Manufacturing Financial News

By Johann M Cherian and Bansari Mayur Kamdar

New Delhi: India is poised to establish itself as one of the largest solar module manufacturers in the world and is witnessing the fastest growing capacity in renewable energy, said Raj Kumar Singh, Union minister of power and renewable energy. Speaking at an event in Delhi, the minister highlighted India’s impressive strides in the renewable energy sector, including green hydrogen, fostering a robust ecosystem. The country boasts one of the largest manufacturing ecosystems for wind energy and is experiencing rapid growth in solar capacity, propelling India to be the global leader in renewable energy.

By Natalie Grover

Investing.com — U.S. stock futures weakened Tuesday, handing back some of the recent gains as investors awaited a deluge of megacap earnings as well as important economic data.

Investing.com — Caterpillar (NYSE:CAT) has reported second-quarter profit and revenue that topped analyst estimates, as the world's biggest construction equipment manufacturer was boosted by higher sales volumes in North America.

Mahantesh Sabarad, independent market expert, says “although auto stocks have done well compared to what they were doing last year, there is a definite growth both in terms of top line and bottom line but that is not enough when it comes to the expectations and that is why some of these stocks are running out of steam.”Of the latest earnings and auto sales that we have seen, what has stood out to you in terms of the big earnings over the last couple of days or the auto sales data?Basically, in terms of auto sale numbers, what you can definitely notice is that the sales are growing quite sharply. This is partly because of the Covid effect wearing off and a lot of pent-up demand coming in.

New Delhi: The commerce ministry on Tuesday issued fresh guidelines aimed at bolstering domestic tyre manufacturing industry, three years after imposing curbs on import of certain pneumatic tyres. The move comes as the Indian tyre industry experiences a surge in demand for both domestic sales and exports, driven by an increase in vehicle ownership and the rising mobility and industrialization.

HDFC AMC has announced the launch of the HDFC Transportation and Logistics Fund which plans to invest in companies that are at the forefront of the Transportation and Logistics sector.

Concord Biotech IPO Dates: Concord Biotech IPO opens on August 4 and will close on August 8. The finalisation of allotment is expected to take place on August 11, while refunds will be initiated on August 14. The shares will be credited to the Demat accounts of eligible investors on August 17.

Markets kicked off August on a cautious note as investors responded to the latest corporate updates and news on the health of China’s economy. The dollar posted modest gains.

Maruti Suzuki India on Tuesday reported a 3 per cent increase in total sales at 1,81,630 units in July, riding on the back of demand for its utility vehicle range. The company had dispatched a total of 1,75,916 units to its dealers in the same month last year, Maruti Suzuki India Ltd (MSIL) said in a statement. Total domestic passenger vehicle sales were at 1,52,126 units as compared to 1,42,850 units in the year-ago month, a growth of 6 per cent, it added. Sales of mini segment cars, comprising Alto and S-Presso, declined to 9,590 units as against 20,333 units in July 2022. Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, and Swift, also fell by 21 per cent to 67,102 units as compared with 84,818 units in the year-ago period. Utility vehicles, consisting of Brezza, Ertiga, Fronx, Grand Vitara, Jimny and XL6, clocked sales of 62,049 units last month, a jump of over two-fold as against 23,272 units dispatched in July 2022.

BSE MidCap Index witnessed a surge today as several stocks reached new 52-week highs, signaling a bullish sentiment in the market. Investors were enthused as prominent companies like Bharat Forge and HAL displayed remarkable performance, leading the rally. The data was sourced from BSE at 2.00 pm, and the updates from the real-time data could come with a lag.

BSE Auto Index soared to new heights today on August 1, as four prominent automobile stocks, Balkrishna Industries, Cummins India, Hero MotoCorp, and MRF, achieved their respective 52-week highs. The data was sourced from BSE at 1.35 pm, and the updates from the real-time data could come with a lag.

Riemann Labs, a manufacturer linked to cough syrup deaths in Cameroon, to stop manufacturing activities, said Reuters quoting the country's health ministry. Last month, the World Health Organization said a batch of cough and cold syrup sold in Cameroon under the brand name Naturcold contained extremely high levels of a toxic ingredient, the latest in a series of recent warnings about contaminated cough syrups.

BCCI events. The detailed terms and conditions governing the tender process including eligibility requirements, process for submissions of bids, rights and obligations, etc.

India's G20 presidency has brought to the fore a «tectonic shift» in how women are to be perceived as ones who stand shoulder to shoulder with men as contributors to their countries and societies, Union minister Smriti Irani said on Tuesday Addressing a gathering at the Mahatma Mandir convention centre here after inaugurating the G20 EMPOWER summit, Irani said what women today are ensuring is that their contribution to economies and social fabrics of nation-states is counted for and is on a par with men. The four-day event will also have G20 Ministerial Conference on Women Empowerment between August 2-4.

The thematic funds — other category had around 10 new fund offers during January to July 2023. The new schemes were from business cycle, innovation fund, defence, active momentum, non-cyclical consumer, quant, manufacturing, and transportation and logistics theme. The multi cap category had five new fund offers in the first seven months of 2023. Mutual fund houses such as HSBC Mutual Fund, Mirae Asset Mutual Fund, Tata Mutual Fund, Bank of India Mutual Fund, and Canara Robeco Mutual Fund came up with new fund offerings of multi cap schemes.

viscose staple yarn (VSY) industry is set to grow 10-12% on-year to an all-time high of over $2.5 billion this fiscal on continued strong demand — similar pace to last fiscal, said CRISIL Ratings on Tuesday. Even as yarn prices decline, though at a lower rate than raw material prices, overall profitability is likely to improve 200-300 basis points (bps). Strong balance sheets and improved cash flows will support the credit risk profiles of manufacturers, despite substantial debt-funded capital expenditure (capex).

KEI Industries tanked over 8% to Rs 2,225.5 in Tuesday's trade on BSE post-Q1 results. The wires and cables manufacturer reported a net profit for the June quarter of FY24 at Rs 121.38 crore, up from Rs 103.76 crore in the same period of fiscal year 2023. Its revenue rose to Rs 1,790.90 crore for the first quarter ended June 30, 2023, compared to Rs 1,568.94 crore a year ago.

Bajaj Finserv Flexi Cap Fund, you can be a part of exciting opportunities and potentially grow your wealth over time by seeking to benefit from megatrends. Fund managers at Bajaj Finserv Asset Management Limited have identified the following contributors to megatrends: T: Technology R: Regulatory E: Economic N: Nature D: Demographic S: Social Let’s have a look at each of these trends in detail.

Deven Choksey, MD, KRChoksey Holdings Pvt. Ltd, says “today, there is definitely a margin of safety in these kinds of companies. It is not available immediately.