Manufacturing Financial News

₹2,500 crore for Adani’s cement firms every year. “The tenure of the refinance will be 36 months," said the first person. Alongside, Ambuja Cements and ACC together generate around $1 billion in cash every year.

New Delhi: Aditya Birla Group’s flagship, Grasim Industries Ltd, announced that it will be holding a board meeting on Monday to consider a proposal to raise funds. “A meeting of the Board of Directors of Grasim Industries Limited is scheduled to be held on Monday, 16 October 2023," it said in an exchange filing on Wednesday. “To consider the proposal for raising of the fund by way of equity shares or other securities through a rights issue, qualified institutions placement, preferential issue or any other method as may be permitted under the applicable law, subject to such regulatory/statutory approvals as may be required." This comes at a time when the Kumar Mangalam Birla-led textile manufacturer is set to launch its paint vertical, with a project cost of ₹10,000 crore before the end of the current financial year.

₹300 crore into setting up a plant in Uttar Pradesh which will make 2 million units a year. The laptops will be priced between ₹20,000 and ₹80,000 covering entry level, mid segment as well as premium segments.

agrochemicals sector is likely to witness 3 per cent decline in revenue in this financial year due to falling prices, tepid demand and lower reservoir levels, a Crisil report said on Wednesday. For the first time in a decade, agrochemical makers will see a 3 per cent drop in revenue in 2023-24 due to falling prices globally following a supply deluge from China, muted demand for exports (53 per cent of revenues) owing to destocking by global manufacturers and the impact of lower reservoir levels on rabi sowing, the report said.

₹16,000 cr mark in FY 2022-23. The Defence Ministry said last month that India had managed to successfully expand its exports with sale of major defence systems including the BrahMos supersonic cruise missiles, Akash air defence systems and artillery guns to a friendly country.

smartwatches, where we'll delve deep into their remarkable features, impeccable style, and seamless functionality. Whether you're a dedicated fitness enthusiast, a tech-savvy individual on the hunt for the latest gadgetry, or simply seeking the perfect Diwali gift to brighten someone's day, the Amazon Diwali Sale 2023 is poised to be the beacon of your celebrations.

Thomson will enter the laptop market in India in the next two quarters and is also considering to export smart TVs and other products manufactured in the country to foreign markets, a company official said on Wednesday. Thomson, owned by Technicolor SA, said it is «pretty satisfied» with the quality and standards of manufacturing by its India brand licensee Super Plastronics Pvt Ltd (SPPL), which is investing Rs 300 crore to set up a fully-automated plant at Hapur in UP to increase its manufacturing capacity to 2 million TV units per annum.

₹75 crore) in its first institutional funding round since it was founded in 2010. The round was led by homegrown private-equity firm First Bridge, which will deploy capital for Lavie via its India Growth Fund. “Lavie comes with a long track record of building successful consumer businesses," said Ayush Tainwala, chief executive of Bagzone.

BHP’s chief commercial officer Vandita Pant is optimistic China’s housing market policies could buoy already strong demand for iron ore, generating “strong momentum” for the steel-making commodity into next year.

Geneva International Motor Show, one sleek supercar stands out — the Simurgh, a vehicle that could be mistaken for the Batmobile at first glance. Its black, low-slung design with flared wheel arches exudes an aura of speed and sophistication. Yet, on closer inspection, it becomes evident that the Simurgh is no ordinary car among the impressive lineup in Doha.

fashion industry have adopted technology to drive innovation in manufacturing, design and in being sustainable. Anupam Singh knows a thing or two about these innovations and the evolution of the fashion industry. After all, he has over 22 years of experience in the fashion industry — he was the chief design officer at Future Lifestyle Fashion Limited and design director for India at Robert Graham. Singh has now started Neometa, a global alliance of innovators and veterans in the fashion and retail segments.

Economic Times. British Prime Minister Rishi Sunak has earlier reiterated his commitment to closer India-UK ties across different sectors, including a FTA, between the two countries. According to official UK Department for Business and Trade (DBT) figures, UK-India bilateral trade was worth an estimated 36 billion pounds in 2022.

New York Stock Exchange under the “BIRK" ticker symbol. Goldman Sachs, JPMorgan Chase and Morgan Stanley are the lead underwriters for the IPO. According to a report in Bloomberg, at the IPO price, Birkenstock has a market value of $8.64 billion based on its filings with the US Securities and Exchange Commission.

RBZ Jewellers received Sebi's approval to raise funds through an initial public offering (IPO). The IPO will be entirely a fresh issue of shares.

Atibir Industries by the State Bank of India (SBI) to CFM Asset Reconstruction Company. This decision comes as SBI had categorised the loan as a non-performing asset (NPA) in 2020 when a central bank circular prohibited banks from classifying accounts as NPAs due to the ongoing pandemic. SBI had sold ₹341 crore of principal loan outstanding from bankrupt Atibir Industries to CFM ARC for ₹250 crore through a Swiss challenge auction in March this year, which will now have to be reversed. Justice Sabyasachi Bhattacharya in the order on the writ petition filed by Atibir Industries observed that the bank acted hastily in completing the assignment process in favour of CFM ARC. With the entire remaining tenure shifted, the 90-day period for classifying the account as NPA should have commenced from September 1, 2020.

Mint explains her findings: Goldin’s research was one of the first in economics to acknowledge women’s work. It shed light on the historical trend in wage gap and factors contributing to it. The jury noted her work to be “the first comprehensive account of women’s earnings and labour market participation through the centuries".

The Financial Industry Regulatory Authority Inc. has penalized plenty of broker-dealers over sales of private placements manufactured by GPB Private Holdings, typically for selling the high-risk securities in 2018, when GPB had failed to file required audited financial statements for two of its biggest limited partnerships with the Securities and Exchange Commission.

space sector to cut dependence on imports and manufacture space services-related equipment locally, as is the case with the telecom sector, the minister of state for communications, Devusinh Chauhan, said. “India’s telecom sector had huge reliance on imports, but...the country is now manufacturing telecom products (locally) and preparing for the next-generation of telecom technology…,” Chauhan said at an industry event on Tuesday. “Space will also have (an indigenous) technology like this.” The minister called on industry and stakeholders to explore additional futuristic technologies that could be “worked upon” in the telecom and satellite sectors. Tata-backed Nelco, though, warned that the very survival of satellite players in India would be at stake if satellite spectrum is not priced right by the government. The company reiterated the call for satellite spectrum allotment via the administrative route, as is the global practice. “Spectrum is the satellite industry’s lifeline…unless that is really (at) the right price, it will be impossible for the industry to survive,” Nelco managing director PJ Nath said at the event.

Investing.com — U.S. stocks were rising on Tuesday, boosted by dovish comments from Fed officials that suggested the central bank could be near the end of its rate hikes.

PepsiCo on Tuesday said its Indian business delivered a «double-digit growth» in beverage unit volumes in the third quarter of 2023. However, its «convenient foods business» had a «mid-single-digit» decline in unit volume in the September quarter, according to a global earnings statement from the food and beverages major.

By David Shepardson