Manufacturing Financial News

02.08 / 19:07

UPS Provident Manufacturing Strategy star stake Vedanta promoter to sell ₹4,136 cr stake

MUMBAI : Anil Agarwal’s Twin Star Holdings Ltd, a promoter entity of Vedanta Ltd, aims to sell a 4.3% stake in the Indian mining company for ₹4,136 crore as part of the billionaire’s plan to reduce debts and transform his Vedanta group into a pure-play green energy and non-ferrous business. According to the terms of a deal brokered by JP Morgan India Pvt. Ltd, Twin Star Holdings will sell 160 million shares in Vedanta to institutional investors at a minimum of ₹258.50 each, a 5% discount to Wednesday’s closing price of ₹272.15 on National Stock Exchange of India Ltd.

02.08 / 19:01

UPS Digital Coca-Cola Extreme Manufacturing CEO ‘Sleeping giant’ dumps Coke, creates $3b Aussie drinks group

Japanese giant Suntory will merge its two drinks businesses in Australasia to create a $3 billion-a-year company that will see alcohol brands including Jim Beam and the No.2 ready-to-drink spirits brand -196 brought under the same roof as non-alcohol products.

02.08 / 18:43

UPS Manufacturing Mobile Apple Tesla country fall Tesla won't fall far from the Apple tree

Tesla is unlikely to receive a special tax treatment to sell its cars in India. The EV company may have to operate through sweeteners offered to foreign investments, and for accelerated adoption of electric mobility in the country. There could also be some leeway in allowing Tesla's Chinese vendors to set up production bases in India after the experience of Apple's contract manufacturers — who were finding it difficult to seed the local ecosystem as they ramped up production and exports from India.

02.08 / 18:29

Progressive Manufacturing Mobile show performer ‘It’s no doomsday for lubricants, robust growth likely till 2040s’

₹206.3 crore over a year earlier to ₹225.8 crore. Its volumes rose 4% from a year ago and 5% sequentially to 58 million litres in the quarter. However, despite the recent rise in its stock price, the company’s performance over the broader five-year horizon has been relatively stagnant.

02.08 / 18:11

COST Target Progressive Manufacturing Action Align Govt set to auction 90 critical mineral mines

New Delhi: The central government is set to auction around 90 mines containing critical minerals, such as lithium, which had not been put under the hammer by states for almost four years, a senior government official said on Wednesday. The change in the auction process was initiated soon after the Rajya Sabha passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, earlier in the day.

02.08 / 18:11

Manufacturing country Hopes and fears: India and the slouching dragon

The world’s factory is slowing down. This has prompted urgent questions about why the world’s second-largest economy is getting sluggish. As to the impact on India, there is both good and bad news.

02.08 / 18:03

Career Manufacturing cover electronic committee 12 lakh manpower needed for semiconductor industry: Committee report

The committee was constituted to develop a roadmap for «India as a Semiconductor Talent Nation», minister of state Rajeev Chandrasekhar said in a reply in the Lok Sabha. It had representatives from the semiconductor industry, academia and government.

02.08 / 17:27

Lowe's Aware Manufacturing country guidelines Fresh drug MSME guidelines on cards as govt finds lapses

₹250 crore will have to mandatorily adopt good manufacturing practices certification within six months, while those with turnover of less than ₹250 crore will have to do so in 12 months time period," health minister Mansukh Mandaviya said on Wednesday during a press briefing. Firms that fail to do so will be punished as per the provisions of the law, Mandaviya said. Schedule M (of the Drugs and Cosmetics Act) has not been implemented properly by a lot of drugmakers, he added.

02.08 / 17:19

UPS Provident Manufacturing hearing PC Jeweller faces insolvency plea from SBI; NCLT adjourns hearing till Aug 21

State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default. A Delhi-based principal bench of NCLT had issued a notice to PC Jeweller last week directing it to file a reply over the plea filed by its financial creditor SBI under section 7 of the Insolvency & Bankruptcy Code.

02.08 / 17:19

UPS Progressive Manufacturing stage Cabinet secretary to review progress of PLI scheme in all 14 sectors on Thursday

Cabinet secretary Rajiv Gauba is expected to review the progress of the production linked incentive scheme (PLI) for all the 14 sectors on Thursday, sources said. The meeting assumed significance as the government disbursed only Rs 2,900 crore till March 2023 out of Rs 3,400 crore claims received under the scheme.

02.08 / 17:13

UPS Digital Manufacturing Gap Pool AMD country ‘We plan to add 3,000 engineers in India’

New Delhi US chipmaker Advanced Micro Devices’ (AMD) decision to invest $400 million in India isn’t tied to government incentives but rather a vote of confidence in the country’s strong talent pool, said Mark Papermaster, chief technology officer at AMD. In an interview, Papermaster said most of the investment will go towards hiring 3,000 engineers by 2028. He said steps taken by the government to develop semiconductor skills and other initiatives will make India a global talent hub.

02.08 / 16:13

Cooper Manufacturing Action country Hero Hero MotoCorp shares in focus tomorrow after ED action against top officials

Hero MotoCorp will be in focus on August 3 after the the Enforcement Directorate has seized cash and jewellery worth ₹25 crore during raids against top officials of Hero MotoCorp. The law enforcement agency also found "incriminating" documents in the residences and offices of executive chairperson Pawan Kant Munjal and others.

02.08 / 15:43

Cooper Manufacturing Shell show Hero Jewellery ED seizes cash and jewellery worth ₹25 crore, incriminating documents during Hero MotoCorp raids

Enforcement Directorate has seized cash and jewellery worth ₹25 crore during raids against top officials of Hero MotoCorp. The Central probe agency also found "incriminating" documents in the residences and officers of executive chairperson Pawan Kant Munjal and others. The development came mere weeks after the Ministry of Corporate Affairs ordered an investigation to assess Hero MotoCorp's relationship with a third-party vendor in a case related to alleged diversion of funds.

02.08 / 15:19

Manufacturing country Hero Jewellery ED seizes Rs 25 crore worth of cash, jewellery after raids on Hero MotoCorp's Munjal, others

raids on Hero MotoCorp executive chairperson Pawan Kant Munjal and some others, the Enforcement Directorate said on Wednesday. The federal agency raided the residences and offices of the 69-year-old billionaire businessman, the promoter of India's largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some other entities on Tuesday.

02.08 / 15:07

Manufacturing show Mankind Pharma Q1 Results: PAT soars 66% YoY to Rs 487 crore on strong all-round show

Mankind Pharma on Wednesday reported a sharp 66.4% year-on-year 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. 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%. “Our strategic initiatives across the businesses are delivering positive results, and we are hopeful that we will continue to outperform industry growth, going ahead,” said Rajeev Juneja, vice-chairman and managing director.

02.08 / 15:07

Provident FIVE Manufacturing Mobile Centre Support Lenovo opens shared support centre in Bengaluru, to add 1,000 jobs

Lenovo launched a centre in Bengaluru to provide network, and security operations services (NOC/SOC) to its customers globally. Currently opened with 125 employees, the company plans to increase its headcount to 1,000 over the next few years. In the initial phase, the shared support centre will deliver a suite of remote infrastructure managed (RIM) services on servers, operating systems, virtualization, storage, network, data protection, database, middleware, security operations, public cloud operations and vendor management.

02.08 / 12:53

Provident Manufacturing country Minister Jitendra Singh calls for advancements in battery technology and recycling

New Delhi: Union minister Jitendra Singh on Wednesday highlighted the pressing need for advancements in battery storage and recycling technology due to rising demand for electric vehicles (EVs). In a written reply to a question in the Lok Sabha, the minister emphasized the critical role played by energy storage systems, primarily batteries, in powering electric vehicles.

02.08 / 12:53

UPS Manufacturing Apple Samsung iPhone 15 Apple begins mass production of iPhone 15 display panels: Report

Apple, Samsung Display will be responsible for manufacturing displays for all four models: iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max. The report indicates that the iPhone 15 launch is proceeding as scheduled for September. In contrast to the previous year, where the iPhone 14 series faced delays due to the pandemic, Apple plans to unveil and release the iPhone 15 series within its regular time frame.

02.08 / 12:47

UPS FIVE Manufacturing Parke Tesla country Leases Tesla leases office in Pune’s Viman Nagar amid India foray talks

Tesla are meeting up with Indian government officials to discuss its foray into the country, the US-based electric vehicle manufacturer has picked up office space in Pune’s Viman Nagar locality. The company’s India arm, Tesla India Motor & Energy, has leased the office spread over 5,850 sq ft in a coworking center on the first floor of one of the towers in Panchshil Business Park. The lease will have a total term of five years starting from October 1 with a lock-in period of three years.

02.08 / 11:57

Siemens Manufacturing DAX Fitch European stocks weaken after U.S. downgrade; risk sentiment hit hard

Investing.com — European stock markets traded lower Wednesday, with risk sentiment hit by the surprise downgrade to the U.S.’s top-tier sovereign rating as well as slowing regional growth.

02.08 / 11:57

UPS Manufacturing Strategy Fitch show track Dollar shrugs off Fitch's U.S. credit rating downgrade, yen rallies

By Harry Robertson and Rae Wee

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