Manufacturing Financial News

₹14,000 crore at the end of FY23. Tata Sons had invested around ₹13,000 crore in the airline company in FY23 excluding investment committed for 470 new airplanes, according to a report published by The Economic Times. The ET report, citing sources, said that the total order value of new planes is estimated at $30 billion for which the company will make payment in installments over the years.

Tesla headed by Elon Musk, is on its way to India and has been making significant strides toward establishing a manufacturing facility. Following a meeting between Prime Minister Narendra Modi and the Tesla CEO during Modi's recent visit to the US, the EV maker has gone ahead with its plans for the manufacturing facility by signing a five-year lease for a 5,850 sq ft office space in Pune.

Volvo Group India has rolled out a gender-neutral programme for new parents. The policy, rolled out in July, gives 26 weeks of leave for the primary caregiver, who will also be entitled to another 26 weeks of extended leave on an unpaid basis, or flexible working for the same amount of time. Secondary caregivers will be given a month of leave which the employee can take in tranches across one year, depending on the need. “We are moving away from the traditional definitions of maternity and paternity leave, and are recognising that a child can come into a family by a variety of means and scenarios. Our new policy gives leave for primary and secondary caregivers,” said Amit Sharma, vice-president and head of people and culture, Volvo Group India. The programme also focuses on breaking the bias to challenge stereotypes with the help of a gender-inclusive leave policy. The company has also rolled out platforms for parents to share and connect with other employees irrespective of sexual orientation or gender. “The new policy reflects the changing dynamics of the modern family, and will also allow fathers more time for taking on responsibilities. The initiative is part of our commitment towards building a more family-friendly and inclusive workplace,” Sharma told ET.

Mankind Pharma jumped over 9% to the day's high of Rs 1,900 on the NSE in Thursday's trade following strong June quarter earnings and a favourable view by Macquarie. The Delhi-headquartered pharma major reported a sharp 66.4% year-on-year (YoY) rise in consolidated net profit for the quarter ended June 2023 to Rs 487 crore, with revenue rising 18.3% to Rs 2,579 crore. The operating profit, calculated as earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter surged 43% YoY to Rs 660 crore, with margins expanding by a staggering 450 basis points to 25.6%.

India's dominant services sector continued its robust performance as total sales rose at the quickest pace since June 2010, PMI data released on Thursday showed. S&P Global's India services purchasing managers' index rose to 62.3 in July from June's 58.5. Analysts at Reuters had pegged a dip to 58.0.

abortion pills, serving women from India to Mexico. The Washington DC-based nonprofit says it provides high-quality medicines, condoms and other reproductive health products at affordable prices. But almost one-fifth of the 30 million products DKT distributes annually for abortions and postpartum hemorrhage prevention come from an Indian company with a record of making substandard medicine.

The role and importance of partnerships in a growing economy realme recognises the numerous benefits of collaborating with distributors, which allows it to tap into its extensive reach and market expertise. Through these partnerships, realme gains access to a vast customer base, making its products accessible to diverse consumer segments in various markets.

“There is enormous opportunity arising in Defense, semiconductor manufacturing, EV, Renewables and contract manufacturing and a lot of small to medium companies have started to operate in these areas, and these companies could well be future candidates for IPOs,” says Roop Bhootra, CEO, Investment Services, Anand Rathi Shares and Stock Brokers. In an interview with ETMarkets, Bhootra, said: “Investors should always deeply study the companies and the valuation it is demanding before applying in new IPOs” Edited excerpts:We are seeing some nervousness at record highs for Mr. Market. How do you see things moving – have we hit the top for the moment? We are in the middle of the earnings season and about 30 out of 50 companies have declared earnings so far, and in index weight terms, it is about 70%.

savings account, in collaboration with Goldman Sachs, has surpassed $10 billion in customer deposits. The account, which became available in April, allows Apple Card users to earn an annual percentage yield of 4.15 per cent on their savings. According to Reuters, to prevent clients from transferring their funds to other high-yield alternatives, U.S.

Adani group news: Ambuja Cements Ltd (ACL), a flagship Adani Group company, today announced the acquisition of Sanghi Industries Ltd (SIL) at an enterprise value of ₹5,000 crore. ACL will acquire 56.74 per cent shares of SIL from its existing promoter group, Ravi Sanghi & family. The acquisition will be fully funded through internal accruals.

China’s economy faces the growing risk of a “double dip", says Ting Lu of Nomura, a bank. Growth from one quarter to the next may fall close to zero, even if headline growth, which compares GDP with a year earlier, remains respectable. Elsewhere in the world, weak growth is accompanied by uncomfortable inflation.

On Wednesday, Toyota revealed the initial hybrid edition of the Land Cruiser, which is intended for release in North America and other significant markets. The company aims to reestablish the prominence of this high-margin and iconic sports utility vehicle. As per Reuters, the car manufacturer has announced that it will manufacture the latest version of the brand, which has its origins dating back to 1951, along with a smaller recently unveiled version.

Mankind PharmaMankind Pharma reported a sharp 66% rise in net profit at Rs 487 crore in Q1, with revenue rising 18% to Rs 2,579 crore.TitanTitan posted a 2% year-on-year drop in its profit at Rs 777 crore in the June quarter. Its quarterly revenue jumped 19% YoY to Rs 10,306 crore.IndiGoIndiGo has reported consolidated net profit of Rs 3,091 crore for the quarter ended June.

Tata Sons, the group holding company, invested an estimated ₹13,000 crore in Air India in FY23 through wholly owned subsidiary Talace, they added. This excludes the investment committed for 470 new aircraft ordered in June from Airbus and Boeing as the new owner embarks on the national carrier's transformation, which includes fleet renewal, a design refresh and upgraded services to compete with the likes of Emirates and Qatar Airways. Tata took over Air India in January 2022 after it was privatised.

BENGALURU : KKR & Co. on Wednesday said it has agreed to buy a majority stake in logistics solutions company Leap India, a move that will deepen the US private equity firm’s presence in Asia’s infrastructure space. The transaction will also bolster KKR’s infrastructure bets in India that include investments in a decarbonization platform, renewable energy companies, and highways and power transmission businesses.

₹12,755 crore. This was a surprising move, given in 2014 Maruti Suzuki had a hard time convincing its investors, including minority shareholders, that its decision to have its parent invest in a factory while it invests its cash stockpile on strengthening its brand and distribution, was fair game. Eight years later, changing market dynamics and the need to streamline a mammoth capacity of 4 million units it is going to build over the ongoing decade, Maruti Suzuki wants direct control.

The Rs 25,938-crore scheme, which looks to boost local manufacturing of advanced automotive technology (AAT) products, comes with a rider of stipulated fresh local investments for companies to receive incentives. However, many companies skipped on making these investments owing to some uncertainties around the scheme, sources said. One of the key reasons was a delay in the release of a standard operating procedure (SOP) to calculate domestic value addition (DVA). The scheme requires a minimum 50% domestic value addition (DVA) by manufacturers. However, the SOP for calculating the DVA was released only on April 27, 2023. The scheme became operational from April 2022.

NCLT) Ahmedabad bench has admitted Gujarat-based medium and heavy commercial vehicles maker AMW Motors for liquidation after its successful resolution applicant Triton Electric Vehicle LLC failed to implement the resolution plan. The court also appointed the company’s resolution professional (RP) Avil Menezes as the liquidator for the company. US-based electric vehicle manufacturer Triton had offered Rs 210 crore in cash to creditors of AMW Motors, a significant haircut to lenders who have total admitted claims of Rs 4,195 crore. “Triton Electric Vehicle has failed to fund and implement the resolution plan and has thus contravened the resolution plan,” the division bench of judicial member Shammi Khan and technical member Ajai Das Mehrotra observed in its order of July 27. “We are of the view that the present (liquidation) application deserves to be allowed.” Originally, the Ahmedabad bench of NCLT admitted the company under the Corporate Insolvency Resolution Process on September 1, 2020, in an application filed by one of its financial creditors, Indian Overseas Bank.However, in the absence of any viable resolution plan, the committee of creditors (CoC) approached the tribunal through RP to admit the company under liquidation on September 20, 2021. Interestingly, during the pendency of the liquidation application, Triton Electric Vehicle LLC sought the tribunal’s permission to submit a resolution plan for AMW Motors.

Thomas Edison's pioneering incandescent light bulb, which cast illumination by heating a filament until it glowed, is fading into history

The Indonesian government bought 12 drones worth $300 million from Turkish Aerospace as part of efforts to strengthen archipelagic country's defense system

A California company will pay $1 million for violating federal environmental laws by making and selling devices that defeated smog controls on diesel trucks