Page 37 - Mahindra & Mahindra

Mahindra & Mahindra total sales down 21% to 43,343 units in September

Homegrown auto major Mahindra and Mahindra (M&M) on Tuesday reported a 21 per cent decline in total sales at 43,343 units in September. The company had sold 55,022 units in the corresponding month last year, M&M said in a regulatory filing. In the domestic market, sales were down 21 per cent at 40,692 units last month as compared to 51,268 units in September 2018. Exports also registered a decline of 29 per cent at 2,651 units as against 3,754 units in the year-ago month. In the passenger vehicle segment, which includes utility vehicles, cars and vans, the company sold 14,333 units last month as compared to 21,411 units in the same month last year, down 33 per cent. In the commercial vehicle segment, the company sold 18,872 units as against 22,917 units in the same month a year ago, down 18 per cent. Reflecting on the sales performance, M&M Chief of Sales and Marketing, Automotive Division, Veejay Ram Nakra said,"we are positive that this festive season, with the onset of

Ford to transfer struggling India business to joint venture with Mahindra

Mahindra, one of India's largest automakers, will own 51 per cent of the new entity

Top 10 biz headlines: Faster GST refunds, million auto jobs at risk & more

From a single-authority mechanism for processing GST refunds to exporters coming soon to NCLT approving JSW Steel's Rs 19,700-cr bid for Bhushan Power & Steel, here are today's top business news

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 .

Auto sector gets a breather as FM announces measures to boost demand

Resumption of car purchase by govt departments, increase in depreciation to 30% may boost sales

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

Mahindra's first automotive assembly plant in Sri Lanka inaugurated

Auto major Mahindra & Mahindra (M&M) on Saturday announced the inauguration of its local automotive assembly plant near Colombo, Sri Lanka . "Christened Mahindra Ideal Lanka Pvt. Ltd. this assembly plant is in collaboration with Ideal Motors of Sri Lanka. The assembly plant today rolled out its first product, the compact SUV, KUV100 and will roll out a slew of products over the next 3 years," the company said in a statement. "Inauguration of this automotive assembly plant is a significant milestone for Mahindra's foray into the Sri Lanka market. Sri Lanka is a key strategic market for us and we are now fully equipped to deliver products customised to local needs, on time," Mahindra & Mahindra Managing Director Pawan Goenka said. Mahindra Ideal Lanka will assemble KUV100, with a production capacity of 5,000 units per annum. The company will localise four components -- battery, tyres, seats and exhaust. The plant is expected to provide employment to 200 people directly and .

Hero MotoCorp shuts plants from Aug 15-18, says market situation to blame

Company says while the closure of plants has been partly due to holidays for Independence Day and Raksha Bandhan, it also reflects the prevailing market demand scenario

Tata Motors, Mahindra cut production to align with tapering market demand

Home grown auto majors Tata Motors and Mahindra & Mahindra (M&M) are suspending automobile manufacturing in order to adjust production with market demand. M&M on Friday said it will be suspending production for 8-14 days in the ongoing quarter while Tata Motors also confirmed taking steps to align manufacturing with tapering demand. In a regulatory filing, M&M said it would be observing 'no production days' in various plants for 8-14 days during the second quarter of 2019-20. When contacted, a Tata Motors spokesperson said,"as indicated earlier, external environment remains challenging, leading to demand contraction. We have aligned our production to actual demand and adjusted the number of shifts and contractual manpower". The companies are announcing production suspension at a time when the domestic auto industry has been going through one of the longest sales slumps. In April-July, M&M's total domestic vehicles sales dipped 8 per cent to 1,61,604 units as ...

Auto sector slowdown: Anand Mahindra calls for short-term booster dose

I believe the government's measures to push the auto industry towards change are sincere and far-sighted, Mahindra said

Mahindra warns of job losses in auto sector, seeks government's help

A slump in sales is also triggering massive job cuts in the sector that employs 35 million people directly and indirectly

Tata Motors MD draws over two times more salary than M&M's in FY19

Homegrown auto majors Tata Motors and Mahindra & Mahindra are close rivals in the automotive market but when it comes to remuneration of their top honchos, the former is miles ahead of the latter. Tata Motors Managing Director and CEO Guenter Butschek's total remuneration was at Rs 26.29 crore, an increase of 1.57 per cent from the previous year, according to the company's annual report for 2018-19. On the other hand, Mahindra & Mahindra (M&M) Managing Director Pawan Goenka's total remuneration for FY2018-19 was at Rs 12.19 crore, which was at a marginal decline of 0.16 per cent from the previous fiscal, its annual report for 2018-19 showed. Tata Motors said Butschek's remunerations included performance bonus and long-term incentive plan of Rs 9.23 crore and retirement benefits of Rs 32,02,494. The performance bonus of EUR 5,94,000 (at conversion rate of Rs 77.67 as on March 31, 2019) will be paid during FY 2019-20, the company said, adding his remunerations also .

Anand Mahindra to ban plastic bottles from boardrooms after Twitter advice

Mahindra was replying to a woman who pointed out the plastic bottles at a boardroom meeting

Mahindra picks up 11.25% stake in Swiss agriculture technology firm Gamaya

Gamaya, which works in Brazil India, Ukraine and other countries, uses imagery to give farmers information about the state of their fields and crops

Bumpy road ahead: Poor demand, higher costs may hit M&M's profitability

Despite the pressure on profitability, margins were ahead of Street estimates

M&M reports 16% decline in Q4FY19 consolidated net profit at Rs 969 crore

Revenue for the period under review stood at Rs 13,808 crore - up 4.7% on a year on year basis

Mahindra keen to make South Africa hub for its exports in the continent

Mahindra wants to make South Africa the hub of its exports into the rest of the Africa, a senior official of the company has said. Arvind Mathew, Chief of International Operations at Mahindra & Mahindra, joined Rajesh Gupta, CEO of the company's local subsidiary, Mahindra SA, on Friday to launch two models in the 7500 series and three in the 6000 series of its tractors from its farming equipment range, which are very popular in India and several other countries. Africa is the future agricultural base of the world, Mathew told reporters and farming sector representatives at the event in the heart of the farming community in North West Province. In the15 years that Mahindra has been in South Africa, it is very well recognised in the automotive and information technology sectors, and today we are announcing our advent into this sector with our farming equipment, he added. Alongside the two tractors, the guests were also introduced to the entire range of farm equipment, including ...

M&M's XUV300 shines in compact SUV segment, bookings cross 13,000-mark

The brisk sales of the XUV300 is good news for M&M

Mahindra launches e-mobility platform 'Glyd' in bid to popularise EVs

Glyd has tied up with Vodafone-Idea, Cisco Systems and other service and content providers to launch the service in Mumbai

Higher tractor and auto sales drive Mahindra December quarter net up 7%

Operating margins during the quarter contracted to 13.2% from 14.7% a year ago, due to higher raw material costs that the company was unable to pass on to buyers