Global Investors Meet: Tamil Nadu signs $4.4 billion investment deals with Tata Electronics, Pegatron, Hyundai Motors | Canada News Media
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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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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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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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

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

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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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