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Mahindra Group
Mahindra Holidays & Resorts India Ltd on Friday said it will sell its entire 10.76 per cent stake in Nreach Online Services Pvt Ltd for a consideration of Rs 29.31 crore to Gift Management Asia Pte Ltd. The company has entered into an agreement with Gift Management Asia for the sale of its entire investment consisting of 5,738 equity shares in Nreach Online Services, Mahindra Holidays & Resorts India said in a regulatory filing. The transaction is expected to be completed on or before July 31, 2022, it added. Nreach Online Services offers business software products to solve problems around employee rewards and recognition, channel sales incentives. Gift Management Asia Pte Ltd (Gift) is engaged in the business of loyalty programme management and development across the globe and serves the multi-faceted loyalty industry across three main functions, including loyalty issuance, exchange and payment, the filing said. "Gift to whom shares are agreed to be sold, does not belong to ..
Mahindra & Mahindra Financial Services (Mahindra Finance) on Friday said it has disbursed over Rs 2,000 crore for the second time in a row in August. In August 2021, the business continued its momentum with a disbursement of more than Rs 2,000 crore for the second month in a row. The total disbursement at about Rs 2,150 crore delivered 57 per cent year on year growth, albeit on a lower base of August 2020, which was impacted by the first wave of COVID-19, Mahindra Finance said in a release. The collection efficiency was reported at nearly 97 per cent for August 2021, further improving to 95 per cent in July 2021. Collection efficiency in April, May and June was 72 per cent, 67 per cent, 90 per cent, respectively. "With the opening of the economy and improved mobility, the company witnessed a meaningful reduction in the NPA (non-performing assets) contracts during the month as customer cash flows improved. "We believe that this is a very encouraging sign. The company expects this
Mahindra & Mahindra Ltd on Friday said group firm, Mahindra Defence Systems Limited (MDS) has bagged a contract worth Rs 1,349.95 crore for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of Indian Navy from the Indian government. Competitive bids from Indian companies were invited by the Ministry of Defence (MoD) through open tender wherein the systems fielded were put through detailed trials at sea to prove their capability, Mahindra & Mahindra said in a regulatory filing. Mahindra Defence would be supplying 14 IADS systems for the Indian Navy warships, it added. Commenting on the development, Mahindra Defence Systems Ltd Chairman SP Shukla said, "It is the first major contract with the private sector meant for underwater detection and protection from threats. This contract once again epitomises the success of the Atmanirbhar Bharat initiative." IADS is high-end underwater equipment that uses the latest technology along with a ...
Mahindra & Mahindra on Friday reported a consolidated net loss after tax from continuing and discontinued operations at Rs 331.74 crore in the first quarter ended June 30. The company had posted a consolidated net profit after tax from continuing and discontinued operations at Rs 54.64 crore in the first quarter last fiscal, M&M said in a regulatory filing. Consolidated revenue from operations stood at Rs 19,171.91 crore, as against Rs 11,969.04 crore in the same period last fiscal, it added. M&M said it has ceased consolidating Ssangyong Motor Co (SYMC) as a subsidiary from December 28, 2020 and has classified it as discontinued operations for all periods presented. SYMC has applied to the Bankruptcy Court in South Korea for rehabilitation proceedings and has been admitted in the Autonomous Rehabilitation Support (ARS) program. During the quarter, the company said the automotive segment had a revenue of Rs 6,050 crore, while the farm equipment segment clocked revenue of ..