Manufacturing Financial News

BSE SmallCap index witnessed a remarkable rally today, with several prominent stocks achieving new 52-week highs, showcasing the strong growth potential of these companies in the current market. Among the notable gainers were Aarti Drugs, APL Apollo Tubes, and more, surging to record levels on July 25. The data was sourced from BSE at 1.40 pm, and the updates from the real-time data could come with a lag.

By Olivier Sorgho

New Delhi: India may need a minimum of 1.32 million charging stations by 2030 to facilitate the rapid adoption of electric vehicles (EVs), according to a report released by the Confederation of Indian Industry (CII) on ‘Charging Infrastructure for Electric Vehicle’. The report said the fervent support for electric vehicles from both the central and state governments has led to increased consumer options and awareness, contributing to an exponential surge in EV uptake during 2022, showing a remarkable threefold increase compared to the preceding year.

LONDON (Reuters) — British manufacturing orders declined in July at the weakest rate this year, while expectations for increases in selling prices cooled further, an industry survey showed on Tuesday.

Skyball is expected to generate Rs 40 crore in revenue this year from the smartwatch category, a senior executive said. The brand currently focus on home audio and smart accessories plans to come up with five new smartwatch models this year.

July 24, 2023, the stock market witnessed an exciting development as several companies crossed their 50-day Simple Moving Average (SMA), indicating potential uptrends in their stock prices. Notable companies that showcased strong growth potential were Varun Beverages, KPIT Technologies, Siemens, Bosch, Tata Chemicals, and EID-Parry (India). Let's take a closer look at these companies and their recent stock movements.(Data Source: StockEdge)1. Varun Beverages Varun Beverages, one of the largest franchisees of PepsiCo in India, demonstrated robust performance as its stock crossed the 50-day SMA at Rs 813.74 and closed at Rs 817.7 on July 24.2. KPIT Technologies KPIT Technologies displayed strong market momentum as its stock crossed the 50-day SMA at Rs 1051.71 and closed at Rs 1056.8 on July 24.

Aurobindo Pharma Ltd on Tuesday said its wholly-owned arm Eugia Pharma Specialities has received a final approval from the US health regulator for its generic version of Plerixafor injection indicated for patients with certain types of cancer to prepare them for stem cell transplant. The approval granted by the US Food & Drug Administration (USFDA) is to manufacture and market Plerixafor Injection of strengths 24 mg/1.2 mL (20 mg/mL), single-dose vial, Aurobindo Pharma said in a regulatory filing.

L&T’s consolidated net profit in Q1FY24 is expected to grow around 25% year-on-year (YoY) to ₹2,130 crore, according to average analysts’ estimates. The infrastructure giant may report revenue growth of about 13% YoY in the first quarter of FY24 at ₹40,500 crore. On the operational front, L&T’s Q1 earnings before interest, taxes, depreciation and amortization (EBITDA) may rise 15% YoY to ₹4,565 crore, while its EBITDA margin is expected to expand by 29 basis points (bps) to 11.3%.

China from creating high-end semiconductors suitable for military applications, Japan's curbs on the export of advanced chip-making equipment went into effect on Sunday, Kyodo news reported. Japan included 23 goods used in chip fabrication that need authorisation for export with the modification of a trade ministry ordinance under the foreign currency law.

JK Paper on Monday reported an 18.3 per cent increase in its net profit to Rs 312.56 crore in the June quarter. The company had posted a net profit of Rs 264.23 crore during the same quarter a year ago, JK Paper Ltd said in a regulatory filing.

US Federal Reserve meeting, due on Wednesday. S&P Global said its flash US Composite PMI index, which tracks manufacturing and service sectors, fell to a reading of 52 in July from 53.2 in June. The data reinforced expectations that the near-certain rate hike by the US central bank this week would be the last of the current cycle, Reuters reported.

By Khanh Vu

euro hit a two-week low on Tuesday as a worsening downturn in euro zone business muddied the bloc's rate outlook against a still-hawkish European Central Bank (ECB), while the dollar rose ahead of this week's trio of major central bank meetings. The offshore yuan strengthened in early Asia trade, following comments from China's top leaders on Monday pledging to step up policy support for its flailing economy. The euro was shaky at $1.1063, up just 0.02% having slumped to a two-week low of $1.1059 earlier in the session, after a survey on Monday showed euro zone business activity shrank much more than expected in July, reigniting recession fears.

Reliance Industries: Reliance Industries Ltd (RIL) is joining hands with Brookfield Infrastructure Partners Lp and Digital Realty Trust Inc. in a three-way venture for setting up special purpose vehicles (SPVs) aimed at developing data centres in India. RIL will hold a 33.33% stake in the SPVs, a joint statement by the three partners said.

Tesla Inc executives are likely to meet Union commerce and industry minister Piyush Goyal soon, to discuss the US electric vehicle maker's plans to set up car and battery manufacturing facilities in India. The development follows a virtual meeting between Goyal and Tesla chief executive Elon Musk earlier this month, people aware of the details told ET. Stakeholder ministries — the ministry of commerce and industry as well as the ministry of electronics and information technology (MeitY) — have been discussing the electric carmaker's plans since Musk met Prime Minister Narendra Modi in the US during his state visit last month, said the people cited.

Samsung Semiconductor India Research (SSIR), the research arm of South Korean manufacturing conglomerate Samsung in Bengaluru, has got 1,100 patents to its credit so far, a senior executive told ET. “There are close to 4,000 engineers working from the Bengaluru R&D centre on some of the key technologies for Samsung semiconductors,” said Balajee Sowrirajan, corporate vice president and managing director of SSIR. Talking about some of the product lines, he said, “some of the most advanced image sensors, of very high resolution, have been developed at SSIR and these are not just a first for Samsung, but are a first for the industry as well”.

Wall Street ticked higher to start a week full of updates on where interest rates and profits for the stock market’s most influential companies are heading

Pilbara Minerals expects to settle on a new partner in downstream lithium processing within the next five months as it continues to boost production at its Pilgangoora mine in Western Australia.

US business activity slowed to a five-month low in July, dragged down by decelerating service-sector growth, closely watched survey data on Monday showed, but falling input prices and slowed hiring indicate the Federal Reserve could be making progress on important fronts in its bid to reduce inflation. S&P Global said its flash U.S. Composite PMI index, which tracks manufacturing and service sectors, fell to a reading of 52 in July from 53.2 in June.

By Nate Raymond

Reliance Jio is scaling up the distribution of the Jio Bharat phone after finding success in its initial run which further reduces the chances of a headline tariff hike, analysts said. They added that Jio's sharp focus on subscriber adds will continue to help it gain a wider user base but will further challenge average revenue per user (ARPU) growth in the absence of hikes.