Manufacturing Financial News

Xiaomi Corp reported a 4% revenue drop in the second quarter, tracking a shrinkage in China's handset market, but said its move into making electric vehicles was running ahead of schedule. Sales dropped to 67.4 billion yuan ($9.2 billion) from 70.17 billion in the same quarter a year earlier, but beating analysts' estimates of 65.13 billion. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating expectations. The company put the increase down to cost cutting and efficiency improvements, particularly in its physical stores. «Despite the macroeconomic headwinds in the global market we continue to expand our footprint,» Xiaomi President Lu Weibing said on an earnings call. «Several of our peers already exited from certain areas in this challenging environment, but no matter how hard it will be we will reinforce our presence across regions and markets,» Lu said. Consumer demand in China's smartphone market continued to shrink in the second quarter, dropping 5% to 64.3 million units, according to Canalys, a consultancy that tracks the smartphone industry. Xiaomi's shipments declined by 19% to 8.6 million, while in major overseas market India, shipments fell 22% to 5.4 million units, Canalys said. In light of declining handset sales, Xiaomi is planning to move into the manufacture of electric vehicles (EVs) and has received approval from China's state planner, Reuters reported this month. The company has pledged a $10 billion investment over a decade in the automobile business. Lu said the company's plans to start mass production of EVs in the first half of 2024 remains unchanged.

(Reuters) — Piedmont Lithium said on Tuesday it has received a partial prepayment of $31.6 million for the sale of 15,000 dry metric tonnes (dmt) of lithium concentrate under its offtake deal with North American Lithium (NAL).

(Reuters) — The U.S. government on Tuesday selected the first 10 drugs, including the big-selling blood thinner Eliquis from Bristol Myers (NYSE:BMY) Squibb and Pfizer (NYSE:PFE), that will be subject to the first-ever Medicare price negotiations, part of President Joe Biden’s Inflation Reduction Act (IRA) that drugmakers and industry groups have challenged in court.

The Biden administration has today taken a significant step towards addressing the affordability of prescription drugs for older Americans.

By Patrick Wingrove

agricultural growth rate will reach 20% from the current 12%. Talking about innovations in biofuels, Gadkari spoke of a refinery in Numaligarh in Assam of Indian Oil Corporation where bamboo is being used for manufacturing bioethanol.

₹30 per equity share and the Sahaj Fashions IPO shares will get listed on Wednesday, September 6 on NSE SME. Sahaj Fashions is a small-to-medium enterprise (SME) company that manufactures fabric for garment making, home furnishings, and industrial applications. Sahaj Fashions IPO is a fixed price issue and the total issue size is ₹13.96 crore.

(Reuters) — Catalent (NYSE:CTLT) Inc reported a 17% fall in quarterly revenue on Tuesday, hurt by persistent production-related challenges at the contract drug manufacturer's major facilities.

Xiaomi Corp reported a revenue drop of 4 per cent in the second quarter on Tuesday, tracking a continued sales decline in China's handset market. Sales dropped to 67.4 billion yuan ($9.24 billion), down from 70.17 billion in the same quarter yuan a year earlier, but beating analysts' estimates of 65.13 billion yuan. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating analysts' expectations. Consumer demand in China's smartphone market continued to shrink in the second quarter, dropping 5% to 64.3 million units, according to research firm Canalys. Xiaomi's shipments declined by 19 per cent to 8.6 million, while in major overseas market India, Xiaomi shipments also fell 22 per cent to 5.4 million units, Canalys said. In light of declining handset sales, Xiaomi is planning to manufacture electric vehicles (EVs) and has received approval from China's state planner, Reuters reported this month. The company has pledged a $10 billion investment over a decade in the automobile business and set a goal of mass car production for the first half of 2024.

New Delhi: Royal Philips will make more personal health products in India after the company expanded production at its co-manufacturing site in Baddi, Himachal Pradesh, which will now produce mother and childcare products in addition to the beauty and grooming products already being made at the site, it said on Tuesday. “India holds a strategic significance for our personal health businesses, and we remain committed to the further development of the market in our effort to support the health and well-being of the millions of people we serve.

₹185 per equity share of face value of ₹10 each. Bids can be made for a minimum of 600 equity shares and in multiples of 600 equity shares thereafter. C P S Shapers SME IPO's issue price is 18.5 times of the face value of the equity shares, according to Red herring prospectus (RHP).

The top Chinese official in charge of economic relations with Washington has told Commerce Secretary Gina Raimondo he's ready to “make new positive efforts” to improve cooperation following an agreement to reduce trade tension

renewable energy capacity by 2030, India is also looking at becoming a manufacturing hub of solar modules and cater to both domestic and global demand. Although the government has come up with incentive schemes and domestic developers have grown up the reliance on China for upstream components continues. Here is a look at how India aims to become a solar PV manufacturing hub.

HSBC analysts have weighed in on the markets after the Jackson Hole event, which makes one of the key near-term risks “out of the way.”

Investing.com — European stock markets traded higher Tuesday, with the U.K. leading the way after returning from holiday, even after German consumer confidence weakened. 

Future Consumer Ltd on Tuesday announced the sale of its dairy business Nilgiri Dairy Farm to AVA Cholayil Healthcare for a total consideration of Rs 67 crore. As per the deal, Future Consumer has entered into a «transfer agreement for the transfer of entire business undertaking of 'The Nilgiri Dairy Farm Pvt Ltd (NDFPL)». This includes its franchisee operations, retail trade operations and the sourcing, processing, packaging and marketing of its dairy products, bakery products (except cookie plant), fast-moving consumer goods, staples and other products. This monetisation will help Future Consumer Ltd (FCL), which is in the business of manufacturing, branding and distributing FMCG food and processed food products and committed several defaults towards principal and interest due on NCDs. The board of the Future Group FMCG arm in a meeting held on Tuesday, approved the sale of NDFPL business to AVA Cholayil Healthcare, which is in the business of manufacturing, marketing & distributing personal care and food products and running a chain of wellness clinics and hospitals.

Toyota Innova HyCross. The Innova HyCross not only runs on alternative fuel but can also generate its electric power and operate in EV mode. This prototype of the electrified Innova HyCross flex-fuel is in compliance with the latest emission standards, Bharat Stage 6 (Stage 2).

Maruti Suzuki India Ltd has appointed Arnab Roy as Chief Financial Officer (CFO) of the company with effect from January 1, 2024, the country's largest carmaker said in an exchange filing today. According to the company's exchange filing, Arnab Roy will join in as CFO – Designate with effect from October 16, 2023, and as a whole-time CFO of the company from January 2024. Ajay Seth, the company's current CFO, will be superannuating from his post as the company's full-time CFO with effect from the end of business on December 31, 2023, according to the company.

Tata Motors is gearing up to unveil the refreshed editions of the Nexon EV, India's top-selling electric car, along with its internal combustion engine (ICE) counterpart in the upcoming month. The car manufacturer is scheduled to introduce both models on September 14, just in time for the festive season, as per several media reports. This marks the first significant update for the Nexon EV since its initial release in 2020.

Suzlon Energy share price has gained 132%. Suzlon share price today opened at ₹24.30 apiece on BSE. Suzlon Energy share touched intraday high of ₹24.66 and low of ₹24.

greenhouse gas. As a consequence, steelmaking is reckoned responsible for about 9% of man-made greenhouse-gas emissions. A widespread aspiration is thus to introduce direct reduction by hydrogen alone.