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Canon in talks with Indian, global players to supply chip making machine
Canon is exploring partnerships with Indian and global players for semiconductor lithography equipment essential in chip fabrication, aiming to challenge ASML. The company is in talks with semiconductor firms investing in India, including Tata Group and PSMC. Canon also launched Canon Medical Systems India to meet the rising demand for medical equipment, targeting key markets like Chennai, Hyderabad, and Mumbai.
Consumer firms plan IPO; startups on poll mandate
India's public market will see about a dozen consumer companies make a debut on the bourses. More on this in today's ETtech Top 5.
AP fire-hit Foxlink back on track with a new Tamil Nadu plant
Apple supplier, Foxlink of Taiwan, is setting up a new factory in Oragadam, close to Chennai. This move comes as part of a fresh expansion plan following a destructive fire at their facility in Tirupati, Andhra Pradesh, last year.
Ola CFO exits; India’s data centre edge
Kartik Gupta, chief financial officer, Ola Cabs has stepped down, just two weeks after chief executive Hemant Bakshi’s exit. This and more in today’s ETtech Top 5.
Zoho plans $700 million foray into chipmaking
Indian software giant Zoho is considering a $700 million investment in chip manufacturing, focusing on compound semiconductors for specialized applications. The proposal, under review by India's IT ministry, aligns with the country's semiconductor agenda, aiming to compete globally. Zoho seeks government incentives to establish the operation, aiming to diversify its business.
Coromandel International increases stake in climate-smart tech startup Ecozen
Clocking a turnover of Rs 274 crore in FY23, Ecozen aims to expand its offerings and venture into markets such as Africa and Southeast Asia in the future.
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Tata Electronics begins export of semiconductor chip samples from Bengaluru centre
Tata Electronics, a company based in Bengaluru, India, has begun exporting small amounts of semiconductor chips. This is a significant step that could improve India's ability to produce these important components. The chips are being packaged at a pilot production line located at Tata Electronics' research and development center. This information comes from people with knowledge of the situation but who do not want to be identified publicly.
ETtech Explainer: Behind Apple’s search for Indian iCamera maker
Manufacturing and assembling camera modules is a complicated process involving multiple specialised components. Apple's move to possibly look at onboarding two Indian corporates to court Apple could be a catalyst for the country’s high-end manufacturing ambitions.
Kaynes SemiCon OSAT to move from Telangana to Gujarat: Sources
Kaynes broke ground in Kongara Kalan near Hyderabad in October last year and proposed to invest Rs 2,850 crore there.
Groundbreaking for three semiconductor plants likely next week
Of the three semiconductor projects, two are from the Tata Group. They include an $11 billion semiconductor fab facility, the country's first, at Dholera in Gujarat. The other unit proposed by the conglomerate involves a Rs 27,000 crore chip assembly, testing, marking and packaging facility at Morigaon in Assam
EQT-Temasek to sell green venture O2 Power
Barclays has been appointed to initiate a formal sale process. Approaches will be made to global infrastructure funds and energy companies. This comes as close to a dozen transactions centred on renewable assets in India are at various stages of implementation. Those involved include the Aditya Birla Group, Brookfield and Macquarie Infrastructure among others.
CG Power and Industrial Solutions to form JV for OSAT facility in India
CG Power and Industrial Solutions, Renesas, and Stars Microelectronics signed a Joint Venture Agreement to establish an Outsourced Semiconductor Assembly and Test facility in Sanand, Gujarat, India. The facility will manufacture a wide range of products and cater to various industries.
CG Power shares surge 11% after government’s nod to semi-conductor facility
Shares of CG Power and Industrial Solutions rose 12% after announcing a JV with Renesas Electronics and Stars Microelectronics to build a semiconductor facility in Sanand, Gujarat. The JV will invest Rs 7,600 crore over five years and aims to diversify into semiconductor manufacturing, leveraging the partners' technology and expertise.
Rs 4,770-crore jolt! Power sector biggest casualty of FPI selling in Q3
FPIs sold power sector stocks to the tune of Rs 2,869 crore and Rs 2,952 crore in October and November, respectively after a massive Rs 9,731 crore selloff in September. Although, they re-entered the sector in December to buy shares worth Rs 1,051 crore.
CG Power files application with MeitY for semiconductor assembly, test facility
The estimated investment on the project over five years is $791 million (Rs 6,592 crore) and the same is expected to be funded by a combination of subsidy, JV partners’ equity contribution and debt, as required.
Court accepts plea to dissolve CG Power Solutions
The tribunal had also allowed the lenders' plea to pursue recovery against the erstwhile promoters under the bankruptcy laws even after the dissolution of the company. Originally, the company had only two creditors including its holding company CG Power & Industrial Solutions and its financial creditor Stickwell (India).
Murugappa family completes the family arrangement with the family branch of late M V Murugappan
The Murugappa family has announced the successful completion of a family arrangement, resolving the longstanding issues with the family branch of the late MV Murugappan. Legal proceedings between the family groups will be withdrawn, and pending formalities will be settled in the coming days. Notably, the family arrangement does not impact the management or control of any listed companies within the Murugappa Group.
Which corporate group to bet on for the next 3-5 years? Sandip Sabharwal answers
“What happens in all these financial companies is that when they raise money at a higher book value, then on price to book, they start looking cheaper, that is what happened with Bajaj Finance and it rallied and Chola is doing the same thing. So, many of these companies are just taking advantage of the very high price to book they are getting to raise capital.”
Montra Electric, Exponent Energy join hands to develop tech to charge electric three-wheelers in just 15 minutes
Murugappa Group's EV brand, Montra Electric, has partnered with Exponent Energy to develop rapid charging electric three-wheelers in India. The three-wheelers will feature Exponent's 8.8 kWh battery and can be charged from 0-100% in just 15 minutes at Exponent's EV charging stations.
Murugappa family ends dispute with Valli Arunachalam
The communique, which did not reveal the terms of the agreement, said this will also bring to a close legal challenges including that mounted by family scion Valli Arunachalam following the death of her father and group patriarch MV Murugappan in 2017.
Murugappa family agrees on terms of family arrangement with the family branch of late M V Murugappan
The family members of the Murugappa family have agreed to settle disputes and differences in order to "maintain overall harmony within the family". As part of the family arrangement, all legal proceedings between family members will be withdrawn, and no listed company in the Murugappa Group will be a party to the agreement. The family arrangement comes after Valli Arunachalam, a scion of the group, had moved the National Company Law Appellate Tribunal alleging oppression and seeking representation on the holding company, Ambadi Investments.
Promoter pledge in these 5 cos significantly down in FY23, stocks turn multibaggers
Several BSE500 companies, including Apollo Tyres, Jindal Stainless, NCC, Suzlon Energy, and CG Power and Industrial Solutions, saw their stocks turn multibaggers after a significant reduction in the pledge shares of promoters in the last four quarters. Lemon Tree Hotels also saw considerable fall in pledge shares. The efforts taken by corporates and promoters to deleverage balance sheets in recent years is one of the major factors that has put India in a better position compared to its emerging market peers. India’s major transformation includes Make in India, GST, digitalization, new bankruptcy law, and a sharp decline in corporate balance sheet leverage.
BoB, CG Power likely to enter MSCI India Index
The inclusions are expected to result in inflows of $148 million in Bank of Baroda and $150 million in CG Power, while the exclusion of Biocon could lead to an outflow of $66 million, said the brokerage.
BoB, CG Power may join MSCI Standard index
"Baring the Adani group stocks, most of the other inclusion names have traded in a narrow range up until six months post-rebalance," said Pagaria. "It is quite evident that most of the gains on long side can only be made through pre-emptive bets, while post announcement until the next few months, the stocks tend to languish or trade under pressure."
Ahead of Market: 10 things that will decide D-St action on Friday
“Nifty remained volatile throughout the session with mostly a bearish bias as it closed below the crucial short-term moving average (50 EMA). The daily RSI is in bearish crossover on the daily timeframe, suggesting sluggish momentum," says Rupak De, Senior Technical Analyst at LKP Securities
CG Power case: Sebi slaps 5-year mkt ban on Gautam Thapar; penalises 11 entities
Sebi said it has banned Gautam Thapar, Avantha Holdings, Action Global and Solaris Industrial Chemicals from the securities markets for 5 years. A fine of Rs 10 crore has been imposed on Thapar, while the three other entities have been slapped with a penalty of Rs 5 crore each.
Tube Investments to leverage Murugappa Group firms to boost EV business
The financing expertise of Cholamandalam Investment & Finance Co will help the company fund its customers, TII executive chairman Arun Murugappan said. Group companies CG Power and Shanthi Gears can help make motors and gearboxes for the electric vehicles.
Tube Investments reports standalone Q1 PAT at Rs 134.32 cr
The engineering business reported revenues during the quarter ending June 30, 2022 at Rs 1,244 crore as compared to Rs 815 crore registered in same period last year.Revenues from the metal formed products was at Rs 335 crore during the April-June 30,2022 period as against Rs 245 crore registered in the corresponding period year ago.
CG Power Q3 Results: Net profit jumps 28% to Rs 546 crore
The consolidated results include the performance of the operating subsidiaries in USA (QEI, LLC) and in Sweden, Germany and Netherlands (Drives and Automation Europe) and other non-operating and holding subsidiaries, the filing said.
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