Shares of Mahindra & Mahindra Financial slump more than 11% after weak results
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M&M Financial Services was down 11.65 per cent on BSE at Rs 245.
M&M group stocks under pressure after investment in RBL Bank, Tech Mahindra’s weak earnings miss
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On Wednesday, it made an announcement of acquiring a 3.53 per cent stake in RBL Bank as an investment at a cost of Rs 417 crore. “We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent”, M&M said in a filing.
M&M acquires 3.5 per cent stake in RBL Bank as an investment
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"We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent," M&M said in a filing. The RBL Bank, in a communication, said that the holding of Mahindra & Mahindra Ltd, as per the last beneficiary position as on July 21, 2023 as received from the depository (NSDL), is 3.53 per cent of the total paid up share capital of the bank.
LIC holding in Tech Mahindra increases to 8.8 per cent
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Tech Mahindra Ltd provides a comprehensive range of IT services, including IT-enabled service, application development and maintenance, consulting and enterprise business solutions. In May, LIC had announced that its shareholding in Tata Power has increased from 5.917 per cent to 7.935 per cent of the paid-up capital of the said company.
Tech Mahindra posts lower net for FY23
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According to the company, for FY23, it had earned a revenue of Rs 53,290 crore (FY22 Rs 44,646 crore) and a net profit of Rs 4,857 crore (Rs 5,630 crore). The Board, at its meeting on Thursday, has recommended a final dividend of Rs 32 per share, taking the total dividend for FY23 to Rs 50 per share.
'Cut in prices is not enough to pull the market towards CNG vehicles'
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Speaking to reporters here, Dr Venkat Srinivas, Senior Vice President, Product Development said the reduction in CNG prices is helping a bit but not enough to pull the market towards CNG powered vehicles. He said the CNG vehicles are largely in the national capital region. Recently, the central government decided to reduce the CNG prices by Rs 8/kg.
Keshub Mahindra: The man who saw evolution of Indian auto industry and grew M&M
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But on Wednesday, the 99-year-old doyen Keshub Mahindra (Born on October 9, 1923), Chairman Emeritus of the $19 billion revenue M&M group attained the lotus feat of the God. In another six months, he would have become a centenarian. It was during his nearly 50-year reign, that the M&M group forayed into other business ventures like information technology, financial services, hospitality and others.
IFC to invest Rs 600 crore in Mahindra & Mahindra's new last-mile EV firm
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IFC's first investment in an EV manufacturer in the country, and the first in electric three-wheelers globally, will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore. The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo.
Mahindra Holiday & Resorts books lower net in Q2 shares down
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According to Mahindra Holidays & Resorts India Ltd, for Q2FY23 it had logged a profit of about Rs 30.90 crore (Q2FY22 profit about Rs 40.55 crore) on an operational revenue of about Rs 283.60 crore (Rs 237.66 crore). The company's total expenditure for the period under review went up by about Rs 49.75 crore during Q2FY23 as compared to the same period the previous year.
Mahindra & Mahindra number one in SUV segment in September
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The company said that it had sold a total of 64,486 units (passenger vehicles 34,508 units, commercial vehicles 27,440 units, exports 2,538 units) last month up from 28,112 units sold in September 2021.
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