Manufacturing Financial News

India and the UK are close to concluding negotiations for a proposed free trade agreement (FTA), chief negotiators of both countries will hold the 12th round of talks from August 7 here, an official said. Both sides are looking at concluding the talks before the end of the year. The main issues which could come up for discussions in this round include investment treaty, reduction of duties on auto and whiskey and matters pertaining to services, the official said.

Warren Buffet-backed chinese automaker BYD is currently under investigation in India due to allegations of underpaid taxes on imported parts used in the assembly and sale of its cars in the country, as reported by two sources familiar with the matter. As reported by news agency Reuters, India's Directorate of Revenue Intelligence (DRI) claims that BYD failed to pay 730 million rupees ($9 million) in taxes. Despite BYD depositing this amount following the DRI's preliminary findings, the investigation is still ongoing, and there may be further tax charges and penalties, it said.

India has found violations related to manufacturing and laboratory practices at drugmaker Riemann Labs, whose cough syrup was linked to child deaths in Cameroon, a government health official told Reuters on Wednesday. Indian authorities have stepped up scrutiny of drugmakers after some cough syrups made in the country were linked to deaths of dozens of children overseas.

reliance on imports from China for critical components like battery cells used in electric vehicles. Previously, Mint reported that A delegation of high-ranking Tesla executives, including key members from the public policy, supply chain, and business development teams, is currently in India to actively interact with various government stakeholders and gain valuable insights into the local market.

“Midcaps operating in niche segments have done well, but considering valuations, we see more value in large caps at this juncture from a 1–2-year perspective,” says Ashutosh Tiwari, Managing Director & Head Institutional Equities at Equirus. In an interview with ETMarkets, Tiwari, said: “Avoid companies trading at high valuations and focus on those delivering good earnings growth and cash flows but trading at reasonable valuations. The margin of safety is more important right now” Edited excerpts:We have seen a dream run on D-St with Sensex hitting 67000 and Nifty50 heading towards the 20,000 marks. Is this too good to be true and we are running ahead of fundamentals? India has seen massive FII inflows from March to till date July of almost US$ 19.2bn vs net outflow of US$ 3.4bn in Jan-Feb and outflow of US$ 18.4bn in CY22.

Ambuja Cements has reached a deal to acquire a majority stake in operations of Sanghi Industries, two sources with direct knowledge said, a transaction that will add heft to cement operations of billionaire Gautam Adani's firm. The deal by Ambuja is likely to be announced as soon as Wednesday, the sources said, declining to be named because the decision is not public. They did not share the exact stake percentage.

Incitec Pivot has tapped Indonesia’s Pupuk Kaltim as the preferred buyer of its big Australian fertilisers business, fuelling expectations of a deal worth about $1.5 billion and a potential showdown with politicians and farmers.

dollar struggled to make headway on Wednesday after a cut on the U.S. government's top credit rating by Fitch raised questions about the country's fiscal outlook, though it drew some support from a relatively resilient run of economic data. Rating agency Fitch on Tuesday downgraded the United States to AA+ from AAA in a move that drew an angry response from the White House and surprised investors, coming despite the resolution two months ago of the debt ceiling crisis.

GST) revenue maintained the recent robust pace of growth, rising 11% from a year earlier to ₹1.65 lakh crore in July, showed data released on Tuesday. Other high-frequency indicators available for July indicated the economy has carried over the strong first-quarter momentum into the second quarter. Automobile companies reported their best-ever July despatches, sending 352,500 cars to dealerships, a 3.1% rise from a year earlier.

Read here: Fitch cuts US credit rating to AA after debt limit standoffs Meanwhile, a report from the Institute for Supply Management said that in July manufacturing contracted at a slightly worse pace than economists expected, but not as badly as it did in June. A separate report from S&P Global also said US manufacturing is continuing to decline. In Japan, the Nikkei 225 declined 1.48%, while the Topix fell 1.11%.

ACC Ltd. The combined capacity of producing cement is more than 65 million tonnes and more than a dozen manufacturing plants across India. (WIth inputs from Reuters)

Reuters, MB Patil further noted that the manufacturing facility will be spread across 100 acres in the state, said in a post on social media platform X. Bloomberg News reported on Tuesday that the company would manufacture lithium-ion cells at the facility.

Day trading guide for today: Domestic equity benchmarks Sensex and Nifty ended lower during Tuesday’s session on profit-booking select heavyweights, including Reliance Industries, Power Grid, State Bank of India, and ICICI Bank amid mixed global cues. Sensex remained volatile throughout the session and closed 68 points, or 0.10 per cent, lower at 66,459.31 while Nifty closed the day with a loss of 20 points, or 0.10 per cent, at 19,733.55. The BSE Midcpap index underperformed the benchmark Sensex, falling 0.23 per cent.

India could consider allowing Tesla's foreign vendors, notably those based in China, to manufacture critical components in the country but the government is not in favour of any company-specific exemptions, sources aware of the matter said. This assumes significance as some key components of electric vehicles such as battery cells are imported from China. Tesla has expressed interest in bringing its own supply chain ecosystem to India.

GlobalFoundries is scouting for local partners to set up a chip fabrication unit, sources told ET, as India seeks to deploy a comprehensive semiconductor manufacturing policy aimed at establishing its leadership credentials in the future. GlobalFoundries (GF) was earlier in talks with a few companies from the country. Those plans, however, did not materialize owing to the latter’s lack of credible expertise and experience in manufacturing electronics products, a source said.

Deep-tech industry participants, including founders, investors and advisors ET spoke to on Tuesday, expressed confidence in a draft deep-tech startup policy recommendations to further innovation and funding into the sector, while some also raised questions on its effectiveness. Open for public consultation and released on Monday, the recommendations are spread across nine themes including access to funding and strengthening the intellectual property regime. «We welcome the government putting a dedicated focus on deep-tech startups and committing significant time and resources to the cause.

U.S. auto safety regulators have opened another investigation into safety problems with Tesla vehicles

Stocks that traded heavily or had substantial price changes on Tuesday: Caterpillar, Oshkosh rise; JetBlue Airways, Rockwell Automation fall

A vintage Apple computer signed by company co-founder Steve Wozniak is being sold at auction

General Motors is recalling nearly 900 vehicles in the U.S. and Canada with Takata air bag inflators that could explode and hurl shrapnel in a crash

Most stocks closed lower following a mixed set of earnings reports from U.S. companies, as Wall Street took a step back from its big rally this year