Manufacturing Financial News

New Delhi: The European Union’s much-debated ‘carbon tax’ on imported goods, which has industrial goods manufacturers worried about a potential dampening of margins on their exports, entered into a transitional phase on Sunday. The EU is seeking to impose this first-of-its-kind tax – called the Carbon Border Adjustment Mechanism – on the import of carbon-intensive goods as it looks to become a climate-neutral or net-zero carbon economy by 2050. European companies from seven carbon-intensive sectors – steel, cement, fertiliser, aluminium, iron, electricity and hydrogen products – will have to share data about their carbon emissions with the EU.

Former Chrysler CEO Bob Nardelli discusses the ongoing negotiation talks between the UAW and the Big Three automakers on 'The Claman Countdown.'

Samsung's contract chip manufacturing arm picked up a new artificial intelligence chip customer, a Canadian startup called Tenstorrent, the company said on Monday. Tenstorrent is among a number of startups looking to challenge Nvidia, which dominates the market for AI chips. The company produces chips and intellectual property for data centers, but is also working on supplying other markets such as automotive.

Finance Minister Nirmala Sitharaman, apex exporters' body Federation of Indian Export Organisations (FIEO) requested for the extension of Emergency Credit Linked Guarantee Scheme (ECLGS) till March 31, 2024 and restoration of interest subsidy benefit of 5 per cent to manufacturer MSMEs. It said some of the MSME sectors are affected due to a dip in exports on account of a global demand slowdown. FIEO has urged extending the ECLGS «till March 31, 2024» as it will help micro, small and medium enterprises sail through this difficult time and bounce back when the situation improves.

Gautam Adani's group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW.

The week promises a plethora of economic data, starting this morning with the ISM manufacturing data at 10 AM. This will be followed by Jay Powell participating in a roundtable discussion with Philly Fed President Patrick Harker at 11 AM ET. The week concludes with the September job report. Each day presents new data: JOLTS data on Tuesday, ADP and ISM services on Wednesday, and jobless claims on Thursday.

₹1.2 trillion worth of projects were announced by companies during the July-September period, compared to ₹6.6 trillion in the preceding quarter. This marked a whopping decline of 82% since the June quarter, and 77% since the same quarter a year ago. The figures are provisional and may be updated later.

IQuest Enterprises, a multi-sector investment company, on Monday said it has entered into a definitive agreement to acquire the API (active pharmaceutical ingredient) operations of global pharmaceutical major Viatris in India.A press release from IQuest said it emerged as the preferred investor following a global competitive bid.

US stock futures rose and Treasuries fell after a deal was reached on the weekend to avoid an American government shutdown. Traders are waiting to hear remarks from Federal Reserve Chief Jerome Powell later Monday.

Mumbai office market witnessed healthy leasing activity with 3.5 million square feet  (MSF) gross leasing volume (GLV) in third quarter, a 26.9% quarter-on-quarter growth.

An official Chinese survey says the country's factory activity has recorded its first expansion in six months

Ukraine has hosted an international defense industry conference as part of a government effort to ramp up weapons production within the country to repel Russia’s full-scale invasion

Business sentiment among big Japanese manufacturers improved in July-September for the second straight quarter, according to a central bank survey

hydrogen market, the Ministry of Shipping and Ports has identified three key ports—Kandla, Paradip, and Tuticorin—as focal points for the export of green hydrogen, green ammonia, and green methanol within the next seven years, a TOI report stated. The primary objective now is to establish the essential infrastructure at these ports, facilitating the storage, handling, and bunkering of these eco-friendly fuels and their derivatives. India's ambitious target is to create a capacity for exporting approximately 5 million tonnes of green hydrogen and its derivatives annually by the year 2030. This strategic initiative aligns with the objectives outlined in the National Green Hydrogen Mission, which seeks to harness hydrogen's potential in various industrial sectors, including fertilizers and petrochemicals.

Investing.com -- Futures faltered on Monday, paring back some earlier gains, after last-minute negotiations between lawmakers on Capitol Hill over the weekend led to a surprise short-term funding deal that averted a U.S. government shutdown. Elsewhere, UAW workers and Mack Trucks forge an agreement to avoid a strike, while the World Bank cuts its growth forecast for China's economy next year.

(Reuters) -Birkenstock, the German premium footwear brand backed by private-equity firm L Catterton, said on Monday it was seeking to raise up to $1.58 billion in its initial public offering (IPO) in New York.

By Marc Jones

Vande Bharat sleeper train with a new design. A Twitter user has posted its images on the microblogging site. “First look of Vande Bharat Sleeper coaches is.

Viatris Inc. (formerly Mylan Inc.), a global healthcare company, will sell its Active Pharmaceutical Ingredients (API) business in India to Hyderabad based Iquest Enterprises, stated a company statement. Iquest Enterprises is owned by Nimmagadda Prasad, Andhra Pradesh based industrialist and founder of Matrix Laboratories.

UltraTech Cement reported consolidated sales of 26.69 million tonnes (MT) in the second quarter ended September 30, 2023, registering a growth of 15.54% from the same period last fiscal. The company produced 23.10 MT cement in July-September period a year ago, the Aditya Birla Group company said in a sales volume data filed on stock exchanges.

TVS Motor Company, the two-and three-wheeler manufacturer, reported a growth of 6% in total sales for the month September 2023 at 402,553 units as against 379,011 units in the same month last year. The company’s total two-wheelers grew 7% to 386,955 units in September 2023 from 361,729 units in September 2022. Domestic two-wheeler registered growth of 6% YoY to 300,493 units during the month.