It is learnt that the state government is likely to sign a memorandum of understanding with the partnering companies this Monday.
Mahindra & Mahindra on Wednesday launched its flagship sports utility vehicle Scorpio in Malaysia.\n\n
M&M president for automotive sector Pawan Goenka told reporters that there has been a surge in commodity prices, specially that of rubber and sheet metals, which has resulted in pressures on margins.
With fuel cost soaring to new highs, automobile firms are launching hybrid models to tackle the problem.
Benchmark BSE Sensex rallied nearly 630 points while Nifty closed above the 16,500 mark on Wednesday after sharp gains in IT and energy shares amid positive global market trends. Buying in index majors Reliance Industries, Infosys and Tata Consultancy Services and FII inflows bolstered the sentiment. Shares of firms related to oil exploration and refineries were in heavy demand, with Reliance Industries rallying 2.47 per cent and ONGC by 4 per cent, as the government slashed windfall tax on petrol, diesel, jet fuel and crude oil.
Higher volume and tight control on costs has led Mahindra & Mahindra Ltd to post a 450 per cent jump in net profit at Rs 42.5 crore.
Renault, which has a joint venture with M&M that sells entry level sedan Logan, has been a subject of speculation over its relationship with the Indian partner and declining sales of the car had put a question mark over the future of the JV -- Mahindra Renault Pvt Ltd, in which the French firm has 49 per cent stake.
India's leading corporate houses like Mahindra & Mahindra, Hindustan Construction Company, HDFC, Deutsche Bank and a few others have joined hands to help re-building work skills for the hearing-impaired, who are otherwise healthy and normal but rema
After a strong start to the week on Tuesday, the Sensex this morning opened 15 points higher at 16,868 amid subdued global cues.
Among the Sensex firms, Wipro, Axis Bank, Titan, UltraTech Cement and HDFC Bank, HDFC, HCL Tech and Reliance were the gainers.
The deadlock between Mahindra & Mahindra and over 4,400 workers at the company's Nashik plant hardened on Friday, with the union saying it was appointing a lawyer to appeal to the Bombay High Court against an industrial court-imposed 48-hour deadline for workers to return to work. The deadline ended today.
Maruti Suzuki, the country's largest car maker, continued its three-month dream run by notching up a 15 per cent jump in domestic sales in March. Maruti's March sales follow a 19 per cent growth in February, when it sold a record 70,625 cars -- the highest ever by the company. In March 2008, the car maker sold over 64,000 cars.
Mahindra & Mahindra on Wednesday announced a 125 million Euro joint venture with French auto major Renault which will see the launch of mid-size 'Logan' in India by the first half of 2007.
M&M's proposed entry into Pakistan would depend on the policy of the local government.
Spiralling car loan rates continue to dent the passenger car market, as Tata Motors, Hyundai and Honda Motors reported slower sales in July over that in the corresponding month last year.
According to sources close to the development, M&M is preparing to sell its 14.04 per cent stake in Swaraj Mazda, it inherited after the acquisition of Punjab Tractors Ltd. While details are being worked out, the sources said, the stake sale could be priced at around Rs 292 per share.
Utility vehicles manufacturer Mahindra & Mahindra will replace Hero Honda in the country's benchmark index Sensex from July 9.
Mahindra & Mahindra has decided to curtail its capital expenditure of Rs 5,000 crore (Rs 50 billion) in view of the ongoing slump in demand for cars and sports utility vehicles in the domestic market.
Buoyed by staggering sales of Tata's Ace, the one-tonne mini-truck launched mid-2005, Mahindra & Mahindra, Ashok Leyland Ltd, Bajaj Auto Ltd, Piaggio and Hyundai
Mahindra & Mahindra (M&M), the country's largest tractor company, has acquired the controlling stake in Punjab Tractors Ltd (PTL), the fourth largest tractor firm, outbidding Hinduja group firm Ashok Leyland.
M&M spearheaded two projects for it bio-diesel programme, one in conjunction with the Indian Institute of Technology, Kanpur, and the other with Indian Oil Corporation's R&D Centre and Lubrizol.
Mahindra & Mahindra on Friday said it will supply multi-utility vehicles Bolero and MM 550 XD to the Afghanistan government.
Automobiles major Mahindra & Mahindra is gearing up to launch a mild-hybrid technology version of its passenger vehicle Scorpio in the near future.
Besieged by rising steel prices, the domestic passenger car manufacturers are gearing up to raise prices again. Barely a month ago, Maruti Suzuki, Hyundai Motors India, Mahindra & Mahindra, Tata Motors and Honda Siel had effected price increases of Rs 6,000 to Rs 30,000 across models.
Maruti Udyog Ltd has been rated the 'most trusted' passenger car company of the country, according to a survey by global research firm TNS.
Mahindra & Mahindra group on Wednesday said it planned to invest Rs 2,000 crore (Rs 20 billion) into its automotive business. The company announced a standalone net profit of Rs 221.10 crore (Rs 2.21 billion) for the fourth quarter ended March 31, a 13.37 per cent decline over the corresponding period last year.
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
Kotak Mahindra Bank was the biggest loser in the Sensex pack, sliding 2.68 per cent, followed by Tech Mahindra, Mahindra & Mahindra, Axis Bank, Hindustan Unilever, Tata Motors, Tata Consultancy Services, Bajaj Finserv, Bajaj Finance, Nestle and Titan. In contrast, NTPC, Power Grid, Larsen & Toubro, HDFC, Reliance and HDFC Bank were the gainers.
The government has decided to extend the Rs 25,938-crore production-linked incentive scheme for the automotive sector by one year, Union Heavy Industries Minister Mahendra Nath Pandey said on Tuesday. Post extension, the five-year scheme, originally in place from 2022-23 to 2026-27, will be active until 2027-28. At present, incentives are applicable under the scheme for determined sales of Advanced Automotive Technology (AAT) products (vehicles and components) manufactured in India from 1 April 2022 onwards for a period of five consecutive years.
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.
