
IFC to invest ₹600 cr in Mahindra’s mobility biz; share rises 2%
The investment by IFC will be in the form of compulsory convertible instruments at a valuation of up to ₹6,020 crore.
The investment by IFC will be in the form of compulsory convertible instruments at a valuation of up to ₹6,020 crore.
As industry enters a new growth phase, emerging ancillary players are shaking up the status quo.
The domestic auto companies recorded a surge in PV sales in February, thanks to steady demand and improving supply-chain issues.
On the consolidated basis, profit climbed 35% YoY to ₹2,677 crore, while revenue grew 30% YoY to ₹30,620 crore in Q3 FY23.
The share price of Maruti Suzuki surged as much as 1.9% to hit an intra-day high of ₹8,936 apiece on the Bombay Stock Exchange.
Hyundai sells 38,831 units in Dec, up 20.2% from 32,312 units in year-ago period; Mahindra PV sales up 61% at 28,445. Kia India registers 94.7% Y-o-Y growth in Dec at 15,184.
Mahindra & Mahindra to set up a manufacturing facility that will develop and produce the carmaker's upcoming Born Electric Vehicles (BEVs).
Price hikes and higher interest rates have failed to come in the way of India's love for cars.
While the share price of Tata Motors, Mahindra & Mahindra, and Maruti Suzuki dropped up to 3%, the nifty auto index plunged 1.09% at 13,048 points.
The auto sector recorded sustained recovery in demand amid the festival season, with Maruti Suzuki selling 1.3 lakh PV units in November.