Indians face COVID-19 with record debt, stalled income.
While Vedanta was the biggest gainer in the Sensex pack rallying 4.67 per cent, others included Tata Steel, ONGC, NTPC, Yes Bank, Infosys, Sun Pharma, Bharti Airtel, SBI, Bajaj Finance, L&T and RIL, rising up to 4.13 per cent.
Decision comes weeks after the company pulls out of a joint venture with Renault and Nissan for a facility there. Commercial production at Chakan is expected to start in two years, about the same time Renault and Nissan will launch production at the Chennai unit. Pawan Goenka, president (automotive sector), M&M, told Business Standard that the company is committed to invest in the south, where a new plant will be set up near Chennai.
The auto maker wants to cut output in the wake of low demand.
Both the indices closed at five-month highs, led by financial services, IT and metal stocks, amid persistent foreign fund inflows.
Mahindra & Mahindra said on Monday it will spend Rs 6,400 crore (Rs 64 billion) over the next three years towards capacity expansion, product development and research and development.
A facility has been set up to assemble the vehicles with an annual capacity of 5,000. Body assembly would be undertaken by Usiparts a Usiminas System company while the chassis, suspension and engine (power-train) would be assembled by Bramont at its plant in Manaus (AM).
Mahindra & Mahindra, the Indian carmaker, confirmed Tuesday that it had pulled out of a $1bn joint venture with Renault and Nissan to set up a factory near Chennai.
Reflecting the bullish mood, all sectoral indices ended with gains, led by auto, oil and gas, FMCG, IT and teck. The broader NSE Nifty, after crossing the 10,600-mark, settled 68.40 points, or 0.67 per cent higher at 10,598.40.
The UK-based BAE Systems has zeroed in on M&M and is believed to have signed a Memorandum of Understanding (MoU) after holding talks with at least two other leading corporates -- Tatas and Larsen and Toubro (L&T) for its Indian Land Systems project, sources close to the development said.
After its pullout from the tripartite joint venture with Renault and Nissan to set up a manufacturing plant in Chennai, homegrown auto major Mahindra & Mahindra on Monday said it will invest an additional Rs 1,500 crore (Rs 15 billion) in its Chakan unit, near Pune in Maharashtra.The company has signed an MoU with Maharashtra government to invest an additional Rs 1,500 crore to the already earmarked Rs 2,500 crore (Rs 25 billion) in the Chakan manufacturing plant.
The company looks to sell the vehicle to Indian and sraeli Army.
Months after Mahindra & Mahindra (M&M) exited a joint venture with Renault and Nissan Motor, the French and Japanese auto firms have got their car project back on the road, signing an MoU today with the Tamil Nadu government for a greenfield facility near Chennai.
Markets ended weak tracking the expiry of April derivative contracts.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
The Sensex posted its biggest single-day jump in over a decade at 1,921 points and investors' wealth soared by a staggering Rs 6.8 lakh crore after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates on Friday.
Mahindra and Mahindra is looking to set up a manufacturing facility in Tamil Nadu for manufacturing proposed multi-utility vehicle Ingenio.
In a little over a year, Mahindra & Mahindra's (M&M) all-Indian utility vehicle, Scorpio, will enter the quality-conscious US market, which is also the largest in the world with 15 million vehicles in annual sales. The company already has firm orders for 45,000 units of Scorpio for the first year, which is more than the 40,000 it sold in India in the last financial year.
Other losers included HCL Tech, Yes Bank, IndusInd Bank, TCS, ONGC, Bajaj Finance, PowerGrid, Vedanta, Asian Paints, NTPC and Hero MotoCorp, which shed up to 4.07 per cent.
Mahindra launches e-mobility platform 'Glyd' to take on Ola, Uber. Targeted at office-going executives, it offers web-conferencing, curated entertainment and music content from selective partners.
Aiming to get the first mover's advantage, Mahindra & Mahindra said on Wednesday it will launch the hybrid version of its Sports Utility Vehicle Scorpio by next year.
Companies expect recovery in second half of fiscal as BS VI approaches, claim banks and NBFCs showing greater interest in financing.
From Dabur to HUL, here are 10 stocks with significant rural exposure in the auto, agri-chemical and fast moving consumer goods sectors, which should see an uptick in sales growth.
M&M will assemble 5,000 completely knocked down kits of Scorpio and pick-up trucks in this plant per annum. This would eventually be scaled up to its full capacity of 10,000 units a year.
Raamdeo Agrawal of Motilal Oswal Securities believes that the scope for surprises in the market in 2007 is limited; he expects 17-18% returns. Moreover, he says that there is no major concern at Sensex valuation of 17-18x.
Mahindra and Mahindra on Thursday forged a 51:49 joint venture with International Truck and Engine Corporation of US to manufacture trucks and buses in India.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Automobiles major Mahindra & Mahindra is gearing up to launch a mild-hybrid technology version of its passenger vehicle Scorpio in the near future.
Maruti will showcase its first concept electric vehicle, the e-SURVIVOR; M&M it's six new EVs, including two futuristic concepts
Mahindra and Mahindra's bid for Romanian tractor company Tractorul Brasov seems to have run into rough terrain with the negotiation process being suspended on uncertainty over retirement of the company's debt by the Romanian government.
Automaker Mahindra & Mahindra Ltd on Thursday said it is in talks with the promoters of Germany-based Schoeneweiss & Co GmbH to acquire a majority stake
Mahindra aims to sell in excess of 50,000 units combined annually in that country.
During the meeting with Finance Minister Nirmala Sitharaman, the auto industry broadly presented factors such as issues regarding availability and affordability of financing, increasing cost of acquisition of vehicles and change in axle load capacity for commercial vehicles that have hurt demand.
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