Mahindra and Mahindra (M&M) is expecting reduction in production and sales volume at its automotive division and in its wholly-owned subsidiary in the last quarter of the current fiscal due to global supply shortage of micro-processors.
M&M said it is engaging closely with its auto components supplier Bosch and assessing likely production loss.
Shares of Mahindra & Mahindra (M&M) hit a 52-week high of Rs 731, up 4 per cent on the BSE in the early morning trade on Tuesday on the expectation of a strong business outlook. In the past one week, the stock has outperformed the market by gaining 14 per cent, as compared to a one per cent rise in the S&P BSE Sensex.
M&M, on November 17, said that the company’s Farm Equipment Sector (FES) will manufacture a new tractor series called the ‘K2’, exclusively at the company’s tractor manufacturing facility at Zaheerabad in Telangana.
Mahindra & Mahindra is planning to list 10 of its units in the next 2-7 years as it looks to increase shareholders’ return on equity, reports Mint.
M&M has chosen 10 firms from sectors such as financial services, infrastructure, and clean energy, the company’s Group Chief Financial Officer and Deputy Managing Director Anish Shah told Mint in an interview.
Mahindra & Mahindra Financial Services’ net profit rose by 21 per cent to Rs 304 crore in the second quarter ended September (Q2Fy21), from Rs 252 crore in the same quarter a year ago.
The provisions and write-offs stood at Rs 619.4 crore in Q2Fy21, up from Rs 360.7 crore in the year-ago period. It made higher level of impairment provisions of Rs 433 crore during quarter through management overlay to reflect deterioration in the macroeconomic outlook.
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.
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