Page 2 - Mahindra And Mahindra

Ford hands over the wheels to M&M in $275 million deal for India JV

Ford will transfer India automotive assets to new entity; deal likely to be finalised by mid-2020.

Auto crisis: M&M to suspend production for up to 17 days this quarter

Mahindra & Mahindra on Friday said it will suspend production at its automotive manufacturing plants in the ongoing quarter, ranging between 8-17 days, in order to adjust production with sales requirements. The company had earlier said in August that it would be observing no production days for 8-14 days across its automotive sector plants in the July-September quarter. The home grown auto major would suspend production for three additional days during the quarter as compared to the disclosure made on August, 9, 2019, Mahindra & Mahindra said in a regulatory filing. Besides, the company said it will observe no production days in the farm equipment sector ranging between 1-3 days by end of this month. "The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements," it added. Earlier this week, Hinduja Group flagship firm Ashok Leyland had announced 16 non-working days at its ...

M&M to acquire 55% stake in Meru for cash consideration of Rs 201.5 cr

Homegrown utility vehicles major Mahindra & Mahindra is acquiring 55 per cent stake in ride hailing and radio taxi operator Meru Travel Solutions for a cash consideration of up to Rs 201.5 crore, according to a regulatory filing by the company. The company signed a share subscription and shareholder agreement on Saturday for subscribing up to 55 per cent of equity share capital of Meru Travel Solutions Pvt Ltd in tranches, Mahindra & Mahindra said in a BSE filing. Under the agreement, after investment of the first tranche in Meru, M&M will have the right to appoint majority of the directors on the board of Meru and will control its composition, it added. "Upon obtaining such right, Meru will become a subsidiary of the company," M&M said, adding subsidiaries of Meru -- Meru Mobility Tech Pvt Ltd, V-Link Automotive Services Pvt Ltd and V-Link Fleet Solutions Pvt Ltd -- would in turn also become subsidiaries of M&M. As per the filing, the acquisition will be through .

Mahindra and Mahindra's sales drop 25% to 36,085 units in August

The company had sold 48,324 units in the corresponding month last year, M&M said in a statement.

Mahindra and Escorts stocks rise 4% each, riding on higher volumes

Street expects upward revision in growth guidance if trend persists

M&M lays off 1,500 temporary workers, seeks govt stimulus for industry

Automobile sales in India witnessed its sharpest decline in nearly 19 years in July, dropping 18.71 per cent, rendering almost 15,000 workers jobless over the past two-three months as the sector reels

Amid slowing sales, carmakers fear fee hike will further dent demand

The draft notification proposes to increase the registration fees from Rs 1,500 to Rs 20,000 for new M&HCVs and from Rs 1,500 to Rs 40,000 for renewals

M&M consolidated PAT falls 52.56% in June quarter to Rs 894 over weak sales

Mahindra & Mahindra on Wednesday reported a 52.56 per cent decline in consolidated profit after tax to Rs 894.11 crore in the first quarter ended June 30, hit by lower vehicle sales. The company had posted a consolidated profit after tax of Rs 1,884.66 crore in the same quarter of the previous financial year, Mahindra & Mahindra said in a regulatory filing. Its total income during the period stood at Rs 26,289.48 crore as compared with Rs 26,260.64 crore in the corresponding quarter a year ago. In the first quarter, M&M said its total vehicle sales stood at 1,23,690 units as against 1,30,484 units in the year-ago period, down 5 per cent.

M&M Benefit Trust sells shares worth Rs 1,244 cr to Canada's CDPQ

Mahindra & Mahindra (M&M) Monday said M&M Benefit Trust has sold 1.92 crore shares in the company for Rs 1,244 crore to Canada's institutional investor CDPQ on the BSE. "The M&M Benefit Trust was created in July 2008 for the exclusive benefit of Mahindra & Mahindra Limited. The shares held by the trust were the outcome of various mergers and schemes of amalgamation. The trust held 10.36 crore shares of Mahindra & Mahindra," M&M said in a regulatory filing. The company said, according to the trust deed, the proceeds of the sale would be transferred to M&M, and be used by the company for its various operational requirements. After the transaction, the M&M Benefit Trust will hold 8.44 crore shares, representing 6.8 per cent of the equity capital of the company. The buyer is CDPQ, an institutional investor that manages funds for several public and para-public organisations, mainly pension and insurance plans, in Quebec, Canada. Created in 1965, CDPQ ...

M&M to roll out BS-VI-compliant models from Q2FY20: MD Pawan Goenka

Diesel vehicles will be expensive but not unaffordable, says MD Pawan Goenka

M&M to expand African footprint, plans manufacturing units in Sudan, Kenya

M&M plans to increase the number of factories in the Africa region and plans are afoot to have one each in Sudan and Kenya, said Mathew

Mahindra reports 3% decline in total sales at 45,421 units in May

Auto major Mahindra and Mahindra (M&M) Saturday reported 3 per cent decline in total sales at 45,421 units in May. The company had sold 46,848 units in the same month last year, M&M said in a statement. In the domestic market, sales were down 1.7 per cent to 43,056 units last month compared to 43,818 units in May 2018. Exports dropped by 21.9 per cent to 2,365 units as against 3,030 units in the year-ago month. In the passenger vehicles segment -- which includes UVs, cars and vans -- it sold 20,608 vehicles in May this year, against 20,715 vehicles in the same month last year. In the commercial vehicles segment, the company sold 17,879 vehicles as against 18,748 units earlier. In the medium and heavy commercial vehicles segment, M&M sold 637 vehicles for the month. "While consumer sentiment and demand continued to be subdued during the pre-election phase, our focus has been on correcting the channel inventory," said Rajan Wadhera, President, Automotive Sector, M&M ...

M&M, Ford ride together to build mid-sized SUV for India, emerging markets

The agreement reinforces the steady progress made since the formation of a strategic alliance between the two companies in September 2017

After GM's India exit, Ford-Mahindra 'strategic alliance' under spotlight

Tie-ups among auto firms haven't worked in India

M&M sales up 1% in March at 62,952 units, grew 11% in FY19

Mahindra & Mahindra (M&M) Monday reported one per cent increase in total sales at 62,952 units in March. The company had clocked total sales of 62,076 units in the same month last year, M&M said in a statement. Domestic sales rose marginally to 59,012 units as compared to 58,652 units in March last year, it added. Passenger vehicle sales last month stood at 27,646 units as against 26,555 units in the year-ago period, a growth of four per cent, the company said. Commercial vehicle sales declined four per cent to 24,423 units last month from 25,495 units in March last year. Export in March stood at 3,940 units as compared to 3,424 units in the same month last year, a growth of 15 per cent, M&M said. For the financial year ended March 31, 2019, the company posted sales of 6,08,596 units, up 11 per cent from 5,49,153 units in 2017-18. Total domestic sales rose nine per cent to 5,70,001 units in 2018-19 as compared with 5,20,932 units in 2017-18. Passenger vehicle sales ...

Mahindra launches lower version of SUV XUV500 priced Rs 8.49 lakh

The sub-4 meter segment already has the likes of the EcoSport from ford, Vitara Brezza from Maruti Suzuki and the Nexon from Tata Motors.

With XUV300, Mahindra and Mahindra eyes 20% share in compact SUVs

Mahindra will be offering the XUV300 in petrol and diesel variants

Mahindra to roll out new compact SUV called XUV300 in February

Auto major Mahindra & Mahindra Wednesday said its upcoming compact SUV named XUV300 will be launched in February next year. Built on the X-100 platform, which has produced SsnagYong Tivoli, the sub 4-meter SUV will be launched in both the petrol and diesel variants by mid-February next year. Mahindra's Korean subsidiary SsangYong has sold over 2.6 lakh Tivoli in over 50 countries since its launch in 2015. The compact SUV segment currently accounts for about 60 per cent in the over all SUV volumes, M&M managing director Pawan Goenka said, adding, the company looks to corner about 15 per cent market share of the segment with the new vehicle. "We have given some very advanced and unique features in our XUV300. So, within the compact SUV segment, we are going to position it as the premium product," Goenka told reporters. He said as of now the company does not have a very strong product in the compact SUV segment and XUV300 will fill this gap. The compact SUV ...

M&M, Ford strengthen their alliance in powertrain sharing, car solutions

The companies also announced the joint development of a telematics control unit

Market share a fictional goal, we will focus on products: Anand Mahindra

He pointed out that the new model had been co-developed across three continents, and signalled the company's arrival as a global player