Saturday, October 17
Mumbai: Graphite electrode manufacturers HEG and Graphite India surged on Monday in weak trading following news reports that Japan's Resonac Holdings will shut down its China and Malaysia plants. Resonac is a major producer of graphite electrodes, used for electric arc furnace (EAF) steelmaking.Shares of Graphite India jumped 15.1% to close at ₹560. HEG shares advanced 7.7% to end at ₹528.3."Resonac's Chinese and Malaysian plants account for about one-third of the company's total graphite production," said Manish Chowdhury, head of research at Stoxbox. "While the global supply of graphite will go down post this move, demand remains intact, in tandem with demand for metals and other industrial usages, which can now be fulfilled by Indian companies." Chowdhury expects prices of graphite
Kannada actress Ranya Rao on Tuesday was granted default bail by a Bengaluru court in connection with a gold smuggling case, but with strict conditions attached. The case surfaced on March 3, when Ranya, also known as Harshavardhani Ranya, was arrested at Kempegowda International Airport in Bengaluru with 14.8 kilograms of gold allegedly smuggled from Dubai.Earlier, on April 26 the Bengaluru High Court had rejected Rao's bail plea.On March 14 and 27, Ranya Rao’s bail pleas were also rejected by the Special Court for Economic Offences and the Sessions Court, respectively. Tarun Raju, a US citizen and a co-accused in the case, was also denied bail on April 7.Meanwhile, Ranya’s counsel has accused the DRI of document manipulation and argued the offences are compoundable. Meanwhile, on Apr
Key iPhone maker Foxconn is making a $1.5 billion investment to expand its focus on India as Apple looks to mitigate geopolitical and tariff risks by shifting production away from China.The Taiwanese tech giant said its Singapore-based subsidiary had picked up 12.7 billion shares in its India unit, resulting in an injection of about $1.5 billion.The India unit, known as Yuzhan Technology India, makes components for smartphones in the southern state of Tamil Nadu, according to local media reports.No other details regarding the investment were offered in a filing with the Taiwan stock exchange on Monday.India has sought to position itself as an alternative manufacturing base to China.New Delhi's attempts to offer billions in subsidies to incentivise domestic manufacturing have resulted in a
