Mahindra & Mahindra

RBI imposes penalty on Mahindra & Mahindra Financial Services, Indian Bank

The Reserve Bank has imposed a penalty of Rs 6.77 crore on Mahindra & Mahindra Financial Services Ltd, Mumbai, for non-compliance with norms related to disclosure of interest rates to borrowers at the time of sanction of loans, a release said on Thursday. In another release, the RBI said a Rs 55 lakh penalty has been imposed on Indian Bank for contravention of certain Know Your Customer (KYC)) norms. A penalty of Rs 10.50 lakh on Muthoot Money Limited, Ernakulam for non-compliance with certain provisions of the Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016', has also been imposed. The RBI said the penalties are based on deficiencies in regulatory compliance and are not intended to pronounce upon the validity of any transaction or agreement entered into by them with customers. The RBI said the statutory inspection of Mahindra & Mahindra Financial Services was conducted with reference to its financial position as on March 31, 2019, and March 31, 2020. RBI said it

Mahindra & Mahindra to bring 40 tractor models under new OJA brand

Mahindra & Mahindra Ltd on Thursday said its tractor division will bring 40 new models under a new brand OJA, built on a lightweight global platform. The Mahindra OJA tractors will focus on both domestic and international markets including the US, Japan and South-East Asia, the company said in a statement. It will have four sub-tractor platforms the sub-compact, compact, small utility and large utility tractor categories, covering 40 models across various multiple HP points, it added. The new future-ready range of tractors has been developed under the global tractor programme, K2 through close cooperation between the engineering teams of Mitsubishi Mahindra Agriculture Machinery, Japan, and Mahindra Research Valley, India, the R&D centre for Mahindra's Auto and Farm sector, the company said. "Slated for launch later this year, the OJA is Mahindra's future-ready approach to tractorisation exemplified by numerous first best-in-class technologies for improved performance and ...

World Bank arm IFC to invest Rs 600 cr in M&M's new last-mile mobility firm

Deal values newly incorporated company at Rs 6,020 cr; the investment, which will be in the form of compulsory convertible instruments, will give IFC an ownership of 9.97-13.64% in the enterprise

IFC to invest Rs 600 cr in Mahindra & Mahindra's new last-mile EV firm

Global development institution IFC will invest Rs 600 crore in a new last-mile mobility (LMM) company, a wholly-owned subsidiary of Mahindra & Mahindra that will be newly incorporated (NewCo), it announced on Wednesday.

Mahindra to raise up to $1.3 billion for its electric vehicle unit: Report

Indian automaker Mahindra and Mahindra Ltd is in advanced talks with global investors to raise between $1 billion and 1.3 billion to accelerate the expansion of electric vehicle unit, Mint reported

M&M buys out VC firm Omnivore's stake to acquire agri-tech firm MITRA

Deal size not disclosed, will make MITRA a wholly-owned subsidiary of M&M; is in sync with Mahindra's plan to grow revenues from farm machinery 10 fold in next five years

Mahindra unit in Bangladesh winds up operations, ceases to exist

Mahindra & Mahindra on Tuesday said its wholly-owned unit Mahindra Bangladesh Pvt Ltd has ceased to exist. Mahindra Bangladesh Pvt Ltd (MBPL) convened the final extraordinary general meeting of its shareholders on March 14, 2023 and approved the final voluntary winding up, Mahindra & Mahindra (M&M) said in a statement. Hence, MBPL has been liquidated and has ceased to be in existence with effect from March 14, 2023, it added. MBPL had zero income from operations as on March 31, 2022. The net worth of MBPL, as on March 31, 2022 stood at Rs 3.18 crore, constituting 0.01 per cent of the consolidated net worth of the Mumbai-based auto major, M&M noted. The shareholders of MBPL, at a meeting held on September 14, 2022, had passed a resolution proposing winding up of the unit and appointment of a liquidator for completing the process of winding up. Thereafter, MBPL did not undertake any business operations. M&M had incorporated MBPL in 2019 to carry multiple activities, .

Mahindra & Mahindra sells over 6% stake in Mahindra CIE Automotive

Mahindra & Mahindra on Monday said it has sold over 6 per cent stake in Mahindra CIE Automotive. The company has sold 2,29,80,000 equity shares representing 6.05 per cent of the paid-up share capital of Mahindra CIE Automotive Ltd, a listed unit of the company, the auto major said in a regulatory filing. The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share, it added. Following the sale, the shareholding of the company in Mahindra CIE Automotive has come down from 9.25 per cent to 3.19 per cent of its share capital, Mahindra & Mahindra said.

Overall passenger vehicle dispatches cross 335,000 units in February

Driven by strong demand, the overall passenger vehicle dispatches crossed 3.35 lakh units in February as automakers, including Maruti Suzuki India, Hyundai, Tata Motors and Mahindra & Mahindra, reported robust sales during the month. The dispatches of more than 3.35 lakh units last month marked an 11 per cent over February 2022. It was also the highest ever overall wholesales in the month of February. The country's largest carmaker Maruti Suzuki India on Wednesday said its domestic wholesales rose 11 per cent to 1,55,114 units in February as compared with 1,40,035 units in the same month last year. The sales of mini segment cars, comprising Alto and S-Presso, grew to 21,875 units as against 19,691 units in February 2022. According to the automaker, the sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR, rose to 79,898 units in February as compared with 77,795 units in the year-ago month. Utility vehicles, consisting of Brezza, Ertiga, S-Cross

Mahindra & Mahindra sales increases by 8% to 58,801 units in February

Mahindra & Mahindra (M&M) on Wednesday said its total sales increased by 8 per cent to 58,801 units in February. The company's total dispatches to its dealers stood at 54,455 units in February 2022. The Mumbai-based auto major's passenger vehicle sales in the domestic market rose by 10 per cent to 30,358 units last month against 27,663 in February last year, the auto major said in a statement. Commercial vehicle sales increased to 26,193 units last month compared to 23,978 units in the year-ago period. The company said its exports last month declined 20 per cent to 2,250 units as compared with 2,814 units in the year-ago period. M&M Automotive Division President Veejay Nakra said the company continues to sell more than 30,000 SUVs per month. "Our recent launches (Thar RWD and XUV400) have received a very positive response and we see good demand across our portfolio as well. We are monitoring and taking appropriate steps on the supply chain scenario of semiconductors, which

M&M Q3 results: PAT rises 14% to Rs 1,528 crore; revenue jumps 41%

M&M will now focus on growing farm machinery revenues by 10-fold in next 5 years

M&M's Telangana plant to roll out its first electric vehicle next year

Auto maker Mahindra and Mahindra expects its first electric vehicle to roll out from its manufacturing plant in Zaheerabad, Telangana by 2024, a senior executive of the firm said on Friday. Speaking to reporters after announcing the third quarter results for FY2022-23, Rajesh Jejurikar, Executive Director, M&M Ltd said the new plant which will come in the existing facility will be up and running in two years. M&M on Thursday had said it signed a MoU with Telangana government for its proposed expansion plans at its existing manufacturing facility at Zaheerabad plant in Medak district. The estimated investment for the proposed expansion is expected to be approximately Rs 1,000 crore to be made over a period of eight years by the company or any of its group companies, the firm said. "It will be for both new product development and new plant for the electric vehicles. E-autos and e Jeeto (will be made in the plant). The commercial production will start in three to five years. ...

Mahindra & Mahindra Q3 PAT climbs 14% to 1,528 crore on robust sales

Mahindra & Mahindra (M&M) on Friday reported a 14 per cent rise in its profit after tax (PAT) to Rs 1,528 crore for the third quarter ended December 2022, driven by robust sales. The Mumbai-based automaker had reported a net profit of Rs 1,335 crore for the October-December period of the previous fiscal. Its revenue surged 41 per cent to Rs 21,654 crore for the third quarter compared to Rs 15,349 crore in the year-ago period. The company said it has sold a total of 1,76,094 vehicles during the period under review, up 45 per cent from 1,21,167 units a year ago. Tractor sales rose 14 per cent to 1,04,850 units in the third quarter against 91,769 units in the same quarter of the last fiscal. "We have had another robust quarter led by the robust performance of our Auto division. Our farm division also reported healthy growth with increased market share. Our capital allocation actions are continuing to show results and we remain committed to our journey of growth and returns," ...

Mahindra to invest $121 million to set up EV facility in Telangana

Mahindra and Mahindra said on Thursday it will invest 10 billion rupees ($121 million) to set up a manufacturing facility in the southern state of Telangana to make electric three- and four-wheelers

Mahindra Electric Mobility to consolidate with parent M&M

The board of directors at Mahindra & Mahindra Ltd has given in-principle approval for consolidation of Mahindra Electric Mobility in the company.Mahindra Electricity Mobility is a step-down subsidiary of M & M. The consolidation will categorise EV operations in two focused verticals -- last mile mobility (LMM) and electric vehicle tech centre."Simplifying the structure will drive improvements through innovation, execution excellence, efficiencies and economies of scale," M & M said in a statement. "Additionally, it will unlock shareholder value."The initiative will provide LMM vertical with complete ownership of the value chain for last-mile mobility solutions to drive growth and execution.It will also provide EV tech centre with the depth of resources and energy with M & M's larger ecosystem of product development capability in Mahindra Research Valley (MRV) at Chennai, North America and Europe while exploring partnership and alliances.Executive Director Rajesh ...

Mahindra & Mahindra total sales grow 37% to 64,335 units in January

Auto major Mahindra & Mahindra (M&M) Ltd on Wednesday posted a 37 per cent growth in total vehicle sales at 64,335 units in January. It had registered a total sales of 46,808 units in January 2022. The total passenger vehicles sale was up 65 per cent at 33,040 units compared to 19,646 units sold in January 2022. The utility vehicle domestic sales during the previous month grew 66 per cent at 32,915 units as against 19,848 units in January 2022 despite disruptions in the supply chain of crash sensors and airbag ECUs due to the unavailability of semiconductors, the company said in a statement on Wednesday. The commercial vehicles domestic sales increased 3 per cent at 21,724 units in January 2023 as against 21,111 units in the corresponding period last year. Exports grew 5 per cent at 3,009 units in January from 2,865 vehicles shipped out in the year-ago period, the company said. The company also sold 6,562 three-wheeler units, including electric three-wheelers, in the domestic .

Auto shares in focus ahead of January sales; M&M up 2%, nears record high

Analysts remain positive on the auto sector given the expectation of double digit volume growth coupled with benign commodity price outlook leading to healthy margin recovery.

Maharashtra govt approves M&M proposal to set up Rs 10k-cr EV plant in Pune

The two sides signed an agreement to this effect at the World Economic Forum in Davos on Wednesday, M&M Ltd said in a statement

Stocks to Watch: Infosys, HCL Tech, Wipro, Shriram Finance, M&M, Just Dial

Stocks to Watch: IT shares are likely to be in focus after Infosys and HCL Technologies reported stronger than expected Q3 results; and Wipro scheduled to report earnings on Friday.

Mahindra launches new versions of its sports utility vehicle 'Thar'

Mahindra & Mahindra on Monday launched new versions of its sports utility vehicle Thar with price starting at Rs 9.99 lakh (ex-showroom). The new range includes rear wheel drive variants (without 4 wheel drive capability) in two engine options with manual and automatic transmissions, the auto major said in a statement. The two diesel-powered manual rear wheel drive trims are priced at Rs 9.99 lakh and Rs 10.99 lakh while the petrol automatic variant is tagged at Rs 13.49 lakh. The 4WD (4-wheel drive) range now comes with an advanced electronic brake locking differential, the company said. "To make our offering even better, we listened to our customers and engineered the new range of the Thar with important enhancements," Mahindra & Mahindra President, Automotive Division Veejay Nakra noted. By offering the new rear wheel drive variants, the company has made it much more accessible for probable customers, he added. "Our additions on the 4WD variant have been designed to please .