Manufacturing Financial News

Tata Power share price opens nearly a percent higher a day after the company announced its subsidiary Tata Power Renewable Energy has signed a Power Purchase Agreement (PPA) for 9MWp on campus solar plant with Tata Motors Pantnagar plant in Uttarakhand. Tata Power share price started the day at ₹241.50, up ₹2.15, or 0.90%, against yesterday's closing price of ₹239.35.

Aeroflex Industries Ltd on Monday said it has collected close to Rs 104 crore from anchor investors ahead of its initial public offering (IPO). The company has decided to allocate 95.99 lakh equity shares to 15 funds at Rs 108 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website. Societe Generale, Winro Commercial India Fund Ltd, Universal Sompo General Insurance Company Ltd, Nippon India Mutual Fund, WhiteOak Mutual Fund, Bank of India Mutual Fund and Invesco Mutual Fund are among the anchor investors. The IPO consists of a fresh issue of equity shares worth up to Rs 162 crore and an Offer for Sale (OFS) of up to 1.75 crore equity shares by promoter Sat Industries. At present, promoter and promoter group members own over 91 per cent stake in the company. The maiden public issue, a price band of Rs 102-108 a share, will open for subscription on August 22 and conclude on August 24.

Also read: After iPhones, now 'Made in India' Samsung phones: Galaxy Z Flip 5, Fold 5 to be manufactured in India Users will not be able to directly access Galaxy Store/Galaxy Themes from other apps. Additionally, Galaxy Store access from manufacturers other than Samsung will be unavailable, and downloading and updating of Galaxy Store/Galaxy Themes apps or content will be paused.

global market, increasing the export potential of car manufacturers in India. 4) Earlier in June, Nitin Gadkari said that the government is spending about ₹40,000 crore for removing "black spots" on roads. He also talked about the positive ripple effect of investment in infrastructure saying it creates jobs, ANI reported.

Anderson Economic Group (AEG) released a report late last week highlighting the potential economic impact of a 10-day auto union strike. According to the report, AEG estimates “a strike on all three automakers by 143,000 United Auto Workers (UAW) members could result in a total economic loss of more than $5 billion after 10 full days.”

By Brendan Pierson

Chinese smartphone brand Honor is returning to the Indian market this September in a new avatar. The brand, earlier owned by Huawei, is being licensed by Gurugram-based PSAV Global, said a senior company executive. PSAV Global will raise ₹1,000 crore in domestic loans to establish its operations in the country.

NEW DELHI : India’s first national policy on research and development in pharmaceuticals and medical technology sets out to create a ‘new drug discovery mission’, a move that would focus on Indian ailments and plug a gap in the world’s biggest manufacturer of generics. The policy also pushes the promotion of R&D in animal health care as about 70% of infectious diseases in the last three decades globally have originated in animals.

real estate. Landlords say demand for retail space has remained robust this year, defying inflation pressures, high interest rates and liquidations including Bed Bath & Beyond and Christmas Tree Shops. Retail’s strength is largely the result of a sharp drop in retail construction since the 2008-09 financial crisis, which allowed the oversupplied sector to digest its existing real estate.

Porsche is exploring opportunities to start assembly of its iconic model SUV Cayenne in India amid an “unprecedented surge” in demand, senior industry executives aware of the German luxury carmaker’s plans told ET. Porsche AG board members Detlev von Platen, executive board for sales and marketing, and Matthias Becker, vice president of region overseas and emerging markets, are in Delhi to meet senior government officials, the sources said. They are scheduled to meet officials at Invest India and Niti Aayog on Tuesday. “Porsche is examining possibilities to locally assemble the SUV (Cayenne) to avail of tax benefits and expand its footprint in this fast-growing space,” a senior executive in know said on condition of anonymity. The company’s sales in India grew 64% on year to 779 units in 2022 with Cayenne accounting for almost half of it, the person said. Porsche did not share any information on the development in response to a query from ET. India recently surpassed Japan to become the third largest automobile market in the world. The country imposes 100% import duty on cars with cost, insurance and freight value of more than $40,000 and 70% on cheaper vehicles.

Sahaj Fashions IPO: Sahaj Fashions' initial public offer (IPO) opens for subscription on Friday, August 25 and closes on Tuesday, August 29. The small-to-medium enterprises (SME) IPO is a fixed price issue and the issue size is ₹13.96 crore. Sahaj Fashions IPO is a fresh issue comprising 4,476,000 shares of the face value of ₹10, aggregating up to ₹13.43 crore.

Narendra Modi came to power in 2014. From being a net importer, India has become a net exporter of handsets. Elsewhere in Asia, the contest is over semiconductors.

Singapore buyout group Southern Capital is preparing to test buyer appetite for its medical practices business, Qualitas Health, appointing Bank of America to assist with the transaction.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, signed a power purchase agreement (PPA) for 9MWp on-campus solar plant with Tata Motors’ Pantnagar plant in Uttarakhand, the company said in a statement. This solar plant will be the largest on-campus solar facility in the state, it added. The solar installation includes an effective approach towards Tata Motors sustainable future goals, with an estimated carbon emission reduction of 25 tonnes of CO2/kWp in Uttarakhand.

Investing.com — U.S. futures traded higher Monday, starting a new week on a positive note as investors await news from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium.

₹48 per equity share at the face value of ₹10 each. Bids can be made for a minimum of 3,000 equity shares and in multiples of 3,000 equity shares thereafter. Shoora Designs IPO is a fresh issue comprising 4,23,000 equity shares of the face value of ₹10, aggregating upto ₹2.03 crore.The company intends to utilise the net proceeds from the issue towards working capital requirements and general corporate purposes.

Health Care – India 2023; WHO Traditional Medicine Global Summit; India MedTech Expo 2023; and ‘Sustain, Accelerate and Innovate to End TB in South-East Asia Region’ Conference. Mint takes a look at the event and its impact on India's delivery of public healthcare going ahead.

ET Intelligence group: Aeroflex Industries, a manufacturer of steel based flexible hoses used in industries, plans to raise unto Rs 162 crore through fresh issue of shares to reduce debt and enhance working capital and upto Rs 189 crore in an offer of sale by promoters. Their shareholding will fall to 67% after the IPO from 91%.

Kotak Institutional Equities believes investors may have "inflated expectations" from the sector which is highly competitive, and has cyclical nature of the business. The sector is capex-intensive and the profitability of the tyre manufacturers will also depend on commodity prices. Shares of a tyre company JK Tyre have surged over 106 per cent in the last one year.

₹351 crore. The Aeroflex Industries IPO, which closes on August 24, consists of a fresh issue of shares as well as an offer for sale (OFS) portion. Aeroflex Industries IPO GMP today, or grey market premium today, indicates a decent listing of Aeroflex Industries shares.

Pyramid Technoplast IPO: Bidding for initial public offering (IPO) of Pyramid Technoplast Limited opened on 18th August 2023 and it will remain open for bidders till 22nd August 2023. Means Pyramid Technoplast IPO subscription will end on tomorrow and investors have just two days in hand to apply for the initial offer. As per the Pyramid Technoplast IPO subscription status, by 12:15 PM on day two of bidding, the public issue has been subscribed 3.40 times whereas its retail portion has ben subscribed 3.98 times.