UCO Bank inks deal with Mahindra for car financingSeptember 15th, 2009 KOLKATA - UCO Bank has signed an agreement with auto major Mahindra and Mahindra for car financing, a top official of the bank said here Tuesday. The bank will offer financing facilities to eligible customers to buy Mahindra's cars and multi-utility vehicles, bank chairman and managing director S.K.
Mahindra and Mahindra posts Rs.400 crore net profitJuly 30th, 2009 Indo-ASIAN NEWS SERVICE
MUMBAI - Auto major Mahindra and Mahindra Thursday reported a net profit of Rs.400.8 crore for the quarter ended June 30, up from Rs.159.3 crore in the like period last year. The company's total income increased to Rs.4,266.1 crore as against Rs.3,331.8 crore, Mahindra said in a regulatory statement.
'Mahindra Holidays and Resorts' lists high on NSEJuly 16th, 2009 MUMBAI - Consequent to an overwhelming response from investors, Mahindra Holidays and Resorts India Limited on Thursday listed its equity shares on the National Stock Exchange (NSE) with an appreciative value to its shares. The value of each share was 7 per cent above the issue price of Rs 300 and it had touched the mark of Rs 324.90 on the NSE.
Tech Mahindra gets 43 percent stake in SatyamJuly 10th, 2009 MUMBAI - Mahindra Satyam, formerly Satyam Computer Services, Friday said it has allotted 198.6 million shares to Venturebay Consultants, a Tech Mahindra arm. After this allotment, Tech Mahindra will hold about 43 percent in the company.
Gurnani named Mahindra Satyam chief executiveJune 23rd, 2009 HYDERABAD - Two days after Satyam Computer Services was re-branded as Mahindra Satyam, the company Tuesday announced changes in its leadership with Tech Mahindra's head of international operations C.P. Gurnani being named the outsourcer's new chief executive.
Satyam Computers is now Mahindra SatyamJune 21st, 2009 HYDERABAD - Two months after taking over scam-tainted Satyam Computer Services, Tech Mahindra Sunday renamed the IT major as Mahindra Satyam. The logo will be adopted from the Mahindra Group.
Satyam renamed Mahindra SatyamJune 21st, 2009 HYDERABAD - Satyam Computer Services has been renamed as Mahindra Satyam, while the logo will be adopted from the Mahindra Group. Tech Mahindra had bought it in April,
The decision was taken at a closed-door meeting attended by top executives of Tech Mahindra in Hyderabad.
Rising Satyam scrip may prompt fresh issue for Tech MahindraJune 11th, 2009 NEW DELHI - The surge in the Satyam Computer Services scrip might prompt the scam-tainted IT major to issue fresh shares to its new owner Tech Mahindra, analysts say. Tech Mahindra, which acquired 31 percent stake in Satyam in a global auction, is required under the bidding process stipulations to make an open offer for another 20 percent.
Mahindra may start assembling in South Africa in 2010June 9th, 2009 JOHANNESBURG - Indian auto major Mahindra and Mahindra will likely start assembling vehicles in South Africa from early next year, according to the new chief executive of Mahindra South Africa, Ashok Thakur. The services of a local manufacturer would be utilised for this purpose, as no South African company has ever produced at 100 percent capacity, Thakur told the Afrikaans daily Beeld here.
Mahindra Holidays may delay initial public offerMay 15th, 2009 NEW DELHI - With the market in 'the most unstable phase', Mahindra Holidays and Resorts, a part of the Mahindra group, will enter the primary market only after the equities markets stabilise, said a senior official here Friday. 'There is no point of launching IPO (initial public offer) in such market conditions.
Mahindra Holidays to add 1,000 holiday homesMay 15th, 2009 NEW DELHI - Eying the growing domestic tourist sector, Mahindra Holidays and Resorts, a part of Mahindra group, said it will be adding 1,000 more holiday homes under its newly-launched Homestays brand. 'India is not a place to see but to experience.
Tech Mahindra announces open offer for Satyam sharesApril 22nd, 2009 MUMBAI - After buying 31 percent of scam-tainted Satyam Computer Services, Tech Mahindra Wednesday announced an 'open offer' to acquire a further 20 percent stake so that it can get a controlling stake. As per the next steps laid out by the Satyam board, Tech Mahindra announced the 'open offer' to obtain 20 percent at Rs.58 per share for 199,079,413 shares of Satyam, the company said in a regulatory filing.
Tech Mahindra deposits funds for Satyam stake buyApril 20th, 2009 HYDERABAD - Tech Mahindra, the IT arm of auto major Mahindra and Mahindra, Monday said it has deposited the amount needed for acquiring a majority stake in the fraud-hit Satyam Computer Services. Venturbay Consultants, a subsidiary of Tech Mahindra, was to pay $351 million for a 31 percent preferential allotment of new shares and would then make an open offer for a further 20 percent of the company at a cost of about $231 million, a company statement said.
Mahindra Holidays plans major expansion in KeralaApril 7th, 2009 THIRUVANANTHAPURAM - Mahindra Holidays and Resorts India, part of the Mahindra Group, is planning major expansion in Kerala, including developing a brand new resort in Wayanad district and increasing the number of its home stays to 150 by the year-end, a top official said. Declining to reveal the investment details of the resort project in Wayanad in northern Kerala, Mahindra Holidays managing director Ramesh Ramnathan told IANS on phone from Chennai that the project was still on the drawing board.
Mahindra launches new ScorpioMarch 7th, 2009 NEW DELHI - Auto major Mahindra and Mahindra (M&M) Friday launched an upgraded variant of its popular sports utility vehicle (SUV) Scorpio at a price range of Rs.721,000 to Rs.999,000 (ex-showroom Delhi). The new model, with changes in its exteriors including headlight, bumpers and side doors, comes at a time when Mahindra along with auto makers worldwide is reeling from slowing sales and rising input costs.
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