In today’s briefing:
- Ohayo Japan | Marginal Gains Ahead of Tariff Announcement
- Japan Morning Connection: Pre-Tariff Relief Rally Will Start Japan Higher to Start
- ₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain
- Monday Delight: 31/03/25
- Japan Shopping Mall Sector in 2025: Robust Sales, Fewer Doors
- Electrifying 2W Sales in March – Bajaj Auto Takes the Lead
- CHMP Meeting Update: Five New Medicines Recommended for Approval, Rejects Kisunla Application
- What’s New(s) in Amsterdam – 1 April (dsm-firmenich | Shell)
Ohayo Japan | Marginal Gains Ahead of Tariff Announcement
- US stocks closed mixed, with the S&P 500 rising 0.4% to 5,633 and the Nasdaq Composite rebounding 0.9%
- OpenAI announced a $40 billion investment round, valuing the company at $300 billion – nearly double its $157 billion valuation from October 2024
- Mitsubishi Heavy Industries has secured a ¥32 billion contract with Japan’s Ministry of Defense to develop a new ground-launched missile
Japan Morning Connection: Pre-Tariff Relief Rally Will Start Japan Higher to Start
- Micron higher on brighter industry guidance for DRAM, with NAND hikes also due this month.
- Sanken +10.75% yesterday with MS now on board for ON semi’s pursuit of Allegro Microsystems.
- Bullish broker initiation for space defence laggard play -83% below 2024 highs.
₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain
- India approved a INR 22,919 crore PLI scheme for non-chip electronic components, targeting PCBs, display modules, resistors, and more moving beyond finished goods to core sub-assemblies.
- This marks a critical shift toward deep localization and import substitution, enhancing India’s value capture, margins, and positioning in the global electronics supply chain.
- This PLI redefines India’s electronics play from low-margin assembly to high-value component manufacturing—benefiting players like Dixon, Amber, and Kaynes, and supporting a strategic export pivot.
Monday Delight: 31/03/25
- Piaggio likely needs no introduction, as it is the company behind the iconic Vespa scooter.
- In addition to Vespa, Piaggio owns the motorcycle brands Aprilia and Moto Guzzi, though approximately 50% of its revenue comes from scooter sales.
- The strength of Piaggio’s brands is reflected in its exceptional Return on Invested Capital (ROIC) of over 30%.
Japan Shopping Mall Sector in 2025: Robust Sales, Fewer Doors
- The number of new mall developments in 2024 in Japan held steady but will collapse in 2025 due to higher costs, lower demand and a lack of labour.
- At the same time, for existing malls, sales were robust through 2023 and 2024 and look set to continue at higher levels despite consumer restraint.
- Both locals and tourists alike use malls for leisure, entertainment and shopping and, as the number of malls falls, and upgrades continue, efficiency is improving.
Electrifying 2W Sales in March – Bajaj Auto Takes the Lead
- March recorded the highest electric two-wheeler sales since the last festive season. But will this momentum sustain, or is it just a year-end sales push?
- EV penetration in two-wheeler sales has reached its highest level in the financial year 2025.
- Bajaj Auto Ltd (BJAUT IN),TVS Motor (TVSL IN) are the top picks in the electric two wheeler category.Ola Electric (OLAELEC IN)has been the most inconsistent player despite having major volumes.
CHMP Meeting Update: Five New Medicines Recommended for Approval, Rejects Kisunla Application
- CHMP has recommended five medicines for approval at its March 2025 meeting, including two innovative drugs and three biosimilars.
- The Committee Recommended not granting a marketing authorization for Eli Lilly’s Kisunla (donasemab), a medicine intended for the treatment of early Alzheimer’s disease.
- The committee recommended extensions of indication for seven medicines that are already authorized in the EU, while recommended to refuse extending the marketing authorisation for Pemazyre for myeloid/lymphoid neoplasms.
What’s New(s) in Amsterdam – 1 April (dsm-firmenich | Shell)
- On February 13, 2025, when publishing in FY24 results, dsm-firmenich announced its intention to repurchase ordinary shares with an aggregate market value of EUR 1bn and reduce its issued capital.
- This share repurchase program will start for an initial EUR 500m and will be increased to EUR 1bn upon the completion of the previously announced sale of the company’s stake in the Feed Enzymes Alliance.
- As of today, April 1, 2025, the company intends to begin repurchasing ordinary shares for a total amount of EUR 580m, of which EUR 80m to cover commitments under the Group’s share-based compensation plans and EUR 500m to reduce its issued capital.
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