Prudential Management and Services Pvt Ltd (PMSL), a promoter group entity of Mahindra & Mahindra, is selling a small number of shares in the company for liquidity. The share sale, overseen by Kotak Securities, will reduce PMSL's holding. Mahindra's promoters collectively held a 19.32% stake in the company.
These motorcycles will be produced in the UK for the domestic market and also exported to other developed markets such as the US, Australia and Japan, Anupam Thareja, co-founder, Classic Legends, told ET. BSA has been selling the Gold Star motorcycle model in the UK for more than a year through imports from India.
Mahindra & Mahindra reports Q3 PAT increase to INR 2,658 crore. Tractor sales decline 4.1%. Tractor industry volume declines due to weaker monsoon, weather vagaries, high base, and lower reservoir levels. Farmers' protest unlikely to impact tractor industry. Maharashtra, Andhra Pradesh, Telangana, and Karnataka markets face stress. Good monsoon and reservoir levels will boost rural sentiment.
LG Energy, which globally supplies batteries to car makers like Tesla and Hyundai, said it is "proactively seeking partnerships" with domestic EV makers as it looks to grow its business in one of the world's fastest-growing car markets.
India's domestic automakers are concerned about the possibility of Tesla entering the market - and government plans to give incentives to Tesla and other global carmakers.
"This launch marks a significant stride in the sub-2-tonne segment, showcasing our commitment to empowering businesses and transforming last-mile connectivity in India," M&M CEO, automotive division, Nalinikanth Gollagunta, said.
The market capitalisation of one of the country’s largest two- and three-wheeler makers surged to INR 2.09 lakh crore on Tuesday, crossing M&M’s market value of INR 2.03 lakh crore. Maruti Suzuki is the most valuable automaker, followed by Tata Motors.
2023 was the third straight year of record sales for Tata Motors, which boasts the widest range of electric vehicles in its portfolio. Sales last year totalled 553,000, "led by its commanding position in the compact SUV segment and strong growth in hatches, despite the hatch segment degrowing at an industry level", said Shailesh Chandra, managing director, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility.
The automotive industry witnessed in 2023 a series of strategic leadership transitions, propelling both global giants and Indian stalwarts to new directions. Here's a snapshot of the major people movements that defined the narrative of the sector throughout the year.
Mahindra & Mahindra has been fined INR 4.12 crore for issues related to input tax credit claim and education cess credit balance carry forward from the pre-GST regime to the GST regime for its two-wheeler business. The penalty includes non-reporting of invoices by vendors in GST returns and the disallowance of carrying forward Education Cess credit balance.
Tailpipe emission-free is not good enough. The green quotient of vehicle design and construction has to improve too. In this episode of Target Net Zero, Pratap Bose, Chief Designer and Creative Officer, Auto and Farm Sector, Mahindra & Mahindra, discusses elaborately on the role of design in the sustainability journey, a set of first-in-India concepts which will start appearing from 2024, a key target for Mahindra EVs to be highly efficient, and much more.
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