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Shares of Samvardhana Motherson International Ltd (SMIL) advanced 3.8% to their intraday high of Rs 137 on the BSE after the company stated that the recently announced US tariffs on imported products, including automotive components, are not expected to materially impact its financials at present.In a regulatory filing on Thursday, SMIL informed exchanges that a significant portion of its products supplied to U.S. customers are either manufactured domestically within the U.S. or are compliant with the United States-Mexico-Canada Agreement (USMCA). Based on this, the company has assessed that the Executive Orders issued by the U.S. government imposing tariffs are unlikely to have a significant financial effect.“The U.S. Government via Executive Orders announced tariffs on imported products from various countries globally, including automotive components, which may be subject to modifications from time to time. A significant part of the products supplied by the Company and/or its subsidiaries to its various customers in the U.S are either manufactured in the U.S. or are United States-Mexico-Canada Agreement (“USMCA”) compliant and therefore as per our present assessment the said Executive Orders may not have any material impact on the financials of the Company,” the company said in an exchange filing.However, the company cautioned that the actual impact going forward would depend on the scope and details of the executive irders, including any changes to inclusions or exclusions of products, tariffs, and territories.Also read: Project pipeline, rentals keep DLF on Street radarOn Thursday, the shares of SMIL fell sharply, triggered by the impact of US tariffs on the company. However, the stock managed to reverse its early losses, following a favourable view for CLSA, which expects its shares to potentially double over the next three years.The shares of SMIL closed 2.22% lower at Rs 132 on the BSE on Thursday.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Chinese President Xi Jinping met with global CEOs in Beijing on Friday, Xinhua reported, without providing any details. The meeting followed last weekend's China Development Forum (CDF), a flagship business event that this year saw Premier Li Qiang urge countries to open their markets and combat "rising instability and uncertainty". China's leader has taken it upon himself in recent months to reassure and energise businesses both foreign and domestic. Last month Xi held a rare pro-business meeting with some of the biggest names in China's technology sector, including Alibaba's Jack Ma, urging the entrepreneurs to "show their talent" and be confident in the power of China's model and market. Friday's gathering also followed a similar meeting last year, which saw the first meeting between Xi and foreign business leaders after the annual business forum, an assignment previously delegated to the Premier, the top leader's second in command. An all-American contingent of 18, including Blackstone's Stephen Schwarzman, FedEx CEO Raj Subramaniam, Qualcomm CEO Cristiano Amon, and Harvard Professor Graham Allison, had a 90-minute audience with Xi in March last year. (Reporting by Xiuhao Chen and Ryan Woo; Editing by Himani Sarkar and Saad Sayeed)