Indian auto major, Mahindra & Mahindra (M&M) has said that it will be forced to modify its models in order to avoid higher excise duty on its SUV models.
New Delhi, May 1 : Automobile manufacturer Mahindra and Mahindra Wednesday reported a two percent rise in total sales for April at 41,432 units from 40,715 off-take in the corresponding month of 2012.
"We remain cautiously optimistic of the current situation and do hope that with the much awaited and needed reduction in interest rates announcement by the RBI (Reserve Bank of India) next week, the auto industry will look up," said Pravin Shah, chief executive, automotive division, Mahindra and Mahindra.
According to several reports, some leaked pictures of Mahindra and Mahindra's Verito Vibe hatchback have appeared on several websites on the internet.
Bloggers and enthusiast say that the pictures shows that the Verito Vibe has much C pillars than a traditional hatchback model. It appears to be another version of Verito sedan with a rear that can be best described as moderate. The upcoming Verito Vibe, which is likely to compete with the likes of Maruti Suzuki Swift, the Chevrolet Sail and the Hyundai i20, will be launched next month.
Mumbai, April 3 : The $15.9 billion Mahindra group Wednesday announced that S. P. Shukla will head Mahindra Defence Systems (MDS), a wholly owned subsidiary which is today regarded as a major Indian player in the Indian defence sector.
Shukla, who earlier headed the group's strategy function, has been redesignated as president - Group Strategy, Defence Sector and Chief Brand Officer.
New Delhi, April 1 : Automobile manufacturer Mahindra and Mahindra Monday reported an increase of 17 percent in its total sales for the last financial year -- up from 483,164 units sold in 2011-12 to 563,373 units.
"We are happy to have crossed the half-million sales mark for the first time, during FY 2012-13, given the challenges and the pressures the auto industry is currently facing," said Pravin Shah, chief executive, automotive division, Mahindra and Mahindra.
India’s automotive giant, Mahindra & Mahindra has announced the launch of its new electric four seater passenger car called, e2o in the national capital, Delhi today.
The Mahindra e2o (energy to oxygen) model is developed by Reva Electric Car Company, which has been renamed Mahindra Reva Electric Vehicles. The Reva Electric Car Company had developed the model as NXR for the Indian market. The Mahindra e2o will replace REVAi and will become the most cost effective car to own in the country.
Workers at the Nashik plant of automaker, Mahindra & Mahindra (M&M) have gone on strike to demand higher wages from the management after discussions did not lead to acceptable solution.
Indian automotive major, Mahindra & Mahindra has said that it is planning to invest about $900 million during the coming four to five years its SsangYong Motor unit.
The company is looking to develop three new vehicles and six engines at its unit in South Korea. Pawan Goenka, President for Automotive & Farm Equipment sectors, M&M said that the funds for the investment will come from internal accruals, fresh equity and debt.
PC Jeweller stock debuted the stock exchanges today with a premium of Rs 5 for retail investors. The company raised Rs 600 crore with public issue at a price of Rs 135 per share. Retail investors were given discount of Rs 5 per share.
The stock managed to rise during the afternoon session and touched intraday high of Rs 154.70 till 2.30 pm IST.
CARE received very good response in the secondary markets.
Mahindra & Mahindra (M&M), India's leading utility vehicle manufacturer, has announced its decision to buy Navistar Group's stake in their two joint ventures in India, viz. Mahindra Navistar Automotives Limited (MNAL) and Mahindra Navistar Engines Private Limited (MNEPL).
M&M said it would acquire the 49 per cent stake held its US-based partner Navistar in both JVs for Rs 175 crore (around $33 million).
The Mahindra-Navistar 51:49 per cent stake MNAL and MNEPL JVs were formed in 2005 and 2007, respectively.
Indian auto giant, Mahindra & Mahindra has said that it will soon acquire the stake of its US based partner, Navistar Group from their two joint ventures between the two companies.
Mahindra & Mahindra will acquire Navistar's stake in joint ventures for manufacturing of truck and buses, and engines in a deal valued at Rs 175 crore in $33 million. M&M President for Automotive and Farm Equipment Sectors, Pawan Goenka described the deal as a friendly buyout as Navistar is looking to focus on its core business activities.
Private equity fund Investindustrial is close to sign a stake deal with British sportscar manufacturer Aston Martin, three unnamed sources with direct knowledge of the matter said.
Citing unnamed sources, the Financial Times reported on Thursday that Investindustrial would acquire a 37.5 per cent stake in the iconic sportscar brand from Kuwaiti investment house Investment Dar - Aston's current owner.
Mahindra & Mahindra (M&M) is eagerly racing to acquire a stake
in British luxury car maker Aston Martin in a bid to raise its profile
in the global market.
The Mumbai-based mergers and acquisitions
head at a US bank, who has worked with M&M, said that M&M
chairman Anand Mahindra wanted to get iconic brands to realise his
long-standing ambition to make the group a global player.
on the reports about M&M’s interest in acquiring a stake in Aston
Mahindra & Mahindra (M&M) is likely to hit much-rumored Aston Martin deal this week, sources with direct knowledge of the matter said.
Speaking on the condition of anonymity, three people aware with developments revealed that renowned sports-car maker Aston Martin’s owner Investment Dar Co had received competing bids from M&M and London-based private-equity fund Investindustrial for 50 per cent stake in the car maker. The sources further said that M&M was poised to overshadow Investindustrial and other contenders in the race.
The automotive division of Mahindra & Mahindra (M&M) is confident that it would be able to maintain the double digit growth in the third quarter of current fiscal year as well.
In October, the Indian auto giant enjoyed a year-on-year growth of 29 per cent in its automobile sales to 53,438 units, thanks to strong sales of passenger and light commercial vehicles.
Mahindra & Mahindra Financial Service Ltd has raised Rs 867 crore through a Qualified Institutions Placement (QIP) issue which got subscribed five times.
The non banking finance company issued around 97.5 lakh equity shares at a price of Rs 889 apiece. According to the company the issue was priced at a premium of a 0.94 per cent to the market regulator SEBI's floor price of Rs 880.70 per share.
High performance by the auto sectors shares due to higher than expected auto sales in the country has resulted in a rise in the stock markets this afternoon.
The shares of country's largest auto maker, Maruti Suzuki rose about 1 percent after the company reported an impressive 86 per cent increase in sales in the month of October 2012. Mahindra & Mahindra increased 1.33 percent after the company said that sales in passenger vehicle segment rose 29 percent in the month of October.
Mahindra's recently unveiled Quanto Compact sports utility vehicle (SUV) will hit European markets in the next 4-5 months, with Italy likely to be the first country to receive it.
Speaking to reporters, Mahindra & Mahindra (M&M) Chief Executive Pravin Shah said, "In the next four to five months, we are planning to start exports of the vehicle to Europe and Italy is likely to be the first destination."
The upcoming festive season in India has appeared to have not succeeded in lifting the auto sector in the country indicating a continuation of weak demand scenario.
In the sector, only two players, Maruti Suzuki and Mahindra & Mahindra have reported an increase in sales in the country in the month of September. Maruti Suzuki recorded an increase of 13 per cent in sales while the sales of Mahindra & Mahindra rose 22 percent during the month.
The recent hike in the price of diesel will not lead to any decline in charm of diesel cars for buyers as the cost of running a diesel car vis-a-vis a petrol car is still considerably lower.
According to an analysis of the costs of running diesel and petrol cars revealed that the cost of running a petrol car is Rs 4.89 per kilometer, much higher than that of a diesel car which is Rs 2.47 per kilometer.
Therefore, analysts as well as auto market players are sure that the hold of diesel on the passenger cars will continue as it is.
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