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5 Top Stories

Maruti Suzuki to Double Output; Toyota Glitch; BYD Shares Jump.

Every day, we handpick the 5 Top Stories stock market investors need to know. In 5 minutes, you’ll learn the stocks, CEOs, and money managers moving markets.

Maruti Suzuki to Double Output by 2031

India’s biggest automaker, Maruti Suzuki India [MARUTI.NS], announced on Tuesday that it will invest ₹450bn in doubling its annual production capacity, with a view to producing 4 million vehicles by 2031. The firm expects its revenue to double as a result. It is building a factory in the northern state of Haryana and is in the process of choosing a site for a second new plant. Meanwhile, Maruti is playing catch up in the electric vehicle (EV) market: its first model is set to launch in 2024–25.

Toyota Shares Wobble after Glitch

A system glitch that made it impossible to order parts halted production across 12 of Toyota’s [TM] 14 domestic plants on Tuesday. Shares in the company fell as much as 0.8% when the error was announced, but regained ground by closing, when they were down just 0.2%. Toyota announced that production would be suspended overnight, but by Wednesday all 14 plants will be back online. A spokesperson said that the glitch was not thought to be the result of a cyberattack.

BYD Shares Jump after Eyepopping Profits

Chinese EV maker BYD [BYDDF] posted a 204.68% jump in profit during the first half, driven by record-breaking deliveries. Following the announcement, Hong-Kong-listed shares rose by 5.6%, while Shenzhen-listed shares were up as much as 4.75%. Elsewhere, BYD’s electronics arm agreed to buy the US’ Jabil Inc.’s [JBL] manufacturing business in China for some ¥15.8bn ($2.2bn). Jabil’s withdrawal from the market is the most recent in a series of US manufacturer retreats from China.

Asset Managers’ ESG Backlash

A growing number of US companies use ESG to decide executive bonuses. However, such metrics are often “subjective, fluffy and easily gamed”, as Ben Colton, Head of Stewardship at State Street Global Advisors, told the Financial Times. Asset manager Vanguard has cut support for shareholders’ ESG resolutions to 2%, saying such proposals could be “overly prescriptive”. In this, Vanguard follows on the heels of BlackRock, which has, however, sparked a backlash with its own anti-ESG stance. Lastly, Nomura Asset Management was granted approval to list Japan’s first two actively managed ETFs.

Catalent Makes Deal with Elliott; Pure Health buys Circle Health

Pharma firm Catalent [CTLT] is close to reaching a deal with activist investor Elliott Investment Management; the deal will include four new directors, proposed by Elliott, and a commitment to reviewing the sale of the company, which is the target of takeover interest. Elsewhere, the United Arab Emirates’s Pure Health continues its international expansion after it agrees to buy the UK’s Circle Health Group from US-based Centene [CNC] for $1.2bn.

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