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.
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.
While hybrids, CNG and biofuels found favour in 2018 among many carmakers including Maruti Suzuki, Mercedes-Benz, Toyota and Honda, others such as M&M and Tata Motors have shown full faith in electric vehicles.
Kotak Mahindra Bank was the biggest gainer on both the indices, ending nearly 9 per cent higher following reports that Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in the private sector lender.
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.
Markets ended weak tracking the expiry of April derivative contracts.
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.
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.
Automobiles major Mahindra & Mahindra is gearing up to launch a mild-hybrid technology version of its passenger vehicle Scorpio in the near future.
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.
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.
Both the indices closed at five-month highs, led by financial services, IT and metal stocks, amid persistent foreign fund inflows.
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.
Mahindra & Mahindra is planning to invest Rs 1,000 crore on capacity expansion in the next three years, and was also planning to set up assembly units in Russia and Malaysia, according to Pawan Goenka, president (automotive sector) of M&M.
India's auto giant, Mahindra & Mahindra on Saturday launched its ambitious bid to become the world's biggest tractor producer by kicking off its China operations, including rolling out the first M&M branded tractor in Nanchang, capital of south-centr
Mahindra and Mahindra may have more than one trick up its sleeve for the much-publicised US debut in passenger vehicles.
The board of directors of Mahindra & Mahindra on Tuesday approved the transfer of the transport solutions group and light commercial vehicles businesses to a separate company.
Mahindra and Mahindra will invest Rs 500 crore to set up a new manufacturing unit at its Nashik facility to produce multi-utility vehicle Ingenio.
M&M's proposed entry into Pakistan would depend on the policy of the local government.
"Three acquisitions are underway in India and another two abroad," M&M vice-chairman and managing director Anand Mahindra said at the Tenth Asia Pacific Automotive Industry Roundtable.
Mahindra and Mahindra will set up a medium and heavy commercial vehicle plant in Maharashtra at a cost of Rs 2,500 crore
Indians face COVID-19 with record debt, stalled income.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
An Indian ownership of Jaguar, one of the two luxury cars that the US car maker Ford is selling off, is not acceptable to the American dealers of the brand. Tata group and Mahindra & Mahindra are two of the front-runners for acquisition of Jaguar and Land Rover, along with a private equity bidder, One Equity that is led by a former Ford CEO.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Mahindra & Mahindra Ltd on Thursday announced its plans to set up a special economic zone at Jaipur entailing an investment of $2 billion.
Homegrown auto major Mahindra & Mahindra on Thursday said it will recall 900 units of a variant of its popular sports utility vehicle Scorpio, manufactured between October and November this year, to rectify faulty pressure valve.
