Manufacturing Financial News

" So, I want to understand the impact of cost of capital on your portfolio from here on. We have seen very sharp interest rate hikes in US where you have bulk of your overseas portfolio in the last 18-20 months," says Raunak Onkar, PPFAS MFI was looking at your fund breakup. You have 65% in Indian equity, 35% outside of India, so which part is more richly valued and which part is more attractively valued right now — global equities or Indian equities? I just like to make one correction, at the moment we do not have 35% invested, that is the maximum limit for foreign investments.

«Well, I have been arguing that the economy is actually in a recession. I have been making that argument since last year. But the idea is that it is in a rolling recession.

China a systemic rival. The development is a reflection of the end of a period of peace and stability in Europe seen since the end of the Cold War. In fact, Czech-China relations have witnessed significant changes since 2021.

New Delhi: Foxconn Technology Group has pulled out of its joint venture with Vedanta Ltd that had planned to invest $20 billion in India for setting up a semiconductor fabrication unit, display unit and semiconductor assembly and testing unit.   The 60:40 partnership could have set up the country’s first semiconductor manufacturing unit under the $10 billion government-backed financial incentive scheme, and was once estimated to be ahead of two other consortia in the fray for getting the sops.   The government however downplayed the development saying that the differences between the two companies did not impact India’s plans to become a semiconductor manufacturing destination.   “Both the companies are fully committed to developing India’s semiconductor industry and they’re fully committed to Make in India," minister of electronics and information technology Ashwini Vaishnaw told Mint, noting that the announcements will not have an impact on India’s semiconductor mission.  Rajeev Chandrasekhar, minister of state for electronics and information technology said in a Twitter post following the announcements that it was well known that both companies had no prior experience or technology and were expected to source fab technology from a technology partner.  "While their JV VFSL had originally submitted a proposal for 28nm fab, they could not source appropriate tech partner for that proposal.

Vedanta and Foxconn terminated their joint venture to make semiconductors in India by “mutual agreement” to “explore more diverse development opportunities,” the Taiwanese component maker said Monday. Hon Hai Technology Group (Foxconn) and Anil Agarwal-led Vedanta had announced their joint venture to manufacture chips and display panels in India in February 2022, making it one of the first few participants in the government’s strategically crucial India Semiconductor Mission. Vedanta said Monday it had “lined up other partners to set up India’s first (chip) foundry”.

Avishkar Hyperloop, building on technology that utilises magnetic levitation in low-pressure tubes to transport goods and people, currently continues to run independently and is funded by the Indian Railways. When Singh and his team moved out to start up again with GalaxEye Space, a satellite-based imaging services venture, the task got slightly easier. First, Singh continued to borrow talent from diverse backgrounds including automobiles and aerospace just as he did at his previous venture.

Manufacturers called for baseload coal power stations to be kept running longer to keep electricity supply secure as the pace of the energy transition needed to meet 2030 climate targets falls far behind.

Bigger, faster, stronger. The next-generation Boxer armoured vehicles being made in Australia by German defence giant Rheinmetall are in high demand in armies around the world.

Hyundai is seeking to outperform the industry in FY24, banking on the sales of micro-SUV Exter that will take on Tata Punch at the heart of the sub-Rs 10 lakh market. The carmaker has so far added three new products — micro SUV Exter, premium sedan Verna and high-end EV Ioniq 5 — in its portfolio this year. It has expanded volumes 11 between January and June.

macroeconomic uncertainties and geopolitical headwinds, along with tight credit markets, pulled down private equity investments into the country by 61% in the first half of 2023 to USD 6.1 billion, according to a report. The value is the lowest in the January-June period since 2020, shows data collated by Refinitiv, a London Stock Exchange Group subsidiary and one of the world's largest financial markets data and insights providers. Despite the funding winter in the space, startups continued to attract the largest share of private equity capital, which in absolute terms was a steep 69 per cent decline year-on-year.

All six of Canada’s main commercial lenders now expect the Bank of Canada to raise interest rates this week after the country’s labour market tripled expectations in June.

China is striking back in the ongoing technology war with the United States, raising concerns in the metals industry about potential new export restrictions on 'rare earths'. These rare earth elements, which consist of 17 chemical elements found in nature, have gained immense significance in the past decade due to their vital role in the manufacturing of various technologies such as cell phones, hard disks, electric vehicles, monitors, and military equipment.

By Tim Hepher

Vedanta said the Taiwanese electronic contract manufacturer Foxconn has withdrawn from a $19.5 billion semiconductor joint venture without elaborating on the reasons. Terming the Foxconn withdrawal as a ‘tragedy’ the Sena (UBT) leader Aaditya Thackeray said the project was completely feasible in Maharashtra and asked the Maharashtra government to clarify why it was suddenly shifted to Gujarat from a highly feasible location of Pune.

Goldman Sachs in a report on Monday said India, the fifth-largest economy, will become the second largest economy in the world by 2075 surpassing not only Japan and Germany but also the United States. According to the investment bank report the innovation and technology, higher capital investment and rising worker productivity to increase drastically due to the burgeoning population of the country. Currently, India is the world’s fifth-largest economy, behind Germany, Japan, China and the US.

NEW DELHI (Reuters) — Taiwan's Foxconn said on Monday it had withdrawn from a joint venture with conglomerate Vedanta (NYSE:VEDL), in a blow to Indian Prime Minister Narendra Modi's chipmaking plans.

Aurobindo Pharma said it has entered into an exclusive license agreement with the US-based BioFactura to commercialize BFI-751, a proposed biosimilar to Stelara (ustekinumab). Ustekinumab is used for treating Crohn's disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis.

India's Godrej Aerospace expects Rs 100 crore ($12.10 million) in revenue from civil aviation business in its current financial year, associate vice president Maneck Behramkamdin said on Monday.

After withdrawal of Taiwanese electronic contract manufacturer Foxconn from its chip joint venture, Vedanta on Monday asserted that it is fully committed to its semiconductor project and has lined up other partners to set up India’s first foundry.

Vedanta, it said on Monday in a setback to Prime Minister Narendra Modi's chipmaking plans for India. Foxconn, the world's largest contract electronics maker, and Vedanta signed a pact last year to set up semiconductor and display production plants in Modi's home state of Gujarat. Feb. 14, 2022: Foxconn partners with Vedanta to make semiconductors in India in a bid to diversify its business.

Investing.com — U.S. futures traded largely flat Monday, at the start of a week that includes the release of key inflation data. which could guide the Federal Reserve with its monetary policy, as well as the start of the new quarterly earnings season.