Tag: Mahindra

NCDRC upholds order for Mahindra & Mahindra to replace defective XUV500 or issue full refund

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Consumer Disputes Redressal Commission (NCDRC) upheld an order directing Mahindra & Mahindra to either replace a defective XUV500 car or refund ₹13,20,000 to the purchaser.

Presiding Member Air Vice-Marshal (Retd.) J Rajendra affirmed the orders of the District and State Commissions, stating they were well-reasoned.

The decision stemmed from consistent documented faults reported during servicing and repairs, along with an expert report highlighting serious problems, establishing a ‘manufacturing defect’ in the vehicle.

“This was primarily because of consistent and repeated documented faults as part of servicing and repairing itself as well as the expert report of Shri Prashant Kumar, Proprietor, Tire Wheel Experts and Software Engineer dated 10.07.2016 indicating serious problems. This established ‘manufacturing defect’ in the vehicle,” the order dated April 5 stated.

The case, heard on appeal by Mahindra against the State Consumer Disputes Redressal Commission’s order, involved issues with ignition, braking, lights, and auto central lock surfacing shortly after purchase. Despite repair attempts, problems persisted, allegedly leading to an accident.

According to the complainant, issues with ignition, braking, lights, and auto central lock began to surface shortly after he purchased the car. Despite numerous attempts at repair, these problems persisted and allegedly led to an accident, causing further damage.

Subsequent repair efforts also failed to fix the car’s issues, the complainant asserted. When he sought a replacement, both Mahindra and the car dealer failed to respond, even after receiving a legal notice. Consequently, the complainant filed a complaint before the District Forum.

Mahindra argued the car’s extensive mileage contradicted claims of defects, but the Commission found the complainant’s evidence compelling. If the car was defective, it would not have run 1.19 lakh kilometers (km) within six years of purchase, Mahindra said.

Mahindra further argued that the expert report that indicated serious problems was based only a visual inspection, without employing any testing equipment or facilities and hence was contrary to the prescribed procedure.

With concurrent findings of fact from lower commissions, the NCDRC dismissed the appeal, asserting limited scope for revision under the Consumer Protection Act.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tata Punch tops March sales, Hyundai Creta close second, Maruti slips to No. 3 for the first time

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a surprising development, Tata Motors’ compact SUV Punch has taken the lead in sales for the first time, with 17,547 units sold in March 2024. Notably, this marks the first instance where Maruti Suzuki models did not secure the top two positions on the monthly sales chart.

Following closely behind the Tata Punch, Hyundai’s Creta achieved strong sales of 16,458 units, indicating a 17% increase from March 2023.

Despite not securing the top two spots, Maruti Suzuki’s Wagon R ranked third with 16,368 units sold, experiencing a 5% decrease from the previous year. Interestingly, Maruti Suzuki’s Wagon R retained its position as the brand’s best-selling car.

Also Read: Mahindra teases new compact SUV ‘XUV 3XO’, set for debut later this month

The trend towards SUVs continues to gain momentum, with SUVs like Tata’s Punch and Nexon, Hyundai Creta, Mahindra Scorpio, and Maruti Vitara Brezza featuring in the top 10 best-selling vehicles.

Tata Punch leading the sales chart reflects a significant 61% increase from the previous year. The Nexon sold 14,058 units, marking a slight decrease of 5% from the previous year.

Mahindra’s Scorpio also witnessed a notable surge in sales, claiming the seventh position in the sales chart with 15,151 units sold in March 2024. This represents an impressive 72% increase from the previous year, establishing it as Mahindra’s top-selling model.

Despite the shifts in March, Maruti Suzuki continued to dominate sales for the fiscal year 2024. The Wagon R remains the only car to surpass 200,000 in sales for FY24, followed by the Baleno with 195,607 units sold.

Also Read: India’s largest carmaker sells over 2 million cars in a year, SUVs take the lead

However, Maruti’s mini, compact, and midsize cars experienced a decline in sales, with the Alto and S-Presso models encountering a 39% decrease for the full fiscal year.

Conversely, there has been a significant upsurge in SUV sales. Models such as the Brezza, Ertiga, Fronx, Grand Vitara, Invicto, Jimny, S-Cross, and XL6 witnessed a remarkable 75% year-on-year growth in the last financial year and a 57.7% surge in March. This resulted in an overall increase of 9.5% in passenger vehicle sales in FY24 and a 15% year-on-year increase in March 2024.

The top 10 selling cars in March 2024 are as follows (OEM sources):

1. Tata Punch (SUV) – 17,547 units (up 61% YoY)

2. Hyundai Creta (SUV) – 16,458 units (up 17% YoY)

3. Maruti Suzuki Wagon R (Hatchback) – 16,368 units (down 5% YoY)

4. Maruti Suzuki Dzire (Sedan) – 15,894 units (up 19% YoY)

5. Maruti Suzuki Swift (Hatchback) – 15,728 units (down 10% YoY)

6. Maruti Suzuki Baleno (Hatchback) – 15,588 units (down 4% YoY)

7. Mahindra Scorpio (SUV) – 15,151 units (up 72% YoY)

8. Maruti Suzuki Ertiga (MUV) – 14,888 units (up 65% YoY)

9. Maruti Suzuki Vitara Brezza (SUV) – 14,614 units (down 10% YoY)

10. Tata Nexon (SUV) – 14,058 units (down 5% YoY)

Also Read: Toyota unveils new SUV ‘Urban Cruiser Taisor’, a rebadged version of Maruti’s Fronx — check price and features

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mahindra teases new compact SUV ‘XUV 3XO’, set for debut later this month

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Homegrown SUV manufacturer Mahindra teased its upcoming XUV 3XO on Thursday via its social media platforms, revealing a significant design and feature overhaul for the existing XUV300 SUV. The XUV 3XO is set to make its global debut later this month.

The design refresh of the XUV 3XO is particularly noticeable at the compact SUV’s front and rear, with styling cues inspired by Mahindra’s upcoming BE line-up of SUVs. The first BE model to be launched will be the BE 05, a 4.4-metre-long coupe SUV, which is slated for launch in October 2025.

The teaser also confirms a new look for the XUV 3XO’s rear and highlights its redesigned tailgate with a full-width LED light bar and sleeker, C-shaped tail lamps.

Regarding powertrain details, the current range of engines – a 1.5-litre diesel, 1.2-litre turbo petrol and a 1.2-litre direct injection turbo petrol (TGDI) are expected to remain largely unchanged.

Also Read: Toyota unveils new SUV ‘Urban Cruiser Taisor’, a rebadged version of Maruti’s Fronx — check price and features

However, the 1.2-litre TGDI petrol will have a new addition to the line-up: an Aisin-sourced 6-speed automatic gearbox. The XUV 3XO line-up is also expected to get an EV powertrain later this year and receive similar design and feature updates.

Mahindra’s XUV 3XO will compete with other compact SUVs in the domestic market such as the Hyundai Venue, Kia Sonet, Tata Nexon and Maruti Suzuki Brezza.

Also Read: Skoda Superb returns to India: Limited to 100 units, fully-loaded variant at ₹54 lakh

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mahindra Aerostructures and Airbus Atlantic sign $100 million contract for component production

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a positive development for India’s aerospace manufacturing sector, Mahindra Aerostructures (MASPL) and Airbus Atlantic have signed a multi-year contract for the production of components.

Under the terms of the agreement, MASPL will manufacture and deliver metallic components and small assemblies for the entire Airbus commercial aircraft family, including the A320 series.

The total value of the contract amounts to approximately $100 million, with MASPL set to supply nearly 2,300 varieties of metallic components to Airbus Atlantic in France from its manufacturing base in India.

Additionally, the contract will expand MASPL’s existing programmes to directly supply parts to Airbus facilities in France and Germany.

Also Read: Pilots tell Aviation Minister: Don’t prioritise airlines’ interest over pilots’ safety

Vinod Sahay, President of Aerospace and Defence at the Mahindra Group, remarked, “This new contract from Airbus Atlantic marks a significant milestone in our ongoing relationship with the Airbus Group. We are excited about the opportunity to provide value across various aspects of industrial maturity, digitalisation, performance, and sustainability.”

José-Maria Trujillano, Chief Procurement Officer of Airbus Atlantic, commented, “We are pleased to strengthen our collaboration with Mahindra Aerostructures and leverage their robustness, expertise, and advanced technological capabilities to enhance our supply chain. This will help us secure production ramp-up for all our programmes.”

MASPL has been a direct supplier to the Airbus Group since 2015 and engages in various joint initiatives with Airbus.

Also Read: Pratt & Whitney Canada inks deal with FLY91 for engine maintenance

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bear vs Bull | Why Street is divided on M&M’s prospects

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of Mahindra & Mahindra (M&M), which are witnessing a classic clash between the bulls and the bears following the auto major’s third-quarter performance, opened 4% higher in trade Thursday. M&M’s Q3 results were in-line, driven by a strong growth in the SUV segment.

At 9:22 am, the M&M stock was trading 4.46% higher at ₹1,731 per share and was the top Nifty performer. M&M shares closed at ₹1,662 on February 14 after the results, up nearly 1% from its previous close on the NSE. In a little over three months, the stock has given a return of nearly 14%.

In the bullish camp, analysts from CLSA, Nomura, Morgan Stanley and HSBC advocate for M&M while Jefferies remain bearish. CLSA has a ‘Buy’ stance on the counter with a target price of ₹2,074, while Jefferies has a ‘Hold’ rating with a target of ₹1,615.

Among others, Nomura maintained a ‘Buy’ on the M&M stock with a target price of ₹2,143. HSBC also echoed a ‘Buy’ rating, with a target of ₹1,900. Morgan Stanley rated the stock as ‘Overweight’ with a target of ₹1,952.

Here’s what brokerages recommend:

CLSA is positive on the counter on the back of strong SUV growth. The brokerage said that SUV bookings have declined with a ramp up in production. On the tractor segment, CLSA expects the volumes to decline 5-6% year-on-year in FY24.

Nomura said M&M’s strong Q3 earnings growth was driven by SUVs despite weakness in tractors. The brokerage is quite optimistic of the structural growth of SUVs in India and strong positioning of M&M. Not just that, Nomura said the company’s SUV and electric vehicle model cycle is strong, its order book of 5-6 months gives visibility, and the company’s growth will remain well ahead of the industry.

According to HSBC, the passenger vehicle market share gains are likely to continue in FY25. The tractor business, muted for two years, could stabilise but monsoons are key for demand, the broking firm noted.

HSBC also said that an extended El Nino in FY25 and a slowdown in SUV momentum are key risks for the company.

Morgan Stanley expect M&M’s tractor business decline rate to trough out in March 2024. The global brokerage also believes that a strong SUV vertical will support growth. Morgan Stanley also expects a 13% YoY growth in FY25 as against its guidance of mid- to high-teens growth.

Jefferies, on the other hand, said the stock is not cheap and is unlikely to deliver meaningful returns until tractor demand visibility improves. The brokerage said the slowdown in the tractor segment is intensifying after an elongated upcycle.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mahindra’s aerospace arm to supply over 5,000 components for Airbus aircraft under new contract

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mahindra Aerostructures (MASPL) and Airbus Aerostructures GmbH on Wednesday (January 17) inked a new agreement to enhance their partnership in aerospace manufacturing. The deal encompasses the production and delivery of metallic components for all Airbus commercial aircraft models, including the highly popular A320 family.

Under the terms of the contract, MASPL will dispatch nearly 5,000 varieties of metallic components to Airbus in Germany, sourcing them from its manufacturing facility in India.

The contract adds to existing MASPL programmes to deliver parts directly to Airbus at their facilities in Toulouse, France.

Expressing his enthusiasm about the collaboration, Vinod Sahay, President of Aerospace & Defence and Chief Procurement Officer of Auto & Farm Sectors at Mahindra, stated, “The Mahindra Group is proud of its relationship with Airbus. With this new contract we further expand our relationship and increase our participation in the ‘Make In India’ initiative of the Government of India. We look forward to delivering on our commitments and continuing this journey of collaborative growth.”

Arvind Mehra, Managing Director & CEO of Mahindra Aerostructures, conveyed gratitude for Airbus’s sustained support, saying, “MASPL is privileged to be an Airbus supplier and we greatly appreciate their continued support to our growth initiatives. This award is a significant expansion of our Airbus portfolio and offers further opportunities for us to work with Airbus on performance, sustainability, and operational excellence.”

Having been a direct supplier to the Airbus Group since 2015, MASPL has consistently partnered with Airbus on various initiatives.

Mahindra Aerostructures is a wholly-owned dropdown subsidiary of Mahindra & Mahindra Ltd. It is based in India and produces metallic parts and assemblies for leading aerospace majors.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

All-women line-up announced for Mahindra Blues festival to be held on Feb 10-11, 2024

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The 12th edition of the Mahindra Blues Festival is set to showcase an all-women line-up, featuring renowned names in the world of blues. Vanessa Collier, Dana Fuchs, and Tipriti Kharbangar, among others, will take center stage at the iconic Mehboob Studios on February 10 and 11. The festival is looking to transcend “traditional boundaries” and put the spotlight on the valued contribution by women artists to the blues genre.

The musical celebration pays tribute to trailblasing women in blues history, including the likes of Ma Rainey, Bessie Smith, and Big Mama Thornton. The line-up boasts diverse talents, such as Vanessa Collier, celebrated for her soulful vocals and electrifying saxophone performances, Sheryl Youngblood, a Chicago Blues Hall-Of-Famer and Gospel Grammy Group Award winner, Grammy-nominated vocalist Beth Hart, singer-songwriter Dana Fuchs, and the skilled guitarist-singer Samantha Fish.

Adding a unique cultural dimension, Indian artistes Tipriti Kharbangar, reflecting the musical heritage of her hometown Shillong, and Kanchan Daniel, known for her powerful vocals and stage presence, will grace the festival. The inclusion of these talented women is not only a celebration of the genre, but is a bold statement in the ongoing narrative of blues.

The 12th @mahindrablues has an all women lineup. Book your tickets now
and #RiseForAMoreEqualWorld with us! @bookmyshow @jairamvgj @jaytweetshah @mahindrablues @MahindraRise @timesofindia@TheRealBuddyGuy @LincolnCenter pic.twitter.com/uK3jShF18e

— anand mahindra (@anandmahindra) December 12, 2023

Jay Shah, vice president of cultural outreach, Mahindra Group, emphasised the significance of the all-female line-up, stating, “This year’s all-female line-up is not just a celebration of the genre, but a bold statement in the ongoing story of blues. It’s a testament to our commitment to inclusivity and artistic excellence. The iconic line-up not only amplifies the voices of talented women but, by doing so, brings a different facet of the blues, thereby keeping the enduring spirit of the genre alive and thriving.”

In addition to the musical extravaganza, the festival has opened entries for its Mahindra Blues Band Hunt, offering aspiring artists the opportunity to join the MBF 2024 line-up. This initiative further underscores the festival’s commitment to fostering emerging talent and ensuring the continued vibrancy of the blues genre.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow