Manufacturing Financial News

NEW DELHI : Production of the iPhone 15, which is likely to be unveiled next month, has started at the factory of Apple’s contract manufacturer Foxconn near Chennai, two people familiar with the development said, the first time an Apple smartphone is being assembled in India before its international launch. Foxconn, the world’s largest electronics manufacturer, is assembling these devices at its Sriperumbudur facility in Tamil Nadu, even as it expands its local manufacturing operations beyond smartphones. “One of the units of Foxconn has started making the latest model.

NEW DELHI : A record number of World Trade Organization (WTO) members have raised concerns about rising protectionist moves in global trade, propelling the issue to centre stage at the 13th WTO Ministerial Conference (MC13) in Abu Dhabi in February, an official aware of the development said. Many developing nations, including India, are set to oppose the European Union’s (EU’s) carbon border adjustment mechanism (CBAM) that aims to tax imports of carbon-intensive products such as steel, aluminium, cement, and electricity. The EU is also expected to file a complaint against the US’s Inflation Reduction Act because the $430 billion subsidy to manufacturers of green technology will distort international prices and is against WTO norms.

Earlier this year, a government probe into customer complaints had found that Ola Electric, Ather Energy, TVS Motor and Hero MotoCorp were billing their charger and proprietary software as an add-on to their electric scooters in a bid to lower the reported sale price of their products and be eligible for subsidies under a government programme that seeks to promote local manufacturing and faster adoption of electric vehicles (EVs). In May this year, the four companies had agreed to refund ₹305.61 crore to customers who had bought the off-board chargers.

Hero Electric Vehicles Private Ltd has been downgraded after the company defaulted on its loans as it faces a liquidity crunch with over ₹500 crore of FAME-II subsidies withheld by the government. Credit ratings agency Crisil on Monday downgraded Hero Electric's long term and short-term ratings to Crisil D from Crisil B and Crisil A4, respectively.

Reliance Retail Ltd earlier this year. In FY22, Uniqlo India’s income surged 64% from a year ago to ₹391 crore, data sourced from financial intelligence platform Tofler showed. The retailer is yet to disclose its FY23 financials.

electric vehicle motors if it acquires U.S. Steel’s Big River Steel mill in Arkansas, where U.S. Steel is close to completing a line to produce the electrical steel.

CRISIL Ratings has removed its ratings on the bank facilities of Hero Electric Vehicles Private Limited (HEVPL) from 'Rating Watch with Negative Implications' and has downgraded the ratings to ‘CRISIL D/CRISIL D’ from ‘CRISIL B/CRISIL A4’. The rating action reflects a delay in servicing of debt obligations due to poor liquidity. There has been a sharp deterioration in the financial risk profile due to continued operating losses, stretch in liquidity due to buildup of subsidy receivables and lower than expected equity infusion from external investors.

MUMBAI : Mumbai-based pen manufacturer Cello World Ltd has filed a draft red herring prospectus (DRHP) with capital market regulator Sebi to raise funds through an initial public offering (IPO), according to a regulatory filing. The IPO is a complete offer for sale (OFS), where promoters and other shareholders will sell shares of ₹5 face value totalling ₹1,750 crore. The offer includes a reservation of up to ₹10 crore for subscription by eligible employees.

Stocks that are trading heavily or have substantial price changes Wednesday: Target and Stride rise; Coherent and Tower Semiconductor fall

Intel is terminating a $5.4 billion agreement to acquire Israeli chip manufacturer Tower Semiconductor after China failed to sign off on the deal amid deteriorating US-China relations

Finance Minister Nirmala Sitharaman on Wednesday invited Japan Bank for International Cooperation (JBIC) for an active engagement with National Investment and Infrastructure Fund (NIIF), EXIM Bank of India and other financial institutions citing huge opportunity for investment in the country. During the meeting with JBIC Governor Hayashi Nobumitsu here, both exchanged views on JBIC's recent activities in India contributing towards Japan's investment target of five trillion yen over the next five years. «The Union Finance Minister observed that India has been ranked by the JBIC as one of the most attractive #investment destinations in recent years' survey of Japanese manufacturing companies and encouraged engagement of JBIC with Indian financial institutions such as Exim Bank @IndiaEximBank, NIIF and lending banks to leverage the strength and complementarities of both countries,» the finance ministry said in a statement posted on X. Japan has agreed to provide 5 trillion yen in public-private investment and loans to India over the next 5 years. This goal was set by both countries during Prime Minister Kishida Fumio's visit to India in March of last year.

NEW DELHI : New Delhi and Dhaka are considering the establishment of 16 new border haats to increase the volume of trade between the two countries, according to Smita Pant, a senior diplomat in the Ministry of External Affairs. According to Pant, the two countries have eight haats operational, which are located across a number of northeastern states like Tripura and Meghalaya. Pant was delivering remarks at a conference focused on connectivity between India’s Northeast and Bangladesh, organized by Asian Confluence, a think-tank.

₹52 per equity share of face value of ₹10 each. The minimum lot size of this Crop Life Science IPO is 2000 shares. Crop Life Science IPO issue price is 5.2 times the face value of the equity share.

₹1,200-1,300 crore through an initial public offering (IPO). According to the Happy Forgings’s DRHP, the IPO comprises a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of up to 80.55 lakh shares by a promoter and a selling shareholder. Ludhiana-based Happy Forgings may also consider a pre-IPO placement of shares aggregating up to ₹100 crore.

Electric vehicle manufacturer, Mullen Automotive (NASDAQ:MULN) announced Wednesday the debut of their ultra-high-performance Mullen FIVE RS EV Crossover. According to the release, the RS will be featured on the upcoming “Strikingly Different” EV tour, which kicks off on Aug. 20, in Austin, Texas.

Warren Buffett’s annual letters to shareholders are widely anticipated. A mix of self-deprecating humour and investment rules he lives by, they also offer an unusually candid look at his company Berkshire Hathaway’s successes and missteps during the year. His latest letter earlier this year began in a much more reflective mood, however.

AgriTech or AgTech. In essence, while there is a slight variation in the origin and usage of "AgTech" and "AgriTech," these terms fundamentally refer to the same concept: the marriage of traditional farming practices with innovative, cutting-edge technologies, paving the way for enhanced efficiency, sustainability, and increased overall output. In the age of technological advancement, AgTech, or Agricultural Technology, is rapidly expanding with tools and solutions that hold immense promise for the future of agriculture.

Ola Electric founder and CEO Bhavish Aggarwal in a conversation with ETNow on Wednesday. «By next year, the Gigafactory will be up and working which will help in reducing the price of the vehicles,» said Aggarwal. As per the CEO, the initial capacity of the Gigafactory will be 5 GWh. At full scale, the factory will have 100 GWh capacity, which will also be the world's largest battery manufacturing unit.

Started in 2013, TVS Motor Company and BMW Motorrad have commemorated a decade of their robust and strategic partnership within the realm of two-wheelers. Spanning over product development, design, technology, knowledge sharing, and developing common platforms for both their global customers, the strategic partnership between the two companies have achieved a series of milestones globally, said the company in a statement.

Investing.com — U.S. futures traded just higher Wednesday, with investors wary ahead of the release of the minutes from the last Federal Reserve meeting, which could provide future monetary policy guidance.

In recent years, the popularity of electric cars has surged across China, the United States, and Europe. This surge is attributed to the green revolution, which is particularly emphasized in the old continent.