Mahindra & Mahindra

M&M aims to retain double digit growth in Q3 as well

M&M aims to retain double digit growth in Q3 as well 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.

M&M Financial Service Ltd raises 867cr through QIP issue

M&M Financial Service Ltd raises 867cr through QIP issueMahindra & 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.

Auto sectors pull markets up

Auto sectors pull markets upHigh 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.

Italy likely to be the first European country to Mahindra Quanto SUV

Italy likely to be the first European country to Mahindra Quanto SUVMahindra'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."

Maruti and Mahindra report rise while sector remains gloomy

Maruti and Mahindra report rise while sector remains gloomyThe 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.

Petrol price hike won’t reduce charm of diesel cars for buyers

Petrol price hike won’t reduce charm of diesel cars for buyersThe 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.

Mahindra & Mahindra to launch ‘Quanto’ compact SUV in India

QuantoIndian automaker, Mahindra & Mahindra (M&M) is planning to launch its new ‘Quanto’ compact sports utility vehicle (SUV) in the Indian market in the second half of September.

The company said in a statement that the indigenously-designed Quanto is based on the same Ingenio platform, which is also used in its multi-utility vehicle (MUV), Xylo. The name Quanto is derived from the word quantum, which is a reference to product promise of more space, more power, more seats and superior performance. The model will be aimed at customers looking for an entry level sedan or a diesel hatchback.

Mahindra Reva developing e-versions of light trucks

Mahindra Reva developing e-versions of light trucksMahindra & Mahindra (M&M) has started developing the electric versions of its light trucks and utility vehicles, Mahindra Reva CTO Chetan Maini announced.

Speaking about the development of electric versions of M&M vehicles, Maini said, "We have proved that electric versions of utility vehicles Bolero and Scorpio are technologically feasible. We have developed electric options of light trucks Maxximo and Geo."

Mahindra Reva exploring new markets for its EVs

Mahindra Reva exploring new markets for its EVsMahindra Reva Pvt. Ltd. is looking to explore newer geographies having EV-friendly policies and reap big opportunities available there for its electric vehicles.

Mahindra Reva is already selling its electric vehicles in as many as twenty-four countries and is looking at newer opportunities abroad as the popularity of electric vehicles is growing globally.

Anand Mahindra, chairman & managing director of Mahindra Group, said, "There is a big market for electric vehicles abroad and we are looking at these opportunities."

Mahindra & Mahindra grows 19 percent in July

Mahindra & Mahindra grows 19 percent in JulyChennai, Aug 1 - Utility vehicle major Mahindra & Mahindra Ltd (M&M) closed July with 19 percent growth in sales selling 47,059 units.

In a statement issued Wednesday, M&M said the company sold 47,059 units (domestic 42,799 units, exports 4,260 units) last month as against 39,633 units (domestic 37,323 units, exports 2,310 units) sold in July 2011.

In the passenger vehicles segment (utility vehicles and Verito), M&M sold 22,011 units last month, up form 17,312 units sold during July 2011.

Mahindra & Mahindra records 28 per cent growth in May sales

Mahindra & Mahindra records 28 per cent growth in May salesIndia's biggest utility vehicles maker, Mahindra & Mahindra has reported an impressive 28 per cent growth in total sales to 43,988 units during May 2012 compared to 34,323 units during the same period last year.

The domestic sales for the company grew 24 percent to 39,938 units during May 2012 compared to same period previous year. The company’s passenger vehicle segment recorded a growth of 27 per cent to 21,154 units during the month.

Mahindra & Mahindra Posts 28% Increase In Sales During May 2012

Mahindra & Mahindra Posts 28% Increase In Sales During May 2012Mahindra & Mahindra’s domestic sales witnessed a growth of 24% whilst passenger vehicle section posted an increase of 27%.

The company has posted 28% growth of sales with overall sales of 43,988 units during the last month as compared to 34,323 units in the corresponding period of 2011.

Mahindra & Mahindra Ltd’s domestic sales registered 39,938 units in May, with a growth of 24% as against the same period of the last year.

Mahindra & Mahindra profits rise 44 percent in fourth quarter

Mahindra & Mahindra profits rise 44 percent in fourth quarterIndia's biggest utility vehicles maker, Mahindra & Mahindra has reported an impressive 44 per cent growth in its quarter profits during the fourth quarter of the financial year till March 2012.

The better than expected profit during the quarter was mainly due to an exceptional gain and strong volume growth, which more than offset the rise in input prices. Net profit for fourth quaryer was 8.74 billion rupees compared to the same period in the previous year. Net sales for the company increased 39 percent to 92.4 billion rupees.

M&M To Reopen ‘XUV500 Bookings’ By June 8

M&M To Reopen ‘XUV500 Bookings’ By June 8Car manufacturer Mahindra & Mahindra has declared that it will start bookings for its cheetah-inspired XUV500 by June 8, 2012.

With this declaration, the XUV500 will now be available crosswise the country, together with the 19 cities where it was obtainable previously.

Mahindra & Mahindra Rolls Out AC Edition Of ‘Thar’ @ Rs 6.75 Lakh

Mahindra & Mahindra Rolls Out AC Edition Of ‘Thar’ @ Rs 6.75 LakhAuto giant Mahindra & Mahindra has rolled out an air-conditioned version of its four-wheel drive jeep, Thar at a base value of Rs 6.75 lakh.

The company, which had thus far stayed away from fitting the off-roader jeep with an AC, decided to set up it after client response, in which individuals felt the need for the comfort of an air conditioner.

Mahindra & Mahindra’s senior marketing vice-president, automotive division, Vivek Nayer made this declaration.

Fire at M&M’ Nasik plant brought under control

Fire at M&M’ Nasik plant brought under controlA major fire that broke out at Mahindra & Mahindra's (M&M's) manufacturing facility at Nashik has now been brought under control.

"The fire has been confined to this specific area. There has been no casualty. As a safety measure, the operations of the Plant have been suspended in the first shift... The production loss in the first shift is estimated to be around 250 vehicles," the company said in a filing with the Bombay Stock Exchange (BSE).

Fire Hits M&M Nasik Facility

Fire Hits M&M Nasik FacilityMahindra & Mahindra Ltd declared today that a fire hit its Nashik
facility today morning, and affected the storage regions relating to
fabrication of its Scorpio and Xylo TCF lines.

The fire has been restricted to this particular region, Mahindra &
Mahindra stated in a filing and added that no dead had been reported.

The auto major has suspended operations during the first shift at the
facility as a precautious step, and claimed that the cause and level of
damage was being determined.

Automakers to pass the increase in exercise duty to customers

Automakers to pass the increase in exercise duty to customerThe automakers in the county are likely to pass on the burden of a hike in excise duty on all products by the government to the customers and might announce a price rise across product offerings soon.

Companies including Maruti Suzuki, Mahindra & Mahindra and Honda Siel Cars India might be planning to increase product prices by the exact amount of the hike.

Automakers to quit Maharashtra over VAT issues

Automakers to quit Maharashtra over VAT issuesAuto sector firms, Volkswagen, Mahindra and Bajaj have warned that they might be forced to move out their investments from the state of Maharashtra due to issues relating to Value Added Tax or sales tax at source.

The state government would loose Rs 4,000 crores of new investments from Mahindra alone, if the company decides to abandon the state over taxation disagreements with the authorities.

Ssangyong may set up unit in India

Ssangyong may set up unit in IndiaSouth Korean manufacturer Ssangyong Motors, a unit of Mahindra & Mahindra, might be ready to shift its manufacturing facility to India in order to benefit from the lower costs.

Ssangyong might invest upto $ 1.2 billion over the next three to five years in the country to set up a manufacturing facility to produce and export compact and sub-compact SUVs to the global market.

Choi Jong-sik, Ssangyong's Vice-President for sales said, "The investment of over $1.2 billion will help the company in rolling out four new products and their variants."

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