According to Anand Mahindra, the chairman of business conglomerate Mahindra Group, Reliance Industries Chairman Mukesh Ambani is a visionary and even more ambitious than his father Dhirubhai. Ambani is among the Indians who have been named by TIME magazine in its prestigious list of the 100 most influential people in the world. Mahindra said the scale of Ambani's Reliance Jio mobile-data network, which has already connected over 280 million people in India with low-cost 4G, is "impressive by any standard".
Kkunal Parar of Choice Equity Broking has a buy call on Mahindra & Mahindra with a 2-week target price of Rs 737.35. The current market price of Mahindra & Mahindra is Rs 681.40. Parar recommended keeping a stop loss at Rs 654. Mahindra and Mahindra Ltd is engaged in the manufacture of passenger cars, commercial vehicles and tractors. The company's business segments include Automotive, Farm equipment, IT services, and financial services.
Kotak Mahindra Bank has cut the interest rate on savings deposits of up to Rs 1 lakh by 50 basis points from 5% to 4.5%. The new rate is applicable from April 15. Interest rate on savings deposits of above Rs 1 lakh and below Rs 1 crore is unchanged at 6%. On April 1, Kotak had reduced its MCLR by 10 basis points in select tenors.
Auto major Mahindra & Mahindra (M&M) on Thursday said it will increase the price of its passenger and commercial vehicles by Rs 5,000 to Rs 73,000 from April to partially offset the impact of rising input costs. Costs have also gone up due to increasing compliances with regulatory requirements that will kick in from April 1. Earlier this week, French car maker Renault had announced increase in price of Kwid range in India by up to 3% from April.
Shares of Tech Mahindra rose nearly 1% on Monday morning after its Rs 1,956-crore buyback offer opened for subscription on Monday. The subscription will close on April 5. Mahindra will buy back 2.058 crore shares at Rs 950 a share. Since the offer is through the tender process on proportionate basis, shareholders whose names had appeared on the company’s books as of March 6 can only participate in the buyback.