Manufacturing Financial News

Health Ministry on Wednesday announced that it had inspected over 150 pharmaceutical factories in the country and found that there was a prominent lack of safeguards, including an absence of internal product quality review as well as a lack of professionally qualified employees. These reports come after multiple Indian pharmaceutical companies came under the government's scanner following deaths linked to faulty cough syrup manufactured in the country and shipped overseas.

Yamuna Expressway Industrial Development Authority (YEIDA) plans to create multiple new industrial parks across a sprawling 1,300-acre expanse in Sector 10 near Yamuna Expressway. As per a ToI report, the visionary proposal encompasses a spectrum of specialized parks, each securing 100 acres of land for its distinct focus. These industrial parks encompass a leather footwear and accessories hub, a plastic processing nucleus, a handloom and handicraft sanctuary, and a cutting-edge electric vehicle haven.

health ministry has prohibited sale of two veterinary drugs-Ketoprofen and Aceclofenac. According to the notification dated July 31, the government prohibited the manufacture, sale and distribution of these drugs and their formulations. The government said that it is satisfied that the use of drug formulations containing Ketoprofen and Aceclofenac.

Nykaa, Rail Vikas Nigam, Zydus Wellness, GlaxoSmithKline Pharmaceuticals, HCL Technologies, and LTIMindtree showcased strong performance in their respective sectors. Let's explore the performance of these stocks. (Data Source: StockEdge)1. Indian Energy Exchange Indian Energy Exchange operates a leading power trading platform and has surpassed its 20 SMA, which was at Rs 123.93, with a closing price of Rs 127.4.2. NykaaFSN E-Commerce Ventures (Nykaa), an emerging player in the e-commerce sector, has crossed its 20 SMA, which was at Rs 144.54, with a closing price of Rs 147.8.

Around 1,200 airplane engines by Pratt & Whitney have been recalled due to contaminants found in the metals used to make them, which can cause cracks in critical parts. Parent company RTX said last week it recently discovered the contamination, requiring planes that use these engines—built between 2015 and 2021—to be inspected to check whether repairs are needed. The recall is a negative development for RTX’s social credentials associated with the quality and safety of its products.

Hon Hai Technology Group (Foxconn) has signed up with the Karnataka government, offering to invest about $600 million, or nearly Rs 5,000 crore, in two iPhone component manufacturing projects, expected to create nearly 13,000 jobs. A Foxconn team led by chairman Young Liu formally signed a letter of intent (LoI) with the government after Industries Minister MB Patil, IT/BT Minister Priyank Kharge, Additional Chief Secretary (IT/BT) EV Ramana Reddy and Industries Commissioner Gunjan Krishna held talks with the team in Chennai on Monday. ET reported on Tuesday that Foxconn may invest up to $500 million for a new unit near Bengaluru airport to make smartphone accessories.

Financial Times in an interview last week, “We are open to doing business with any company anywhere as long as they are investing and conducting their business lawfully and are in compliance with the Indian laws." He added, for good measure, that India was “open to all investments, including Chinese". That these statements were meant for consumption overseas is evident if one looks at the ground reality. China’s BYD Motors has become the latest casualty of India’s undeclared economic cold war with China.

New Delhi: The central government has banned the manufacture, sale, and distribution of two veterinary drugs, Ketoprofen and Aceclofenac, citing risks to animal health and potential ecological damage, as per an official gazette notification issued on 1 August . Mint had reported in July that the union health ministry was considering banning the drugs as they are believed to be harmful for animals.

HDFC Mutual Fund has launched HDFC Transportation and Logistics Fund, which will invest in companies that are at the forefront of transportation and logistics sector. It aims to capitalize on a wide array of opportunities across automotive, shipping & ports, railways, airports & airlines, e-commerce, road/rails/air cargo, supply chain/warehousing etc under the transportation and logistics theme. The scheme will be managed by Priya Ranjan. “At HDFC Mutual Fund, we have always endeavored to be a one-stop solution for varied financial goals and have delivered a wide array of opportunities through our diverse product bouquet. HDFC Transportation and Logistics Fund becomes the latest spoke in our product offering wheel,” said Navneet Munot, Managing Director and Chief Executive Officer, HDFC Asset Management Company.

Homegrown swimwear brand Seafolly has been sold by its private equity owner, US retail specialist L Catterton, to an Asian strategic buyer in a deal valuing the famous label at about $70 million.

Taiwan's Foxconn will invest $600 million in two manufacturing projects in Karnataka, including one which will be a partnership with U.S.-based Applied Materials, a state government statement said.Foxconn will invest $350 million to set up a unit to manufacture components for smartphones, including for iPhone, said the statement, first being reported by Reuters.

Lupin on Wednesday said its American subsidiary has received an approval from the US health regulator to market a generic product used for treatment of skin issues. New Jersey-based Novel Laboratories Inc has received the approval from the US Food and Drug Administration (USFDA) for Fluocinolone Acetonide Topical Oil, Lupin said in a statement.

Fed to cut rates sooner than it currently states. A rate cut combined with higher-than-average inflation will result in a structural up move in gold prices, said Chirag Mehta and Ghazal Jain of Quantum Mutual Fund. Gold started July on a subdued note, trading near $1900 per ounce levels with the backdrop of the Fed’s hawkish hold in June. Prices gradually moved up during the month as investors stuck to bets of one final interest rate hike in July. The probability that the Fed will raise its benchmark rate by 25 basis points to a range of 5.25%-5.50% in July was above 90% for most of the month, according to Interest Rate Futures. International gold prices ended the month around 2.7% higher. Domestic prices moved up by around 2.9%. However, there was some volatility along the way. The minutes from the Fed’s June 13-14 meeting revealed that a majority of Federal Reserve officials saw the need for further interest rate hikes in 2023, given the above-target inflation and labour market resilience. Next, the US Bureau of Labor Statistics published the private sector jobs data, which showed 209,000 jobs were added in June, below the market expectation of 225,000. May's increase of 339,000 also got revised lower to 306,000. The weaker-than-expected rise in private sector jobs was positive, but the unemployment rate edged lower to 3.6% from 3.7% and the annual wage inflation stood unchanged at 4.4%, compared to analysts' estimates of 4.2%, pointing to still tight labor market conditions. These events sharply pushed 10-year Treasury yields above the 4% threshold and weighed on gold prices, which traded in the early-$1900s.

«I think you would have to contextualise what is happening today versus how we have got to this point. We have had a pretty strong and resilient global equity market so far this year,» says Gautam Samarath, M&G PLC.Global cues and macros are giving shivers to markets across the world, and India is no different. Is it justified? Can the Fitch news blow up into something even bigger or maybe we are paying too much attention to it right now? I think you would have to contextualise what is happening today versus how we have got to this point.

Sudip Bandyopadhyay, Group Chairman, Inditrade Capital, says if somebody is a long-term investor with one year plus time horizon, UPL is a fantastic buy and they should have it in their portfolio. They are one of the largest agrochemical players in the world. They have a very geographically diversified business which is fantastic for this space and they are doing all the right like dthings ebt reduction, cost cutting, inventory liquidation.For long-term investors, is UPL a good stock to buy in the sense of the kind of guidance they give? They talked about the second half improvement, cost cutting measures, all of that. In this 50% fall from top, do you think everything is priced in?Absolutely.

100-day Simple Moving Average is a crucial technical indicator for stocks, often signaling potential shifts in short-term trends. On August 1, 2023, companies such as Jindal Worldwide, Vinati Organics, Navin Fluorine International, Persistent Systems, and Page Industries showcased strong performance in their respective sectors. Let's explore the performance of these stocks.

When Mario Silvera steers his Chinese-made electric vehicle around the streets of Sydney, he is driving the consumer trend that has inspired two Australian companies to invest $104.9 million on the creation of a homegrown, value-added lithium product.

Wheels India, manufacturer of wheels for trucks, tractors, passenger vehicles and construction equipment, expects the domestic wheel business to pick up during the second half of the year, according to a top official. The city-based company had registered a 24.2 per cent rise in its net profit for the April-June 2023 quarter at Rs 13.3 crore, from Rs 10.7 crore registered in the same period of last year.

Ashish Dhawan added Religare Enterprises to his portfolio in the quarter ended June 2023 while he likely exited two companies — Birlasoft and Zensar Technologies. Dhawan picked up a 1.66% stake in Religare Enterprises (REL) — a diversified financial services group giving services across verticals viz. loans to SMEs, affordable housing finance, health insurance and retail broking.

BSE SmallCap stocks have surged to new heights, hitting their 52-week highs on August 2. Investors were enthused as prominent companies like DB Corp, Dilip Buildcon, and DCM Shriram industries displayed remarkable performance, leading the rally. The data was sourced from BSE at 12.35 pm, and the updates from the real-time data could come with a lag.

In the last two years, defence sector stocks have outperformed every other sector. While the defence sector was opened to private players a long time ago, the real impact of whole policy initiatives has been getting visible on Dalal Street in the last eight quarters.