Shares of Mahindra & Mahindra (M&M) jumped 12 per cent at Rs 316 on the BSE on Tuesday after the company’s board turned down a proposal to pump in fresh equity of $406 million in its ailing South Korean subsidiary SsangYong Motor Co (SYMC) amid the ongoing Covid-19 crisis.
Given the current and projected cash flows, the M&M Board took a decision that the company will not be able to inject any fresh equity into SYMC and has urged SYMC to find alternate sources of funding, the company said in a regulatory filing on Friday after market hours.
In an attempt to help the Government of India to fight the novel coronavirus pandemic, Mahindra group has come up with in-house ventilators, that will play a crucial role during these unprecedented times.
Mahindra's Igatpuri and Mumbai teams are working on an affordable respiratory device project and have already prepared the first ventilator prototype within days of the official announcement.
Shares of car-maker Mahindra and Mahindra hit a fresh 52-week low of Rs 444.6, down 2.5 per cent on the BSE on Monday, in an otherwise strong market, after the company's total sales in February plunged 42 per cent year-on-year (YoY). The sales stood at 32,476 units in the previous month, as against 56,005 units sold in the same month last year, M&M said in a statement.
Shares of Mahindra CIE Automotive, the automotive components supplier, declined 8.5 per cent to Rs 129 apiece on the BSE on Thursday after the company reported 91 per cent year-on-year (YoY) fall in its consolidated net profit at Rs 12.6 crore for the quarter ended December 31, 2019 (Q3FY19). The company had posted profit of Rs 142 crore in the year-ago period.
Profit before tax (PBT) for the quarter under review stood at Rs 121.5 crore, down 33 per cent against Rs 182 crore logged in the corresponding quarter of the previous fiscal.
Anand Mahindra, the chairman of the homegrown auto group Mahindra & Mahindra, on Wednesday admitted that entering the commuter bike segment more than a decade ago was a failure on the part of the group.
The group entered two-wheelers after buying out Kinetic Motors in July 2008 and relaunched the 'Freedom' bikes under the label of 'Mojo' but has not been able to make a mark in the vastly entry-model driven two-wheeler space in the country even after a decade.
Shares of Mahindra & Mahindra (M&M) slipped 2 per cent to Rs 512 on the BSE on Friday and was trading close to its 52-week low level. The car & utility vehicles maker's stock is less than 2 per cent away from its 52-week low price of Rs 503, touched on August 14, in intra-day trade.
In past one month, M&M has underperformed the market by falling 12 per cent as the company's tractor sales delivered disappointing performance.
Automobile maker Mahindra and Mahindra Ltd has received a patent for its multimodal solar power system, which reduces the electric load demand on vehicle battery, and supports the operation of an air-conditioner. This innovation will help increase the life of vehicle batteries and reduce greenhouse gas emissions.
Mahindra Two Wheelers Europe, a Mahindra subsidiary, is set to seek full control of Peugeot Motorcycles (PMTC) for an undisclosed amount, the company said in a notification to the exchanges.
The move, it said, "reaffirms the commitment" of the group to future growth of the French company. The subsidiary currently holds 51 per cent in PMTC. It entered into the collaboration with PMTC, part of Groupe PSA in January 2015.
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