Shares of Mahindra & Mahindra (M&M) hit a 52-week low of Rs 661 per share, down 3% on the NSE in early morning trade on Monday after the management revised its tractor volume guidance downwards to 10% from earlier band of 12-14%. It also expects FY20 tractor growth to be in single digits. M&M has posted 60% year-on-year (Y-o-Y) growth in net profit at Rs 1,476 crore in December 2018 quarter against Rs 920 crore in the year-ago quarter.
Mahindra & Mahindra (M&M) and its subsidiary Mahindra Vehicle Manufacturers (MVFL) reported a 60% YoY rise in their consolidated net profit at Rs 1,476 crore for third quarter ended December 2018. Revenue for the quarter rose 14% to Rs 13,235 crore, against Rs 11,594 crore in the year-ago quarter. The company sold 1,33,508 units during the quarter, up 10% against 1,21,786 vehicles in the year-ago period. The stock ended 2.68% down at Rs 682.10 on NSE on Friday.
Mahindra & Mahindra, the biggest manufacturer of electric vehicles (EV) in India, is in talks with about 10 entities to supply 20,000 electric three- and four-wheelers. Pawan Goenka, Managing Director, M&M said that the company has signed a MoU with the Thane Municipal Corporation and are in serious talks with at least 3-4 cities to set up a fleet of electric vehicles. The company is also in talks with Uber to forge a partnership, he said. Despite the high cost, several municipal corporations, as well as private transport companies, are switching to EVs.
Mahindra Trucks & Buses, the commercial vehicle division of Mahindra Group, aims to sustain the double-digit growth momentum in 2019 with 30-35 new product offerings across segments. The company on Tuesday launched Furio, the intermediate commercial vehicle in the country which will make Mahindra a full range commercial vehicle maker in India. Mahindra is eyeing 8-10% market share in the fast-growing intermediate commercial vehicle segment to break into the top three players in the country. Mahindra registered a growth of 25% in commercial vehicle sales in April to November of FY19.
Promoters of Ujjivan Small Finance Bank promoters said they will consult the RBI before finalising any option for the bank's listing exercise. The promoters want to avoid any embarrassment from being rejected by the apex bank. "We have finally boiled down to a couple of options for listing including issuing bonus shares to follow the mandate to list the bank separately," Samit Ghosh told ET. In the case of Kotak Mahindra Bank, RBI had denied the private lender the permission to issue preferential shares to reduce promoter's stake.
Kotak Mahindra Bank on Monday reported a 23% year-on-year growth in standalone profit-after-tax at Rs 1,291 crore for the December quarter. Net profit stood at Rs 1,053 crore in the corresponding quarter, last year. Net Interest Income (NII) for the quarter rose to Rs 2,939 crore from Rs 2,394 crore in the same quarter last year. Net Interest Margin (NIM) for the quarter came in at 4.33% as against 4.27% in the year-ago period. Gross non-performing assets (NPAs) eased to 2.07% in the December quarter from 2.15% in September quarter and 2.31% in the year-ago quarter.