Manufacturing Financial News

Some stocks have consistently outperformed the S&P 500 index over the past five fiscal years, with a particularly strong showing in the last quarter of the year.

China's semiconductor industry, Chinese manufacturers of tools used to make chips are benefiting, with orders from the country's foundries accelerating in recent months. Domestic equipment manufacturers, such as toolmaker Naura and etching equipment maker AMEC, are winning a much higher proportion of tenders from Chinese foundries than in previous years, as chipmakers race to replace foreign-made equipment with domestically made alternatives, research showed.

Nikkei on Wednesday. Aiming to accelerate the development of electric cars globally, Suzuki Motor will export EVs made in India to Japan as early as 2025 and also has plans to sell to Europe under its own brand, the report said. The automaker is also mulling to supply EVs to Toyota Motor for sale on the continent and if it is finalised then those electric vehicles will be sold under the Toyota brand, added the Nikkei report.

International Solar Alliance on Wednesday held the curtain-raiser for the 6th session of the International Solar Alliance Assembly, scheduled to be held from October 30-November 2. At the event in Delhi, RK Singh, Minister of Power and New & Renewable Energy and the President of the ISA, said the rate of growth of renewable capacity in the country has perhaps been one of the highest in the world, if not the highest. The association has been working on various projects to ensure affordable access to solar power around the world.

India Hydrogen Alliance (IH2A) on Wednesday said it expects the domestic hydrogen equipment manufacturing and services market to reach USD 45-50 billion by 2030. This market assessment includes all hydrogen production plant equipment, including electrolyser and balance-of-plant equipment, that can be deployed in India and exported from to countries in Asia, the Middle East and Africa, IH2A said in a report.

Zensar Technologies, a mid-sized IT services company and part of the RPG Enterprise Group, dropped 5.6% to ₹519.25 apiece during Wednesday's trade after the company posted its Q2 FY24 earnings. The company posted a consolidated net profit of ₹174 crore, a 205% surge compared to ₹57 crore posted in Q2 FY23. On a QoQ basis, net profit showed an 11.53% increase, while revenue growth remained relatively flat, with a slight YoY uptick of 0.5% and a QoQ increase of 1.1% to reach ₹1,240 crore.

₹14,007 crores under the PLI scheme for high efficiency solar PV modules (Tranche-II). By the end of last fiscal, India’s solar module manufacturing capacity stood at 38 GW and the government expects to add 48 GW of manufacturing capacity in next three years. A total integrated capacity of 8.73 MW was allocated under tranche-I of the scheme, in November-December, 2022.

Syngene Q2 results: Syngene International has cut its FY24 growth guidance to mid-teens on a constant currency basis compared to earlier guidance of high-teen growth. The share price of Syngene corrected more than 7%. The challenges are posed in the Discovery Sciences segment.

L&T Technology Services (LTTS) lost over 5 percent on Wednesday after the company lowered its revenue growth guidance for the current fiscal year despite in-line revenue for the quarter ended September 2023 (FY24). The stock shed as much as 5.5 percent to its day's low of ₹4,360.35. It has gained 29 percent in the last 1 year and 19 percent in 2023 YTD.

Vijay Kedia slashed his stake in two smallcap stocks — Tejas Networks and Elecon Engineering Company — during the September quarter, as per the latest shareholding data available on the BSE. Kedia, who holds equity in the company through Kedia Securities, reduced his stake in Tejas Networks by 12 bps to 1.89% in the quarter ended September 2023 from 2.01% in the preceding quarter. The Bengaluru-based company, which offers telecommunications products and services, has given a return of over 45% this year while its 1-year return stands at 25%, higher than the YTD and 1-year returns of 8% and 12%, respectively, given by Nifty50. On Wednesday, the stock was trading with a positive bias, up 2.38% from the previous closing price. The celebrity investor also trimmed his holding in Elecon Engineering Company by 18 bps to 1.60% at the end of the September quarter from 1.78% in the June ended quarter. The stock fell 1.48% on the BSE today. The partial stake sale in the stock comes in the wake of multibagger returns given by the counter.

₹214.8 apiece. This significant increase was attributed to a media report stating that CK Birla had approached Gautam Adani to sell his promoter stake in the company. The Economic Times, quoting sources, reported that CK Birla reached out to Gautam Adani after turning down initial offers from other domestic players that did not meet his valuation requirements.

fundamentally strong stocks that took a hit due to falling profit margins. These stocks are market leaders in their respective industries and have a competitive edge over their peers. They could potentially stage a comeback in 2024.

Syngene International Ltd saw its stock price slide more than 7% in the morning trades on Monday post the company cut its growth guidance for FY24 looking at the challenges ahead. investor confidence has remained strong in the company’s growth prospects which had led Syngene's share prices rise almost 40% in the last year. The cut in growth guidance thereby was bound to impact investor sentiments.

By Sarah Wu

General Motors said Tuesday it was delaying the conversion of a plant to produce electric vehicle (EV) trucks, citing changes in demand as a factor. The company said in a statement that it would "retime the conversion" of its Orion plant in Michigan by a year to "late 2025." The goal of the move was "to better manage capital investment while aligning with evolving EV demand," according to the statement.

China’s economy slowed in the third quarter, amid muted global demand, deflationary pressures and an ailing property sector

By David Shepardson

Tata Motors is looking to cement its position in the country's internal combustion engine (ICE)-powered sports utility vehicle (SUV) market with the new facelift versions of Safari and Harrier as well as new models Curvv and Sierra planned for 2024. The company on Tuesday launched internal combustion engine (ICE)-powered Safari — priced from ₹16.19 lakh to ₹25.49 lakh — and Harrier — priced from ₹15.49 lakh to ₹21.69 lakh. Tata Motors is also confident of selling 100,000 electric cars by the end of the current fiscal.

The Commerce Department has updated and broadened its export controls to stop China from acquiring advanced computer chips and the equipment to manufacture them

advanced artificial intelligence to China and other countries. The measures are designed to prevent China from acquiring the cutting-edge chips needed to develop AI technologies such as large language models, which power applications such as ChatGPT but that US officials say also have military uses that present a national security threat.

Dr Reddy's Laboratories has got a go-head from the Subject Expert Committee (SEC) under India's drug regulatory authority to conduct a bioequivalence study required to establish the safety and efficacy of the blockbuster weight loss drug Semaglutide on the Indian population. Dr Reddy's had approached the SEC in April with a proposal for manufacture and marketing of synthetically developed Semaglutide injection 2mg/1.5ml (1.34mg/ml) and Semaglutide injection 4mg/3ml (1.34mg/ml). The company had also sought a waiver of BE study and Phase III clinical trial. However, the SEC recommended the company conduct a bioequivalence study and asked it to submit the protocol for the same for further review. At a SEC meet on September 29, «the committee recommended for grant of permission to conduct bioequivalence study as per protocol presented by the firm,» as per the minutes of the meeting. The committee said the Phase-III clinical trial waiver can be considered based on the review of the bioequivalence study report by the committee, it further said. ET has seen the minutes of the meeting. If all goes as per plan, the injection could be launched in a year, an industry insider said on the condition of anonymity. The drugs — Wegovy and Ozempic — that share the same ingredient, Semaglutide, are all the rage ever since Elon Musk tweeted about it.