Manufacturing Financial News

Investing.com — European stock markets are expected to open in a mixed fashion, as investors digest the softer-than-expected U.S. inflation data as well as weak U.K. growth data.

Discover Motorola's ambitious plans to become one ... moreDiscover Motorola's ambitious plans to become one of the top three smartphone players in India and globally.

₹20.68 crore. The company has set the price band for the issue at ₹63-67 per share. The company proposes to utilise the issue proceeds to meet incremental working capital requirements and general corporate purpose.

Tesla's highly-anticipated India plan finally seems to be gathering some speed. As per reports, India's commerce and industry ministry is leading the discussions. The government is hoping to put together a 'good deal' while maintaining a level-playing field. After China, the company is looking to turn India into an export base to serve markets in the Indo-Pacific region, ToI reported on July 13.

The federal government is tipping $70 million into Origin Energy’s green hydrogen project in Newcastle, which would help cut emissions at Orica’s manufacturing operations in NSW while also providing carbon-free fuel for buses and heavy trucks.

According to a report by ARK Investment, in June 2023, Bitcoin experienced a resurgence in institutional sentiment, with the supply of Bitcoin that had remained unmoved for at least a year reaching an all-time high of approximately 70% of the circulating supply. This development suggests a strong holding pattern among Bitcoin investors, a trend that is likely to impact the cryptocurrency's future trajectory.

Vedanta Group Chairman Anil Agarwal on Thursday said that the company is 100% committed to producing semiconductors for which it has lined up partners. He calls India a ‘land of opportunities' with huge potential.

Wipro announces its Q1 earnings after market hours, investors are expecting the Bengaluru-based IT major to report report revenue decline of 2% quarter-on-quarter (QoQ) in constant currency (CC) terms — at the mid points of its guidance range of 1-3% QoQcc degrowth. All this despite June being a seasonally strong quarter and 30 bps cross-currency tailwinds. «We attribute the decline to broader weakness in financial services and high exposure to consulting services.

China’s exports in yuan terms decreased at a faster pace in June compared to the previous month, as a slowdown in the global economy curbed demand for Chinese goods and weighed on the outlook for manufacturing. Exports declined about 16% in yuan terms in June from a year ago, more than the 0.8% decrease in May, according to the Bloomberg calculations based on Customs General Administration data released Thursday.

tax benefits, according to individuals familiar with the matter. As reported by The Economic Times, these discussions indicate a revived interest from the US-based electric vehicle manufacturer in India, which comes shortly after Prime Minister Narendra Modi's meeting with Tesla CEO Elon Musk during his recent visit to the United States, as stated by the sources.

Tata Consultancy Services: Tata Consultancy Services (TCS) Ltd on Wednesday reported a 16.84% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹11,074 crore. The company had reported a profit of ₹9, 478 crore in the year-ago period. Sequentially, the consolidated net profit was down 2.8%.

Harry & Meghan, has failed to secure any Emmy nominations. The six-part series, directed by Liz Garbus, was under consideration for the Outstanding Documentary or Nonfiction Series category.

HCLTech reported a 7.6% on-year rise in net profit for the fiscal first quarter, missing estimates due to project ramp downs mainly in its technology and telecom verticals even as it signed fewer deals in the three-month period amid overall macroeconomic uncertainty. India's third largest software company, however, maintained its revenue growth guidance of 6-8% as well as 18-19% operation margin for the fiscal year. For the quarter, net profit stood at ₹3,534 crore compared with ₹3,283 crore last year.

HCLTech will acquire a 100% stake in German automotive engineering services provider ASAP Group for €251 million and the transaction is expected to close by September 2023 subject to regulatory approvals, the IT major informed the stock exchanges on Thursday. ASAP is focussed on future-oriented automotive technologies in areas such as autonomous driving, e-mobility, and connectivity.

GST exemption on medicines for rare diseases announced on Tuesday is unlikely to provide any relief for those who are in dire need of treatment, health activists told ET. According to them, these drugs are exorbitantly priced and the share of patients who can afford to import them is negligible. Finance minister Nirmala Sitharaman on Tuesday announced GST Council decision to exempt cancer-fighting drugs, medicines for rare diseases, and food products for special medical purposes from GST tax.

Bloomberg. That’s above its 10-year average and more than 50% higher than the valuation for the broader Asian gauge.  Key gauges in India hit records in July on bets that Asia’s third-biggest economy will stage a strong recovery even with elevated policy rates. The rapid gains, which follow a 4% advance for the benchmark last year, have led Goldman Sachs Group Inc.

Tesla has held discussions with union government officials, exploring the possibility of bringing its auto parts and electronics chain to India and of getting incentives and tax breaks in the process, said people with knowledge of the matter. The development signals the US-headquartered electric vehicle maker’s renewed interest in India, close on the heels of Prime Minister Narendra Modi’s meeting with the company’s chief executive Elon Musk during his trip to the US last month, said the people.

Tata Sons management last week took its entire board, including industrialists Venu Srinivasan and Ajay Piramal, to Hosur and Bangalore to familiarise them with the facilities at Tata Electronics that will likely be the primary chip-making vehicle at the Rs 23-lakh-crore conglomerate, which has earmarked about $90 billion of investments into its future growth drivers. Tata Electronics hosted the entire Tata Sons brass for its board meeting, where Chairman N Chandrasekaran discussed the future growth plans, top sources aware of the plant visits told ET. Barring Ralph Speth, other directors present were Harish Manwani, Leo Puri, Vijay Singh, Srinivasan, Bhaskar Bhat, Anita George, Saurabh Agarwal and Piramal. Tata Sons did not comment. Tata Electronics, though, is not expected to rush into the semiconductor business until the business is stabilised and will seek suitable alliances and partners, officials said. Earlier this week, Foxconn decided to end its deal with the Vedanta Group to make chips in India. In April, Tata Electronics appointed Randhir Thakur, former president of Intel Foundry Services, as its MD & CEO, underscoring the group's long-term semiconductor ambitions. For now, the plant is focused on manufacturing precision components. It makes components for iPhones and has tied up with Apple vendors to manufacture iPhone enclosures.

diamonds, there is a growing whisper among traders in Surat that one of the oldest makers of lab-grown stones has defaulted. The deal that the firm had cut with many wealthy individuals, including professionals, real estate players, and a few farmers in the region to raise money has backfired amid a fall in the price of lab grown diamonds. The outstanding dues would be in the region of Rs 500 crore, three persons in the diamond market told ET. Under a back-to-back financing arrangement, funds were raised from several individuals to install machines that are used to manufacture man-made or lab-grown stones. The scheme, similar to a startup fundraising deal and different from regular institutional lending, rests on trust and a promise of a certain level of production and future price forecast. “With the price of lab-grown diamonds falling, particularly at the trade level more than the retail level, the firm in question is refusing to pay back…Though this is probably the first time the lab grown diamond business is facing such a situation, I don’t think it would have any repercussions on the overall market for lab-grown diamonds. In fact, it could stabilise the price a little,” said an industry person.

government has begun working on the third phase of the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME III) financial support scheme, which is likely to cover hydrogen-powered vehicles, additional support for electric three-wheelers and a curtailed version for two-wheelers, said officials. «Vehicles powered by alternative fuels, such as hydrogen, which did not find support in the previous FAME scheme programmes, may be included in the next one,» a senior government official told ET. The first two phases of the FAME scheme supported proliferation of electric vehicles in the country. Electric two-wheelers benefited the most from the scheme, which initially offered a 40% subsidy on the sale price of the vehicles. The support was trimmed to 15% towards the last year of the FAME II scheme in a bid to spread the remaining funds to a larger number of beneficiaries. «Electric three- and four-wheelers could not be adequately supported by either FAME I or II. This is because most vehicles available in the market did not fit the parameters specified in the scheme,» the official said, adding that enhanced support for electric three-wheelers can be expected in FAME III.

New Delhi: The division bench of the Delhi High Court has rejected the appeal by Go First, seeking a stay on the interim order by a single judge bench on 5 July. The interim order had allowed its lessors to inspect its 30 parked aircraft. Besides, the bench comprising Chief Justice Satish Chandra Sharma and Justice Sajeev Narula, granted the Directorate General of Civil Aviation 15 days to give approvals for the airline to resume operations.