Page 6 - Mahindra & Mahindra

Tractor sales rise by around 30% in February 2021 to 84,690 units

February 2021 sales were lower compared to January 2021 sales of 87,579 units and production of 96,020 units

M&M says 'no widespread layoffs', only 48 employees left in last 12 months

Mahindra & Mahindra on Wednesday said it has let go 48 employees in the last one year due to redundancies while another 98 have been given six months to find a role. Refuting reports that the company has fired 300 executives in its automotive and farm equipment sectors, M&M in a regulatory filing said during the pandemic it has taken "series of actions consistent with our core values and strong focus on associates. There were minimal separations...and no widespread layoffs". "Over the last 12 months, we have let go 48 associates due to redundancies. In addition, 98 associates have been given six months to find a role. The combined total (across all levels) is 1.3 per cent of white-collar associates within auto and farm sectors," the company said. M&M also asserted there are no plans for layoffs at Mahindra Research Valley and on the contrary, it said, "...we continue to recruit talent, which will further accelerate as we ramp up our EV (electric vehicle) strategy." As far .

BEML surges 13% as report suggests Tata, Mahindra eyeing stake in firm

The board approved the appointment of M/s Deloitte Haskins & Sells LPP, as Consultant for advising, undertaking and implementing demerger of non-core assets of BEML

Mahindra total sales dip over 11% in February to under 29,000 units

Mahindra & Mahindra (M&M) on Monday reported an 11.38 per cent decline in total sales at 28,777 units in February. The company had sold 32,476 units in February 2020, M&M said in a statement. Passenger vehicles sales increased by 41 per cent to 15,391 units last month, as compared with 10,938 units in the year-ago period. In the commercial vehicles segment, the company sold 11,559 vehicles in the domestic market last month, as against 19,699 units in February 2020, a drop of 70.42 per cent. Exports declined by 1 per cent to 1,827 units last month, as against 1,839 units in the year-ago month. "Demand continues to remain buoyant for our range of SUVs and Pick-ups and we have a robust order pipeline. However, supply of semiconductors, as we all know, is a global issue and it is likely to continue for another 3 to 4 months," M&M Chief Executive Officer Automotive Division Veejay Nakra said. Going forward, the company will continue to monitor the situation and closely work

Mahindra sells its entire stake in First Choice Services to TVS Automobile

It has also sold its entire stake of optionally convertible redeemable preference shares in Auto Digitech, a wholly-owned arm of Mahindra Holdings for Rs 13.5 crore to TVS

Ford puts projects with M&M on hold as it reassesses India strategy: Report

NEW DELHI/DETROIT (Reuters) - Ford Motor has frozen all projects it was working on with Mahindra & Mahindra while it finalises a new India strategy, three people familiar with the U.S. carmaker's plans told Reuters, weeks after the two companies called off their planned joint venture.

Mahindra shares touch a two-year high on strong Q3 show on two key fronts

Concerns remain on the company's weakening position in the UV segment

Mahindra's Q3 net zooms 40% on robust tractor sales, cost control

Impairment booked on account of Ssangyong dented net profit

Mahindra expects global business losses to shrink with Ssangyong exit

Mahindra reported a slump in quarterly profit earlier on Friday, booking a one-time loss of 12.1 billion rupees ($166 million) related to South Korean unit Ssangyong

Mahindra & Mahindra hints at hiking vehicle prices in Q1 next fiscal

Mahindra & Mahindra Ltd on Friday hinted at a possible price hike of its range of vehicles in the next few months due to rising commodity prices. The company, which was recently reported to have cut jobs in its North American operations, is likely to reduce it further even as it prepares to launch its off-roader vehicle Roxor. "We have just taken some price increase in January and unless things come under control we would probably be taking one again in Q1 of the next financial year," Mahindra & Mahindra (M&M) Executive Director Automotive & Farm Sectors Rajesh Jejurikar told reporters in a virtual post-earning press conference. He was responding to a query on the impact of rising commodity prices and how the company was planning to offset it. Jejurikar further said, "We do try to mitigate this kind of commodity increase with other internal cost measures, both on material cost and value engineering, and managing fixed cost. So typically when we have this kind of ...

Mahindra & Mahindra Q3 net profit up 42% at Rs 1,268 cr; revenue grows 11%

The company's reported Ebitda came in at Rs 3,520.4 crore for the quarter under review

Top headlines: SBI Q3 profit slips 7%, US comments on farm laws, protests

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This Jhunjhunwala-owned stock can rally another 21%: Analysts

Ace investor Rakesh Jhunjhunwala owns 4.75 per cent stake in Escorts as of December 2020 quarter

Mahindra & Mahindra total sales dip 25% to 39,149 units in January

Auto major Mahindra & Mahindra (M&M) on Monday reported 25.49 per cent decline in total sales at 39,149 units in January. The company had sold 52,546 units in the same month last year, M&M said in a statement. In the domestic market, passenger vehicle sales were up 4 per cent to 20,634 units last month, compared to 19,797 units in January 2020. Exports increased by 30 per cent to 2,286 units in the month under review, as against 1,761 units in the year-ago month. In the commercial vehicles segment, the company sold 16,229 vehicles as against 30,988 units earlier, a dip of 47.62 per cent. "We have witnessed a growth of 5 per cent in utility vehicles for the month of January. We have also seen strong bookings fueled by continued demand," M&M Automotive Division CEO Veejay Nakra said. Supply shortage of micro-processor semiconductors continues to be a serious challenge for the auto industry, he noted. "Going forward we are working with our supplier partners to gear up ...

Mfg can add half a trillion dollars to economy in next 5 yrs: Pawan Goenka

In a Q&A, the MD-CEO of Mahindra and Mahindra says budget should be sharply focused on demand generation and should lay a clear path to make manufacturing more competitive

Mahindra lays off two-thirds of staff at its North American subsidiary

Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency

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M&M cuts over half of North America workforce over pandemic: Report

Positions include engineers and manufacturing jobs at its plant in Detroit that produces the off-road vehicle Roxor, as well as sales executives

M&M reclaims Rs 1-trn m-cap mark as stock surges 5%, hits over 2-yr high

The stock rallied 5% to Rs 817, its highest level since October 2018.

Ford has an uphill drive in India after snapping ties with Mahindra

Lack of scale despite a quarter century in India could stall its growth in the market after the break-up with Mahindra & Mahindra