Manufacturing Financial News

IndusInd Bank: The private lender's net profit rose by 32.5% year-on-year to 21.24 billion rupees. IndusInd Bank witnessed a 22% year-on-year growth in advances, coupled with a 15% increase in deposits. The loan growth was supported by retail deposit growth of 21% YoY and overall deposit growth of 15%.

Tata Motors-owned Jaguar Land Rover (JLR) is set to announce its plans to build a flagship electric car battery plant in the UK, a source familiar with the matter said as reported by Reuters.  Tata had been choosing between a site in Somerset, southwest England, and one in Spain to supply a new range of electric Jaguar and Land Rover vehicles. Bloomberg was first to report on Tuesday that the factory was set to be announced this week.

retail sales rose less than expected in June on a fall in building materials and service station receipts. In Asia, according to the Reuters Tankan survey, which measures confidence among large Japanese companies, business sentiment among manufacturers in Japan declined for the first time in six months in July. Also Read: Day trading guide for today: Six buy or sell stocks on Wednesday - July 19 Japan’s Nikkei 225 gained 1% and the Topix rose 0.94%.

HCL Group, which began decades ago as a maker of computer hardware and peripherals before establishing its software credentials globally, plans an ambitious foray into India’s fast-evolving semiconductor ecosystem, several officials and industry executives aware of the development told ET. The HCL Group is close to submitting a proposal to the Centre to set up an assembly, testing, marking, and packaging (ATMP) unit for semiconductors, they added.

Household appliances manufacturer Voltas has fallen by about 30% from its July 2022 highs, but the stock is now trading near crucial support levels on daily and monthly charts.

The Biden administration and major consumer tech players are launching an effort to put a nationwide cybersecurity certification and labeling program in place

The architect of Detroit's bankruptcy filing admits it was a miserable process

The Dutch bicycle maker VanMoof, which won design awards for its stylish electric bikes, has been declared bankrupt

Medecins Sans Frontieres (MSF) has once again urged Johnson & Johnson (J&J) to not enforce any 'secondary' patents for its tuberculosis drug bedaquiline in any country with a high burden of TB, and withdraw all pending secondary patent applications for it. The US pharmaceutical giant's 20-year primary patent on drug-resistant TB medicine bedaquiline expires in a majority of countries this month, including India. Paris-founded MSF has also called for a commitment from J&J to not take any legal action against any generic drug manufacturer that exports versions of bedaquiline to or from TB high-burden countries where secondary patents on the drug exist.

PLI). This comes with the electronics manufacturing industry facing complaints of challenges due to difficulties in getting visas for Chinese nationals. As per industry executives, installation, expansion, and repair work are being hit the most as they require skilled Chinese nationals to execute the work.

Drugs and Cosmetics Act in the monsoon session of the Parliament that starts this week, a key stakeholder says not enough discussions have been held and it should be recalled. The Association of Indian Medical Device Industry (AiMed), wrote to the Union health minister Mansukh Mandaviya on Tuesday, urging to recall the draft bill. “After the initial invitation of comments we have not been invited for any discussions or the revised draft was not shared with us,” said Rajiv Nath, forum co-ordinator, AiMed. Stating that they are “highly dismayed” that the government has tabled the Draft of New Drugs, Medical Devices and Cosmetics Bill, 2022 for introduction, consideration and passing to the Parliament for the monsoon session to regulate drugs and medical devices without even a single meeting with them as major stakeholders, in a letter to Mandaviya, Nath said that the move has been made in a“strange manner”. “The process was highly flawed with conflict of interest to empower regulators to draft the bill without even seeking inputs from MDTAG (Medical Device Technical Advisory Group) and discussion with AiMeD,” he said. He said that it was strange that the ministry and the CDSCO did not consider the recommendation of the Parliamentary Committee 138th Report released on September 12, 2022 that recommended a separate law for medical devices as was being regularly sought by Indian Manufacturers.

By Lucia Mutikani

Vedanta Group has tied up with technology and equity partners for its semiconductor fabrication project and with Innolux for its display fab unit, Akarsh Hebbar, global managing director of Vedanta Semiconductors and Display, said in a statement on Tuesday. “Vedanta Group remains fully committed to building India’s first semiconductor and display fabs in Dholera Special Investment Region in Ahmedabad district. Substantial progress has happened to tie up with technology and equity partners in semiconductors and we will make an announcement soon," he said.

Clarios ARBL Holding has sold entire stake in battery maker Amara Raja Batteries through bulk deals on Tuesday. According to bulk deal data available with the exchanges, Clarios ARBL has offloaded about 2.39 crore shares or 14% stake in the company at a price of Rs 652.9. Further, Kotak Mutual Fund, Nippon India Mutual Fund, Sociere Generale, Tata AIA Life Insurance, Pinebridge Funds have picked up stake in the company, exchange data showed.

New delhi: Free replacement of parts of goods under warranty does not attract GST but tax would be payable if customers are charged for new parts, the Central Board of Indirect Taxes and Customs (CBIC) said in an order, giving effect to the decisions of the Goods and Services Tax Council meeting earlier this month. Free replacement of parts does not attract tax because its cost is included in the original sale of the item, CBIC said.

Edited excerpts: What kind of private sector participation are you looking for from India? We want to accompany them with their investment in our countries of operation. We are willing to finance investment contracts with Indian companies in sectors like manufacturing, IT services, etc. We have quite a number of projects, so we need to explore.

NMDC on Tuesday fixed the rates for lump ore and fines at Rs 4,950 and Rs 4,210 per tonne, respectively. Lump ore, or high-grade iron ore, contains 65.53 per cent iron, while fines are inferior grade ore with 64 per cent iron or less.

Tata Group to build a battery plant supplying a new range of electric Jaguar and Land Rover models. Tata has chosen a site in Somerset, west England, owned by Salamanca Group, an investment and advisory business with roots in real estate, people familiar with the plans said. The Indian parent of the British brands will outline its decision as soon as this week, said the people, declining to be named discussing non-public information. Tata previously considered building its battery site in Spain, but a decision in favor of the UK will help to secure the future of JLR’s plants in its traditional home market. The cell factory will have an eventual capacity of 40 gigawatt hours, enough to supply roughly half a million vehicles per year depending on the size of the batteries.

(Reuters) — Johnson & Johnson (NYSE:JNJ) sued the U.S. government on Tuesday, becoming the latest drugmaker seeking to block enforcement of a program that gives Medicare the power to negotiate drug prices.

motor vehicle output accelerated after two straight quarterly declines. Manufacturing output dropped 0.3% last month, the Federal Reserve said on Tuesday. Data for May was revised down to show production at factories falling 0.2% instead of edging up 0.1% as previously reported.

When analyzing Tesla’s (NASDAQ:TSLA) Q2 earnings tomorrow, the market won’t be particularly focused on the short-term implications of declining revenue growth and higher cost of revenues in the EV giant’s balance sheet.