Page 5 - Mahindra & Mahindra

M&M hits new high on strong Feb auto sales; soars 20% in 1 month

The company reported a healthy 24 per cent YoY growth in total auto sales at 72,923 vehicles for the month of February 2024.

JSW Group, Volkswagen begin talks to set up electric vehicle joint venture

Talks with JSW came within days of the German carmaker announcing it would supply components for EVs and battery cells to Mahindra & Mahindra

Mahindra partners with Volkswagen to get electric components, battery cells

BERLIN (Reuters) -Volkswagen and Mahindra & Mahindra Ltd have signed a supply agreement on the use of key electric components of the German carmaker's open platform for electric vehicles (EVs), the companies said in a statement on Friday.

M&M hits new high, up 12% in 2 days; strong Q3, Volkswagen deal aid buying

M&M and Volkswagen have signed supply agreement on the use of key electric components of the German carmaker's open platform for electric vehicles (EVs).

Strong auto business likely to offset tractor slowdown for M&M stock

The auto business is expected to be the growth driver for the next two years due to a healthy order backlog and new launches

Mahindra & Mahindra rallies 6%, nears record high on solid Q3 performance

The company said the automotive business continues to gain market share with SUV at 21.0% and LCV at 49.6%, and the farm market share has improved 80 bps to 41.8% despite a decline in the industry.

Mahindra & Mahindra's Q3 result: Profits up 60%, miss expectatios

The 'Scorpio' SUV-maker's standalone profit after tax rose 60.6 per cent to Rs 2,454 cr ($295 million) in the three months to Dec. 31, missing analysts' estimate of Rs 2,512 cr, per LSEG data

Mahindra Group appoints Amarjyoti Barua as group chief financial officer

Mahindra Group on Friday announced the appointment of Amarjyoti Barua as its Group Chief Financial Officer with effect from May 17 this year. He will be replacing Manoj Bhatt, who is appointed as Managing Director and CEO of Mahindra Holidays & Resorts India Ltd (MHRIL) succeeding Kavinder Singh, the company said in a statement. The change of guard at MHRIL comes following Singh's resignation, according to Mahindra Group. Appointments of Barua and Bhatt are effective from May 17. Currently, Barua is serving as Executive Vice President for Group Strategy. "Talent Development is a key priority at the Mahindra Group, which has enabled us to attract and retain top talent. In addition to world-class development programs, we have mapped career paths for each leader, which include experience across multiple roles," Anish Shah, Group CEO and Managing Director of M&M, said. The company also said, Vimal Agarwal, CFO of Mahindra Lifespaces Developers Ltd (MLDL), will move as CFO for ...

Auto cos seek continued push to green mobility, infra development in Budget

The government needs to continue with favourable policies to promote green mobility while also focussing on infrastructure development at a robust pace in the upcoming Budget, according to some leading firms in the automobile space. The Union government is all set to present the interim budget on February 1. "We expect capex on infrastructural projects to continue, aiding the automotive sector. The policy push for green mobility should remain a key focus for the government, encouraging faster adoption of electric vehicles," Mercedes-Benz India MD and CEO Santosh Iyer said. The luxury car industry has a significant value contribution to the GDP and the segment aspires for a rationalised duty structure and GST on priority, he added. "Overall, we expect consistency in various policies and no surprises in the upcoming budget," Iyer stated. Luxury vehicles currently attract the top GST slab of 28 per cent with an additional cess of 20 per cent on sedans and 22 per cent on SUVs, taking

Mahindra expects to sustain growth momentum in SCV segment in FY25

Mahindra & Mahindra expects to sustain growth momentum in the small commercial vehicles segment in the next fiscal, as it looks to keep refreshing the range as per customer needs, a senior company official said on Thursday. The company on Thursday introduced the new Supro Profit Truck Excel series, available in both diesel and CNG Duo variants, priced between Rs 6.61 and Rs 6.93 lakh, respectively. The Small Commercial Vehicles (SCVs) are designed to cater to the needs of last-mile connectivity. "We are expecting the industry to grow 5-10 per cent next fiscal and we would like to do better than that," Mahindra Auto Vice President and Head of Sales Baneshwar Banerjee told PTI. He said the company keeps working towards continuous interventions in its product range as per customers' requirements. As part of that, the company plans to introduce air conditioning in its pick-up range in the coming months, Banerjee said. He noted that while the industry has witnessed a 22 per cent dip

Mahindra Aerostructures to supply 5,000 varieties of components to Airbus

Mahindra Aerostructures will supply close to 5,000 varieties of metallic components to Airbus in Germany, under a new manufacturing and supply contract with the European aviation major, the company said on Wednesday. The latest award from Airbus Aerostructures GmbH covers all Airbus commercial aircraft models, including A320 family aircraft, Mahindra Aerostructures Pvt Ltd (MASPL) said in the statement. The contract adds to existing MASPL programs to deliver parts directly to Airbus at their facilities in Toulouse, France, it said. "With this new contract we further expand our relationship (with Airbus Aerostructures Gmbh) and increase our participation in the 'Make In India' initiative of the Indian government. We look forward to delivering on our commitments and continuing this journey of collaborative growth," said Vinod Sahay, President, Aerospace & Defence & CPO, Auto & Farm Sectors, Mahindra & Mahindra Ltd. The Bengaluru-based MASPL has been a direct supplier to .

Auto sector will contribute to India's rise as 3rd largest economy: Pandey

The Ministry of Heavy Industries is overseeing the Rs 25,938 crore Production Linked Incentive (PLI) scheme for Automobile and Auto Components (PLI-AUTO Scheme)

M&M calls for level playing field for EVs amid Tesla's India entry plans

DAVOS, Switzerland, Jan 16 (Reuters) - Indian automaker Mahindra & Mahindra has told the government there must be a level playing field between domestic and foreign players and local manufacturing must be promoted, a top executive said, as New Delhi seeks to lure carmakers such as Tesla.

India-Japan Fund to invest Rs 400 crore in Mahindra & Mahindra's unit

Mahindra & Mahindra on Thursday said India-Japan Fund will invest Rs 400 crore in its unit Mahindra Last Mile Mobility Ltd. India-Japan Fund (IJF) will invest Rs 400 crore at a valuation of up to Rs 6,600 crore, resulting in IJF's ownership ranging between 6.06 per cent and 8.25 per cent stake in Mahindra Last Mile Mobility Ltd (MLMML), Mahindra & Mahindra (M&M) said in a statement. The Mumbai-based automaker and IJF, a fund managed by National Investment and Infrastructure Fund Ltd (NIIF), have executed a binding agreement in this regard, it added. MLMML houses the automaker's last-mile mobility business, including three-wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto) brands. "The robustness of our business model has attracted marquee investors such as IFC in the past and now IJF, which will help us move closer to our mission to be 'Planet Positive' by 2040," Mahindra Group's Group Chief Executive Officer and Managing Director Anish Shah said. IJF is a Rs 4,900 ...

NIIF's India-Japan Fund to put Rs 400 cr in M&M's last-mile mobility arm

IJF will invest Rs 400 crore at a valuation of up to Rs 6,600 crore, resulting in ownership ranging between 6.06 per cent and 8.25 per cent stake in MLMML

Mobileye agrees to supply ADAS tech to M&M as it eyes growth in India

Mobileye also forecast a decline in sales of 50% year-on-year in the current first quarter as customers and automakers work through a backlog of ADAS chips and have stopped placing orders

World needs India to become reliable challenger to China: Anand Mahindra

The world needs India to become a reliable challenger to China's supply-chain dominance, which will provide a great opportunity in 2024 and investment will flow into the country in unprecedented volumes, according to Mahindra Group Chairman Anand Mahindra. In his New Year message, Mahindra also said all signs point to the Indian economy achieving "the mythical lift-off that we have been awaiting, for decades" and predicted that in 2024 "companies that are able to create a portfolio of desirable products both in features and price will face the happy challenge of raising their production to meet demand". Stressing that "a New Year is special because it always symbolises a new beginning", he said, "No matter how dark the year has gone by, the human spirit has an abiding capacity for hope. 2023 was a year characterised by conflict, climate change and a sluggish post-Covid recovery. The year ended with the world crying out for renewal." The first day of the new year opens a new chapter,

M&M December sales: Domestic SUVs sales up 24% Y-o-Y on strong demand

Cars and vans saw a significant drop of 97 per cent Y-o-Y sales, with the company only selling three units in the last month of the calendar year

Automobile major M&M gets Rs 4.12 crore tax penalty; company to challenge

Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the office of the Deputy Commissioner, State Tax, Audit Wing, Indore-01, Madhya Pradesh imposing a penalty amounting to Rs 4,11,50,120 to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company. One of the reasons for imposing the penalty is that the "invoices basis which Input Tax Credit (ITC) has been claimed by MTWL are not reported by vendors in GST returns and thus are not appearing in auto populated GSTR-2A". Also, another reason is that the "carry forward of Education Cess credit balance (is) not allowed from pre-GST regime to GST regime". Based on its assessment, M&M said "an appeal

Mahindra & Mahindra gets Rs 56 lakh tax penalty, company to challenge

Mahindra & Mahindra Ltd on Thursday said it has been imposed a penalty of over Rs 56 lakh for wrongly carrying forward input service distributor credit available in pre-GST into GST regime with regards to its two-wheeler business. The company has received an order from the office of the Assistant Commissioner, Division-IV, CGST & Central Excise, Ahmedabad South imposing a penalty amounting to Rs 56,04,246 in relation to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with M&M, Mahindra & Mahindra said in a regulatory filing. "The order has been passed on the basis that closing balance of Input Service Distributor (ISD) credit available in pre-GST regime was wrongly carried forward into GST regime," it added. The company further said based on its assessment, an appeal will be filed and it is "hopeful of a favourable outcome at the appellate level and does not reasonably expect the said order to have ...