Manufacturing Financial News

Maruti Suzuki India Ltd. has registered a 6.4% rise in its total vehicle sales in Q2, 2023 compared to the same period last year. The country’s largest automobile manufacturer sold a total of 4,98,030 vehicles during the quarter.

Bonds fell and stocks struggled for direction as traders parsed the latest commentary from central bankers for clues on the path for interest rates.

Maruti Suzuki India has received board approval to acquire Suzuki Motor Gujarat (SMG) from its Japanese parent Suzuki Motor Corporation (SMC). Currently, SMG is a wholly-owned subsidiary of Suzuki Motor Corporation and recorded a turnover of Rs 31,853 crore for FY23. In 2014, the Japanese automaker proposed to set up a separate manufacturing unit in Gujarat, to tap the fastest-growing demand.

IAS officers, and the elder brother of Raipur Mayor Aijaz Dhebar have been booked on charges of cheating, forgery and criminal conspiracy by the police in Greater Noida in connection with an ED probe into an alleged liquor scam in the central state, officials said on Monday. The FIR was lodged at the Kasna police station on Sunday on a complaint from the Raipur-based deputy director of the Enforcement Directorate (ED), which is probing the alleged Rs 2,000-crore scam in the Chhattisgarh excise department. Those named as accused in the case are Indian Administrative Service (IAS) officer Anil Tuteja, Arunpati Tripathi, an Indian Telecom Service (ITS) officer and a special secretary in the excise department, IAS officer and Excise Commissioner Niranjan Das, businessman Vidhu Gupta and Anwar Dhebar, the elder brother of Raipur Mayor and Congress leader Aijaz Dhebar, according to the FIR. Tripathi, the former managing director of the Chhattisgarh State Marketing Corporation Limited (CSMCL), and Anwar Dhebar were arrested by the federal agency in the case earlier. The Supreme Court asked the ED on July 18 to «stay their hand in all manner» in the alleged liquor scam-linked money-laundering probe.

India exported USD 2.43 billion worth of smartphones in April-May this fiscal, driven by a multifold jump in shipments to the US which emerged as the biggest destination for India-made devices, according to the government data. The smartphone exports to the US jumped multiple times to USD 812.49 million during the first two months of this fiscal as against USD 92.2 million in April-May 2022-23, the commerce ministry data showed. The US accounted for one-third of the shipments in value terms.

Europe's economy is growing again — but not by much

Indian car market and export potential, Maruti Suzuki India Ltd (MSIL) would need to increase its production capacity to about 4 million cars per annum by 2030-31, almost double from current levels. This would happen over several locations, some of which are known and some being studied.

Maruti Suzuki India, the largest passenger car manufacturer in the country, reported a standalone net profit of ₹2,485.1 crore in the quarter ended June 2023. The company’s net profit jumped by a robust 145% as compared to ₹1,012.8 crore in the same quarter last year.

Honda Cars India (HCIL) has commenced the production of its latest midsize SUV, the Elevate, at its manufacturing plant in Tapukara, Rajasthan. With over 90 per cent localisation, the company aims to competitively price the SUV for its nationwide launch in September, just in time for the festive season, reported HT Auto. Reportedly, the Honda Elevate, set to be Honda's global SUV manufactured in India, is scheduled for launch in September, with deliveries commencing in the same month, according to Honda Cars India.

NITI Aayog has proposed incentives in the form of royalty and tax benefits along with a production linked incentive scheme for processing and refining of critical minerals used in lithium-ion batteries as well as their extraction through recycling to manufacture key battery components in India and boost domestic value addition. “Policy should focus on scaling up lithium-ion battery (LIB) recycling infrastructure with production linked incentives to complement mining and extraction efforts of critical minerals,” it said, “This will aid in promoting environmentally sustainable waste management practices, reuse and disposal,” the Aayog said in its report on ‘Mine to market: critical minerals supply chain for domestic value addition in lithium-ion battery manufacturing.' The Aayog has further proposed to promote R&D for earth abundant alternatives to critical minerals used in ACC batteries, supporting lab to market commercialisation of products, providing startup incubators and technology industrialisation centres, and facilitating demonstration projects.

Solar Energy Corp, has offered oil-to-telecoms conglomerate Reliance Industries a 51% stake in a joint venture to supply renewable power to the latter's refineries and manufacturing plants, two sources familiar with the matter told Reuters. Under the proposal, Solar Energy Corp (SECI) will invite international bids for supply of renewable energy to Reliance Industries' refineries and facilities in Gujarat, the sources said.

New Delhi: Finance Minister Nirmala Sitharaman will move a resolution in parliament on Monday to approve notifications seeking to increase import duty on liquified petroleum gas (LPG), propane and butane by amending the First Schedule of Customs Tariff Act. Mint explains the significance of the move. The government wants to increase import duties on certain products to reduce import bills, protect domestic industries, and generate employment.

Vodafone Idea Foundation, in partnership with the Telecom Sector Skill Council (TSSC), has launched the IoT Centre of Excellence at Indira Gandhi Delhi Technical University for Women (IGDTUW) in Delhi, the telco said in a statement Monday. The centre will provide hands-on training in new age and emerging technologies such as 5G, artificial intelligence/machine learning (AI/ML), IoT (internet of things), security, and surveillance to build a skilled workforce for the future.

Toyota will strengthen its development of electric vehicle technology in China, the automaker said on Monday, as it looks to catch up with increasingly tough domestic competition in the world's largest auto market. The move is the latest from the world's top selling carmaker that shows a sharper pivot to electric vehicles.

«I am willing to tell you with reasonable confidence that before October or November this year, fabs will be approved. This will be fab manufacturing, the actual wafer fab,» Chandrasekhar told TOI. Global companies recently visited Gujarat for ‘Semicon India 2023’ to expand semiconductor production in India. Companies will invest because of a strong demand curve for the precious commodity and as the country emerges as a trusted partner in the electronics ecosystem, said Chandrasekhar to TOI. «Electronics in India is now reaching a critical mass, and the target that we have set out for is $300 billion by 2026. We are on track to achieve this… This would result in a massive need for semiconductors, which we estimate to touch $110 billion by 2029,» said the minister.

Exide Industries' June-quarter earnings have not impressed the markets. The stock fell over a per cent in morning trade on Monday (July 31), following a 2 per cent fall in the previous session. During market hours on July 28, Exide Industries reported a net profit of ₹224.1 crore in the quarter ended June 2023, registering a growth of 10.7 per cent as compared to a profit of ₹202 crore in the corresponding quarter of last year.

Japan's Nikkei share average rallied to a four-week high on Monday as a relatively calm reaction in the domestic bond market following the Bank of Japan's surprise policy tweak and growing optimism for a soft landing for the U.S. economy boosted investor sentiment. Earnings reports also produced some stand out winners and losers, with Toyota Group logistics company Toyota Tsusho surging nearly 10% and helping lift the auto sector.

Samsung is aiming to achieve over 50% market share in the super-premium price segment (above $1000) in India with the launch of its latest foldable smartphones, where it already accounts for 35% share, with the country operating as one of its fastest growing, largest, and strategic markets, said a top Samsung executive. “In the second half of 2023, with the new and improved Galaxy Z Fold5 and Z Flip5, we will be solidifying our foldable leadership in the India market,” said TM Roh, president and head of MX (Mobile Experiences) business, Samsung Electronics. The executive added that the timing for when the foldable form factor will be replacing the conventional bar-type phones will largely depend on India. The company expects to ship 30 million units of cumulative sales of its foldables in 2023, with the year expected to be a tipping point “where the foldable category is going to become a mainstream category,” Roh said, adding that in the future, the foldable form factor is going to expand to other categories like tablets and PCs. The segment itself is expected to become mainstream in another five years, and surpass 100 million units per year, Roh said, citing market research organisations. He added that the company is working with strategic parts suppliers to make the form factor more affordable.

Investing.com — European stock markets are expected to open largely unchanged Monday, as investors digest weak Chinese business activity data ahead of the release of eurozone growth and inflation data.

Investing.com — Most Asian currencies fell on Monday, with the Japanese yen coming under pressure from an unscheduled bond buying operation by the Bank of Japan, while the Chinese yuan was hit by weak business activity data.

Investing.com — Oil prices fell slightly on Monday after weak business activity data from China pointed to worsening economic conditions in the world’s largest oil importer, although the prospect of more stimulus measures in the country kept losses limited.