IndiaCatalog.com
India News
Search Web Directory
News Home
M&M up 12% after it rejects plan to infuse fresh equity in South Korean-arm
Posted on 7th April 2020
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. The Indian auto giant holds a controlling stake in the South Korean carmaker.

However, with a view to enable SYMC to have continuity of business operations, whilst they are exploring alternate sources of funding, the board has authorised the M&M management to consider a special one-time infusion of up to 40 billion wons ($32 million) over the next three months, it added.

It further added that M&M “will make every effort to continue supporting all other non-fund initiatives currently in place to help SYMC reduce capex, save costs, and secure funds”.

These include (without capex) free access to M&M’s new platforms, such as W601 support technology programmes, which would help reduce SYMC’s capex, assist in material cost reduction program currently underway, and help the Korean automaker’s management find new investors.

The stock of M&M has underperformed the market by falling 47 per cent thus far in the calendar year 2020 due to weak sales. In comparison, the S&P BSE Sensex has declined 33 per cent till Friday. The stock, which hit a multi-year low of Rs 246 on March 25, 2020, had touched its 52-week high of Rs 696 on April 2019.

The management attributed the weak performance to muted sales performance on account of the current lockdown related to Covid-19, and the disruption in their BS VI ramp-up plan. The latter was planned between February and March but was affected due to the challenges of parts supply from global and local suppliers, it said.
Related Companies: Mahindra India   

Other Latest News
COVID-19 patient dies a day before hearing of his plea for bed in Delhi High Court
Posted on 5th June 2020
A petition moved by an 80-year-old COVID-19 patient in Delhi, praying for a bed in some government hospital with a ventilator facility, has been listed for hearing in the Delhi High Court on Friday. Ironically, before the court could pass any order, the patient succumbed to his illness on Thursday.

In his plea, the patient alleged that he fell ill on May 25 and was taken to a private hospital. There he was kept adjacent to a coronavirus patient and caught infection allegedly due to the negligence of the said hospital. He was then put on the ventilator.

Harsh Vardhan reviews status and preparations for COVID-19 in Delhi with LG, Satyendra Jain
Posted on 5th June 2020
Union Health Minister Harsh Vardhan on Thursday chaired a high-level meeting through video conferencing (VC) to review the preparedness for prevention and control of COVID-19 in Delhi.

He was joined by Ashwini Kumar Choubey, MoS (HFW); Anil Baijal, Lieutenant Governor of Delhi; and Satyendra Jain, Health Minister of Delhi.

Tamil Nadu govt fixes rate for COVID-19 treatment in private hospitals under CM Health Insurance scheme
Posted on 5th June 2020
With the total COVID-19 cases in the state breaching the 27,000 mark, and the mounting strain on the government healthcare infrastructure, the Tamil Nadu Government has included treatment of infected patients in private Hospitals under the Chief Minister’s Health Insurance Scheme.

The packages for treatment cost also have been fixed by the government.

Plea in Delhi HC to bring PM-CARES under RTI
Posted on 5th June 2020
A Public Interest Litigation (PIL) moved in Delhi High Court has sought directions that PM CARES Fund be brought under the ambit of Right to Information Act (RTI) and be made transparent.

The petition said that PM CARES is a ‘public authority’ within the ambit of Section 2(h) of the RTI and prayed for a direction to the trust to display the details of the fund collected and the purpose it is being utilized for, on its website.

Swiggy starts liquor home delivery in Bengal, says following safety norms
Posted on 4th June 2020
Food delivery platform Swiggy started on Thursday online processing and home delivery of alcohol in West Bengal after obtaining approvals from the state government.

The company is offering the service in Kolkata and Siliguri, days after first launching delivery in Jharkhand and Odisha.

» Post a FREE Classified Advertisement
Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.
Jobs in India India Real Estate Automobiles Matrimonials Beauty & Fitness

Add a comment for M&M up 12% after it rejects plan to infuse fresh equity in South Korean-arm
Please only use this form to enter comments on the above company. All comments are reviewed before they are displayed on the web site. Not all comments may be displayed. Check back with us to see if your comments have been displayed.
If you want us to email the comments posted by users, please Subscribe by email
Name*
Comments*
Security Code*
 

Be the first person to write a business review for M&M up 12% after it rejects plan to infuse fresh equity in South Korean-arm

Most Read News

GDP growth in 2019-20 slows to 11-year low of 4.2%, Jan-Mar growth dips to 3.1%

COVID-19 tally in India crosses 1.73 lakh-mark, nearly 5,000 deaths; highest spike of 7,964 cases in 24 hours

Maharashtra to announce Covid-19 relief package soon: Deputy CM Ajit Pawar

Coronavirus Outbreak: In highest spike yet, India's COVID-19 tally crosses 1.90 lakh cases; 5,394 deaths

Railways running 'Corona Express' in name of Shramik trains, says Mamata

More India News

Photo Gallery

BMW(9 Images) BMW
  India Web Directory
Business Profiles
Automotive Directory
IT/ITES/BPO Directory
Hotel Directory
Health Directory
Business Directory
Gems & Jewellery
Education Directory
Real Estate Directory
Agriculture Directory
Logistics Directory
Yellow Pages
NRI Guide
Photo Galleries
Global Web Directory
*** FREE India Classifieds
Order Premium Listings
Submit a Site
Business Reviews
Home
About us
Link to us
Advertise
Contact us
Google Search Keywords: India Catalog, IndiaCatalog, India Web Directory
    © 1999 - 2020 IndiaCatalog.com
    All Rights Reserved
Privacy Statement