on LinkedIn photos of the recently concluded Hon Hai Technology 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.»

HONG KONG—China is strengthening restrictions on exports of graphite, a key mineral needed for the production of electric-vehicle batteries and fuel cells, the latest move in an intensifying global tussle over the building blocks of critical technologies. Citing national-security concerns, China’s Commerce Ministry said Friday that exports of several categories of natural and synthetic graphite materials would require permits under a system used to control trade in items with dual civilian and military uses starting Dec.

Samvardhana Motherson International Ltd on Friday announced three acquisitions valued at over Rs 380 crore in aerospace, health and medical sectors to strengthen its non-automotive businesses further. The aerospace division of Samvardhana Motherson International Ltd (SAMIL) is building its capabilities in a phased and strategic manner, enabling it to offer a much wider range of services to aerospace OEMs, the company said in a statement.

Laurus Labs on Friday reported 84% year-on-year (YoY) drop in net profit at Rs 37 crore in the second quarter ended September. The drugmaker reported a net profit of Rs 232 crore in the corresponding quarter of the previous year. Revenue declined 22.3% YoY to Rs 1,224 crore in Q2FY24. The company's earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 58% YoY to Rs 188 crore, from Rs 448.9 crore in the year-ago period. The EBITDA margin was at 15.3% in Q2FY24 against 28.5% in the year-ago period.

Voltas has ventured into the water heater segment as part of its plan to transform into a home appliance manufacturer. Water heaters are a thriving category in the Indian market with an annual demand of around five million units. The segment has experienced consistent growth of 10-12 per cent year on year, with sales happening for ten months in a year. Pradeep Bakshi, managing director and CEO of Voltas, said with the arrival of festival season, the demand for hot water solutions have seen a considerable uptick, making this the perfect time for this new launch. «As we expand our product portfolio, we remain committed to providing our customers with smart and reliable solutions that enhance their daily lives,» he said. Voltas said besides the extreme weather conditions, the increasing real estate footprint and disposable incomes will lead to a surge in the penetration of electrical water heaters.

air pollution, the Commission for Air Quality Management (CAQM) announced on Friday that starting November 1, only electric, CNG, and BS VI-compliant diesel buses will be allowed to operate between Delhi and cities and towns in Haryana, Uttar Pradesh, and Rajasthan falling within the NCR, reported PTI. This step could make a big difference in combating air pollution caused by diesel-powered buses operating in the region. In its aim to reduce pollution, the Centre had announced in April 2020 that all vehicles sold in India must comply with Bharat Stage-VI (BS-VI) emission standards. Bharat Stage emission standards set legal limits on the amount of air pollutants, such as carbon monoxide and particulate matter, that vehicles in India can emit.

Delhi High Court on Friday refused to interfere with the arrest of AAP leader Sanjay Singh as well as his subsequent remand in Enforcement Directorate's custody in a money laundering case related to the now-scrapped excise policy of the city government. Justice Swarana Kanta Sharma dismissed his petition challenging the arrest as well as the remand in the matter, saying «no ground» was made out to grant him the relief.

2023 Royal Enfield Super Meteor, manufactured in India, is now officially introduced in the United States and Canada, offering enthusiasts three distinct variants - Astral, Interstellar, and Celestial. In North America, the Royal Enfield Super Meteor 650 is equipped with the identical 648 cc parallel-twin cylinder engine, delivering 46.3 bhp at 7,250 rpm and 52.3 Nm of peak torque at 5,650 rpm. This powerplant is mated to a 6-speed gearbox.

₹2,773 crore net profit for the September quarter as against a net loss in the same quarter last fiscal. The Mumbai-based steel manufacturer reported a 6.71% YoY increase in its consolidated revenue from operations to ₹44,584 crore, it said in an exchange filing. Consolidated earnings before interest, tax, depreciation, and amortization (Ebitda) for the company stood at ₹ 7,886 crore during the quarter, with an Ebitda margin of 17.7%.

global economy has reversed since the 2006 financial crisis with the agriculture sector witnessing a growth while manufacturing and non-agricultural sectors have slowed down, Ramesh Chand, member, NITI Aayog and chairman-BoG of the Institute of Economic Growth said. “The agricultural sector’s contribution to global GDP has increased from 3.2% in 2006 to 4.3% in 2021 while the growth rate in manufacturing and non-agricultural sectors has slowed even in the developing countries,” Chand said while speaking at the inaugural session of Kautaliya Economic Conclave 2023 on Friday. According to Chand, the slowdown in growth of the non-agricultural sector and manufacturing has also led to not enough employment opportunities being created by these sectors. “The industry and non-agricultural sector has failed to pull out workforce from agriculture,” said Chand, adding that the youth who want to move out of the agriculture sector are stuck there. Further, the widening gap between the incomes of agricultural and non-agricultural workers is a serious implication of the structural shift in the global economy. Agriculture contributes 4.3% of global GDP but provides employment to 26.4% of the world workforce.

woman with a background in agricultural science used her knowledge to fatally poison her husband and four in-laws in Maharashtra. The woman, who had suffered the tragic suicide of her father due to her troubled marriage, sought revenge by selecting Thallium as the poison of choice. Thallium, also known as the "poisoner's poison," is a heavy metal discovered by Sir William Crookes in 1861.

Australian miner Lynas Rare Earths says it will temporarily shut down most of its operations in Malaysia for upgrades while dealing with a legal battle with the Malaysian government over its operating license

Stock at record high: Sigachi Industries shares have been in uptrend since early morning deals. Sigachi Industries share price today opened with an upside gap at ₹39.30 apiece on NSE and went on to hit intraday high of ₹43.85 per share, which turned out its new 52-week high as well. As per the latest exchange filing by the pharma company, Sigachi Industries Ltd has signed a deal with Saudi National Projects Investment Ltd (SNP) and announced a joint venture Sigachi Arabia.

TVS Motor Company, a leading manufacturer of two-wheelers and three-wheelers globally, announced its momentous entry into the Venezuelan market today. “This makes TVS Motor the first Indian automobile manufacturer to enter the market with a host of 14 SKUs for the enthusiastic riders of Venezuela, with their local distributor, SERVISUMINISTROS JPG," the company said in today's regulatory filing.

The International Energy Agency said this week that 49.7 million miles of transmission lines—enough to wrap around the planet 2,000 times—will have to be built or replaced by 2040 to achieve the climate lobby’s net-zero emissions goal. This amounts to a plan for everyone to buy more metals from coal-fired plants in China. Grid investment, the IEA report argues, is needed to carry additional renewable energy “as the world deploys more electric vehicles, installs more electric heating and cooling systems, and scales up hydrogen production using electrolysis." By its estimate, the world needs to spend $600 billion annually on grid upgrades by 2030.

₹1050, trailed by Motilal Oswal. Voltas is now trading around ₹820. Apart from government incentives in the sector, hotter summers, rising incomes, aspirations, easy financing schemes “are anticipated to drive growth," said analysts at Motilal Oswal.

PTI. Google will partner with international contract manufacturers to make phones in India said Senior Vice President for Devices and Services Rick Osterloh.

Cybertruck is anticipated to come in three versions. These will include a single-motor, rear-wheel drive variant as the most budget-friendly option, a dual-motor version featuring all-wheel drive, and a top-tier tri-motor version, which will be the most powerful choice. According to Tesla, the Cybertruck boasts a cargo bed capable of accommodating up to 1,580 kg, and the bed measures 3.2 meters in length for reference.

As the biggest players in wind energy gear up to report quarterly earnings, supply-chain reliability issues are front and center for both stock analysts and industry leaders.