Manufacturing Financial News

rise in new orders and output pushed manufacturing activity to the second-strongest pace in three years. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose to 58.6 in August compared with 57.2 in July, according to data released Friday. «Robust and accelerated increases in new orders and production suggest that the sector looks set to provide a strong contribution to second quarter (fiscal) economic growth,” said Pollyanna De Lima, Economics Associate Director, S&P Global Market Intelligence. »The PMI results for India painted a vibrant picture of the nation's manufacturing landscape in August," De Lima further added. India’s economic growth strengthened to a four-quarter high of 7.8% in the first quarter, data released earlier this week showed, as the services sector pushed activity. The growth in manufacturing was less pronounced at 4.7% in Q1FY24, compared with 6.1% in the similar quarter last year. Demand strength pushed the new orders to the fastest pace since January 2021, helped by better export performance. «Not only did new export orders increase for the seventeenth month running halfway through the second fiscal quarter, but also to the greatest extent since November 2022,» the release stated, noting that members reported new work from Bangladesh, China, Malaysia, Singapore, Taiwan and the US. Buying levels rose to the fastest level in nearly 12 years, even as input costs rose faster. The increase in charge inflation, or selling prices, was not as fast as input prices as they tried to retain competitiveness.

logistics are intertwined and go hand in hand, Raj Subramaniam, Chief Executive Officer, FedEx Corporation, said that their potential needs to be tapped. “I have travelled the world and can assure you that this is the place which has got the most excitement. While we double or triple manufacturing, there is an opportunity to reduce the cost of logistics as a percentage of GDP in India, maybe even halve it.

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Fortescue Metals investors are split over whether Andrew Forrest is damaging its culture, with a former major shareholder selling down his stake over fears the company’s chairman might “wreck” the iron ore major.

Manufacturing activity in Asia’s major export powerhouses slumped further in August as weak demand persisted in the region’s key trade markets, particularly in China. Factories in North Asia experienced weaker new orders, output and export sales, according to manufacturing purchasing managers’ surveys published Friday by S&P Global and au Jibun Bank. The purchasing managers’ index for trade bellwether Taiwan was little changed at a subdued level of 44.3 last month from 44.1 in July, while South Korea’s gauge slumped to 48.9 from 49.4 during the same period. Seoul reported a similarly gloomy reading on industrial production on Thursday, showing a bigger-than-expected drop in July, marking its longest stretch of output decline yet. Japan’s PMI was unchanged at 49.6, below the 50 mark that separates expansion from contraction.Southeast Asia, which until recently was a bright spot, showed the weak sentiment was rubbing off on factories in the region.

Bajaj Auto Ltd, the two and three-wheeler manufacturer, on Friday reported a 15% year-on-year (YoY) fall in its total sales for the month of August 2023. The company’s total vehicle sales in August 2023 declined to 3,41,648 units from 4,01,595 units in the same month last year. Total domestic sales during the month declined 20% to 2,05,100 units from 2,56,755 units, while exports fell 6% to 1,36,548 units from 1,44,840 units, YoY.

Saugata Bhattacharya, Chief Economist, Axis Bank, says “manufacturing, if it actually stalls, in addition to the agricultural uncertainty, given the low rains that we have seen in August, might actually pull GDP growth even lower than the 6.2% that we have been expecting and forecasting for Q2. That is likely to pull down overall annual growth for GDP from our current estimates of 6.4% to 6.3 or 6.2%.”Is the GDP number, in line with your expectations?Very much in line with our expectations. We had expected 7.9%.

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rising wages. The yen has come under pressure in recent months, weighed by the Bank of Japan's ultra-loose monetary policy, which has in turn inflated the costs of imported goods. The final au Jibun Bank Japan manufacturing purchasing managers' index (PMI) was at 49.6, unchanged from the previous month and slightly down from the flash reading of 49.7. It was the third month the index has come in below the 50.0 threshold that separates growth from contraction. Output and new orders, which contribute the most to the headline figure, remained in contraction, although the reduction in orders was slower than in July, data by S&P Global Market Intelligence showed. Input cost inflation re-accelerated for the first time since September, while output price inflation slowed, squeezing companies' profits. Rising wages also fuelled cost pressures, according to the survey, with the subindex for employment showing the weakest growth in 29 months. «Firms noted that the filling of existing vacancies due to staff shortages were offset by a number of voluntary resignations as staff looked for higher paying jobs,» said S&P's Usamah Bhatti. The soft PMI reading comes a day after government data showed Japanese factory output falling more than expected in July, dented by weak demand for capital goods and electronic devices in China.

LPG) from 15% to zero. The LPG imported by private companies used to attract 15% import duty and 15% agri and infra cess. The new rates will be effective from September 1, a Central Board of Indirect Taxes and Customs notification said. On July 1, the government had raised the basic customs duty on domestic LPG cylinders to 15% from 5%.

Indian stock market is expected to open on a tepid note Friday on the back of mixed global cues. Asian markets traded mostly higher, while the US stock market ended mixed overnight amid the release of key economic data that raised hopes that the US Federal Reserve may not hike interest rates further. Investors await the US employment data due on Friday for clues on the Fed’s monetary policy outlook.

U.S. applications for unemployment benefits fell slightly last week as businesses continue to retain employees in an economy that has largely withstood rapidly rising interest rates for more than a year

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Hyundai and LG Energy Solution are spending an additional $2 billion and hiring an extra 400 workers to make batteries at the automaker's sprawling U.S. electrical vehicle plant that's under construction in Georgia

Australian solar innovator SunDrive is determined to build Australia into a solar power manufacturing powerhouse with the help of heavyweight investors in its corner.

Torrent Pharma is cranking up its efforts to put together financing to buy out the promoter family of Cipla, said several people with knowledge of the matter, emerging as a key contender to conclude the largest pharma sector acquisition in the country till date. This includes a likely Rs 8,300 crore ($1 billion) equity infusion from one or more private equity players, they said. Ahmedabad-based Torrent has reached out to several PE funds, including Advent International, Bain Capital, Warburg Pincus and CVC Capital, for a minority stake in a consortium. In addition, it is in talks with domestic shadow banks and mutual funds for Rs 9,000-10,000 crore ($1.1 billion) in share-backed promoter financing. Torrent’s founders, the Sudhir and Samir Mehta family, own 71.25% as promoters. That’s amongst the highest promoter ownership in Indian pharma and they are seeking to use that headroom to dilute equity to raise leverage. They are also in separate discussions with foreign banks — Standard Chartered, JP Morgan, MUFG, Citi and Barclays among others — to raise as much Rs 32,000-35,000 crore (up to $4.23 billion) against the cashflows of the target as acquisition financing. The lenders are expected to revert with funding commitment letters at the earliest, said the sources mentioned above. JP Morgan is also advising Torrent Pharma. Bain, Advent, Warburg and CVC declined to comment.

Ayush, through strategic disinvestment where the government will give up its ownership and transfer management control to a private company. The department of investment and public asset management (DIPAM) issued an information memorandum where the government intends to sell its holding of 98.11% and the Kumaon Mandal Vikas Nigam Limited, an Uttarakhand government unit, holding the rest, at the price found through bidding. As per the conditions, the government has sought interest from parties that have minimum Net Worth§ of Rs.

West Australian Premier Roger Cook will fly to Indonesia with a delegation of mining executives and state ministers working to secure deals with the largest economy in South-East Asia to develop his state’s critical minerals industry.

NEW DELHI : The Indian economy expanded 7.8% in the first quarter of the current fiscal year on higher government and private capital expenditure and strong services growth, official estimates released on Thursday showed. A Mint poll of 22 economists had estimated the growth in gross domestic product (GDP) at around 7.8%. In the fourth quarter of 2022-23, GDP growth stood at 6.1% against a 4.4% growth rate witnessed in the preceding three months, according to data from the National Statistics Office (NSO).

By Brendan Pierson

reality, the window view during deep space travel would make for boring television. When we look out of the window of a plane at cruising altitude, nothing seems to move. Now multiply that effect by 10,000.