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Global Investors Meet: Tamil Nadu signs $4.4 billion investment deals with Tata Electronics, Pegatron, Hyundai Motors

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10 months ago

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CHENNAI : India’s southern state of Tamil Nadu has signed investment pacts worth more than $4.39 billion with firms such as Apple suppliers Tata Electronics and Pegatron, as well as auto major Hyundai Motors, it said on Sunday.

Apple is counting on India as the next big driver of its growth as the tech giant looks to diversify some production away from China, with Pegatron working towards a second factory in the country where Tata Group last year began to assemble iPhones.

Tata Electronics, a part of the Indian conglomerate, committed to invest ₹12,080 crore for mobile phone assembly operations, the state government said during the signing of the agreements.

“The Tamil Nadu government will support investors in every way possible,” Chief Minister M. K. Stalin said at the event, adding that it sought to play a major role in India’s growth.

Pegatron, Apple’s Taiwan supplier, will also invest ₹1,000 crore to expand production, the government added.

Separately, Tata Power is exploring investments up to ₹70,000 crore in Tamil Nadu over the next several years, including investments made in some existing projects, its chief executive officer and managing director Praveer Sinha said at a press briefing at the event.

The pacts, unveiled at a meeting of global investors, are projected to generate thousands of jobs in the state.

The state’s summit comes days before another investment summit in Prime Minister Narendra Modi‘s home state Gujarat where hundreds of domestic and foreign investors are expected to attend.

Sunday’s deals in Tamil Nadu include an agreement with JSW Energy to invest ₹12,000 crore to develop renewable energy projects.

Auto major Hyundai Motors also committed ₹6180 crore, some of it earmarked for electric vehicle (EV) battery and car manufacturing, the government added.

On Saturday, Vietnamese EV maker VinFast agreed to set up its first manufacturing facilities in India and work toward an investment of up to $2 billion in Tamil Nadu, as more companies seek to penetrate the world’s third-largest vehicle market.

Nike shoemaker Hong Fu is set to sign a pact with the state to invest nearly ₹1,040 crore in India, with another ₹1660 crore expected soon, Aqeel Panaruna, chairman of Florenece Shoe – the company’s India partner – said at the event.

 

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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6 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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2 weeks ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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2 weeks ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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