Manufacturing Financial News

Vaibhav Taneja, American electric vehicle maker Tesla's new chief financial officer, is the latest India-born executive to take up a key leadership role at a marquee global corporation. On Monday, Tesla named Taneja, an alumnus of Delhi University, after Zachery Kirkhorn, who was famously described as 'Master of Coin' by founder Elon Musk, stepped down following a 13-year stint at the company. The 45-year-old's appointment comes at a time when Tesla is reviving its plans to enter India, where Musk in June said the company was looking to invest «as soon as humanly possible». Taneja joined Tesla in 2017 as an assistant corporate controller, and was promoted to its corporate controller and, in March 2019, to chief accounting officer. He will continue to be the company's chief accounting officer, along with holding the new role of the CFO.

Gland Pharma shares surged 20% Tuesday's — the highest tradable limit of the day — to over a seven-month high after analysts upgraded their ratings on the stock citing an improvement in its core business, and prospects of new opportunities from its recent acquisition of Cenexi CMO. The «worst is over» for the company," said Jefferies, upgrading the shares to a 'buy' from 'underperform' earlier, raising the target price by nearly 54% to ₹1,640.

Apple, Dell, HP, Acer and others have sought an extension of nine months to a year of the deadline for licences required for import of laptops, tablets, all-in-one-personal computers and other items, people familiar with the matter said. In a meeting with senior ministry of electronics and information technology (MeitY) officials on Tuesday, executives of these companies said they would need this time to set up manufacturing facilities in India. «The companies need reasonable time to set up manufacturing.

By Stephanie Kelly

Business and environmental groups are pushing Prime Minister Justin Trudeau’s government to quickly enact a program to guarantee carbon pricing revenue, or else lose out on the investments needed to reach Canada’s climate goals.

Beyond Meat said its revenue plunged 30.5% in the second quarter as consumer demand for its plant-based meat substitute fell despite price cuts

Medicare coverage. That will have significant implications for our society, where four in 10 adults are obese, as well as for investors in this space’s emerging duopoly: Eli Lilly and Novo. We always knew Wegovy, the weekly anti-obesity injections, helps patients lose weight.

₹12,755 crore. Consequently, the unit will become a wholly-owned subsidiary of Maruti Suzuki, and its key management positions, some of which are currently held by Suzuki employees from Japan, will be taken over by the Indian team. With this deal, Maruti Suzuki will aim to enhance its operational and organizational efficiencies, and double its manufacturing capacity by consolidating production within a single management entity.

Taiwan Semiconductor Manufacturing Co. will build its first European chip factory with support from the German government, the latest move to make the continent less dependent on high-tech imports out of Asia. TSMC said it had approved a $3.8 billion investment in the factory in Germany, with total investments in the plant expected to exceed 10 billion euros, equivalent to $11 billion, including government support.

₹48 crore. This is far lower than the run rate of ₹75-80 crore based on FY23 full year revenue. What is more, the increase in advertisement spends here led the vertical to post an Ebitda loss.

Tata Motors on Tuesday said it will continue to remain focused on executing its strategy to deliver growth, profitability and free cash flows consistently. Addressing virtually Tata Motors shareholders at the company's 78th AGM here, chairman N Chandrasekaran also said that the domestic business is expected to achieve the 'zero debt' target by this fiscal while the subsidiary company JLR will achieve it in the calendar year 2024.

B2B sourcing platform Bidso has raised $1.5 million in a funding round led by Bengaluru-based PeerCapital. The round also saw investments from DeVC and angel investors including Mohit Sadaani of The Mom’s Co., RTP Global partner Nishit Garg, OfBusiness Founders Fund, Livspace CEO Saurabh Jain and Mosaic CEO Revant Bhate. While PeerCapital wrote a cheque of $1.2 million for the seed round, the remaining $300,000 was pumped in by the other investors, Bidso said in a statement on Tuesday.

Bloomberg News reported on Tuesday. The findings came as a big boost for Novo Nordisk with its stocks touching as high as 16.7%. The demand for Wegovy is already high in the market with the company getting a hard time keeping up with manufacturing and the new study is expected to boost demand further.

By Gabriel Araujo

Exide Industries Ltd on Tuesday said it expects to regain its pre-covid EBITDA margin of 13-14 per cent in the next one to two years. The company's current EBITDA margin is 10.6 per cent, as input costs have remained erratic. «We are seeing a revamp in demand after Covid and expecting both automotive and industrial verticals will do well.

Power Finance Corporation will consider a proposal for issue of bonus shares to its investors on August 11. The company will also announce its results on the same day. «The Board of PFC will also be considering a proposal for issue of bonus shares to the equity shareholders of the company in the ratio, as it may deem fit by way of capitalization of reserves, subject to approval of shareholders,» the company said in a filing.

China's imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world's largest oil importer. Brent crude futures were down $1.33, or about 1.6%, at $84.01 a barrel at 1047 GMT. U.S.

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Home Depot, Alteryx, International Flavors & Fragrances, and Willis Towers Watson.

Silk lehengas are one of the eco-friendly options that are gaining favour. This article delves into the eco-friendliness of silk fabric, its environmental benefits, the significance of supporting artisan communities, upcycling and circular fashion, ethical fashion brands, the trend of using vintage and second-hand silk lehengas, the allure of DIY and handcrafted pieces, and responsible shopping habits. Brides may help the environment and the communities involved in this business by wearing silk lehengas and practising conscious consumption.

Vegh Automobiles has announced it plans to open over 100 retail stores across 12 states by the end of this fiscal year. Presently, the company has presence in Uttar Pradesh, Jammu, West Bengal, Odisha, Punjab, Haryana, and Assam. The company now plans expand into Delhi NCR, Rajasthan, Madhya Pradesh, Chhattisgarh and Chandigarh markets. The company plans to establish both company-owned operated outlets, as well as franchise stores. “We have recently raised $5 million in funding, which will play a crucial role in fuelling the company's ambitious expansion plans. The fresh injection of capital will be allocated towards strengthening the company's sales and service network, accelerating research and development efforts,” Pragya Goyal, CEO of Vegh.

Shreyas Devalkar, Head-Equity, Axis MF, says All these categories – large, mid and small – are complementary to each other. They are not either or.