Mahindra & Mahindra surges on Renault deal
Mahindra & Mahindra (M&M) surged 5.51% to Rs 823, after the company signed an agreement with Renault to establish a greenfield plant.
The counter clocked 3.30 lakh shares on BSE.The stock witnessed a solid spurt in the past few sessions. From Rs 690.40 on 23 October 2006, it surged to Rs 780.05 by 8 November 2006, on strong buying.Under the agreement, Renault and M&M will create a greenfield site with a capacity of 5,00,000 units per year within five years, offering innovative products to Indian customers.
Production is expected to begin mid-2009, with an initial installed production capacity of 300,000 vehicles per year. The manufacturing site will be announced shortly. The product-range will be marketed by Mahindra-Renault and sold through the extensive and well-established company network across India.
Renault will contribute its expertise in engineering, manufacturing and adaptation to meet customer requirements, and M&M will contribute its in-depth understanding of the Indian market and supplier base through years of market leadership.Renault's Japanese partner Nissan Motor Company may also join the project in the next four months
Mahindra & Mahindra is India's biggest utility vehicle and tractor maker. It posted 145.84% surge in net profit to Rs 386.47 crore for Q2 ended 30 September 2006, compared to Rs 157.20 crore for Q2 ended 30 September 2005. Total income increased from Rs 1,944.24 crore to Rs 2,563.41 crore. The numbers include exceptional income from Tech Mahindra IPO. It also included octroi refund of Rs 40.4 crore.
The counter clocked 3.30 lakh shares on BSE.The stock witnessed a solid spurt in the past few sessions. From Rs 690.40 on 23 October 2006, it surged to Rs 780.05 by 8 November 2006, on strong buying.Under the agreement, Renault and M&M will create a greenfield site with a capacity of 5,00,000 units per year within five years, offering innovative products to Indian customers.
Production is expected to begin mid-2009, with an initial installed production capacity of 300,000 vehicles per year. The manufacturing site will be announced shortly. The product-range will be marketed by Mahindra-Renault and sold through the extensive and well-established company network across India.
Renault will contribute its expertise in engineering, manufacturing and adaptation to meet customer requirements, and M&M will contribute its in-depth understanding of the Indian market and supplier base through years of market leadership.Renault's Japanese partner Nissan Motor Company may also join the project in the next four months
Mahindra & Mahindra is India's biggest utility vehicle and tractor maker. It posted 145.84% surge in net profit to Rs 386.47 crore for Q2 ended 30 September 2006, compared to Rs 157.20 crore for Q2 ended 30 September 2005. Total income increased from Rs 1,944.24 crore to Rs 2,563.41 crore. The numbers include exceptional income from Tech Mahindra IPO. It also included octroi refund of Rs 40.4 crore.
posted by SY at 6:16 PM
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