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<ul><li><keyword id="6357096" type="COMPANY" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> (M&amp;M) will increase the prices of its entire range of passenger and commercial vehicles from January 1, 2021. The share price of M&amp;M has gained 4% in morning trade. </li><li>Meanwhile, its loss-making <keyword id="10441530" type="UNKNOWN" weightage="20" keywordseo="south-korean-subsidiary-ssangyong-motor">South Korean subsidiary Ssangyong Motor</keyword> has defaulted on loan repayment aggregating to $55 million (around ₹408 crore) to JPMorgan Chase. </li><li>In April this year, M&amp;M’s board had rejected a proposal to inject any fresh equity into Ssangyong.</li><li>M&amp;M holds nearly 75% in the Korean subsidiary now, and has injected over $110 million in it since the acquisition.</li></ul>One of India’s largest automakers <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> &amp; Mahindra (M&amp;M) will be hiking prices of its entire range of passenger and commercial vehicles from next month to offset the impact of the rise in input costs. The price hike will be effective from January 1, and across a range of its passenger and commercial vehicles models. The share price of M&amp;M witnessed a 4% gain in morning trade. <div type="image" title="M&amp;amp;M share (3)" msid="79754028" hostid="261"></div> This price hike announcement comes hours after its loss-making South Korean subsidiary Ssangyong Motor <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/432c164e-1871-4f23-a4f4-289112e504e7.pdf">defaulted on loan repayment</a> aggregating to $55 million (around ₹408 crore) to JPMorgan Chase Bank. In a regulatory filing, M&amp;M highlighted that the South-Korea listed subsidiary SYMC has outstanding loans aggregating to $92 million (approximately ₹680 crore). These are three banks Ssangyong owes money to: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lenders to Ssangyong </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pending loans </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JPMorgan Chase Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹408 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNP Paribas </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹68 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of America </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹204 crore </td></tr></tbody></table> The South Korea-based automaker has been in the red for nearly three years and the pandemic only made it worse. It saw its losses deepen in the third quarter and reported the worst performance since the 2008 global financial crisis. In the July-September quarter it reported net loss of $89.1 million. This default comes after Mahindra’s decision to no longer inject money into its subsidiary. In April this year, M&amp;M’s board had rejected a proposal to inject any fresh equity into Ssangyong. The pain point: Ssangyong acquisition Mahindra acquired the loss-making Ssangyong in 2010. Despite several attempts, it has failed to turn its fortune around. M&amp;M holds nearly 75% in the Korean subsidiary now, and has since injected over $110 million in it. Mahindra has been looking for a potential buyer for SsangYong, after the loss making subsidiary took <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">a toll on its profit</a> this year. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

M&M’s planned price hikes eclipse debt default by Ssangyong

<ul><li>India’s third-largest auto maker reported a consolidated net loss of ₹3,255 crore between January and March 2020 compared to a profit of ₹840 crore a year earlier.</li><li>If the one-time impact from Ssangyong and other global subsidiaries is taken out, the bottomline would have shown a profit after tax of ₹323 crore.</li><li>The stock gained nearly 8% in trade as <keyword id="46869" type="CITY" weightage="20" keywordseo="MM">M&amp;M</keyword>’s performance far exceeded the estimates, as well as those of its peers like Maruti and Tata Motors.</li></ul>One of India’s largest automakers <keyword id="6357096" type="UNKNOWN" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> reported a consolidated net loss of ₹3,255 crore between January and March 2020 compared to the same quarter last year. But it was largely due to a one-time charge for global subsidiaries like Ssangyong. “The Company has recognised a loss of ₹2,780.47 crore as 'Exceptional items' on account of impairment provision for certain long-term investment,” the statement said. The profit after tax, before these exceptional items, stood at ₹323 crore, leading the market to cheer⁠— the stock ended the day up over 7.5% ⁠— and the board declared a dividend of ₹2.35 per share of the face value of ₹5 each.<div type="image" title="M&amp;amp;M share now new" msid="76339113" hostid="261"></div> The company’s total revenue was down 35% year-on-year to ₹9,005 crore. The profit was still the worst in at least five quarters. <div type="image" title="Mahindra profit." msid="76339127" hostid="261"></div> Better than peers The Mahindra group company had the benefit of catering to the farm sector at a time when the coronavirus lockdown had brought the urban demand for cars⁠— particularly the more expensive SUVs that M&amp;M specialises in ⁠— to a standstill. The company said the timely relaxation of the lockdown for the agricultural sector helped the company to ensure the gradual recovery of tractor demand during May. And that’s a reason why it has also been the better of the country’s auto stocks this year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth since Dec 31 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-13% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-27% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-27% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-8% </td></tr></tbody></table> SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/mahindra-and-mahindra-profit-revenue-for-q4-march-2020-preview-and-share-price-chart/articleshow/76332644.cms" data-type="tilCustomLink"> Mahindra &amp; Mahindra investors hope tractors will save the day⁠— and the year</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-maruti-and-hyundai-offer-discounts-on-cars/articleshow/76324233.cms" data-type="tilCustomLink">After Maruti and Hyundai, Tata Motors offers discounts as car makers get squeezed between slow sales and slower registrations</a>

Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries

India’s brewing auto market has more cookies in queue. Europe’s second largest car maker <keyword id="2676049" type="UNKNOWN" weightage="20" keywordseo="PSA-Group">PSA Group</keyword>'s <keyword id="163594" type="CITY" weightage="20" keywordseo="Peugeot">Peugeot</keyword> is planning a comeback to India. To catalyse the process, the automaker has hired and commissioned a study. As per a news report by The Economic Times, company expects to know the results by the end of the year, before finalising its blueprint. 
 "PSA has implemented a new organisation by regions. India-Pacific region shows India's importance to PSA. But at this stage, there's no decision for a rapid return to India,” a <keyword id="190989" type="POSITION" weightage="20" keywordseo="group-spokesperson">group spokesperson</keyword> told the financial daily. 
 
Tabbed as the third largest market in the world by 2020 with 5 million annual sales, India is definitely a tough and competitive market for the France- based auto manufacturing company. 
 
To play it safe, Peugeot will enter the 2-wheeler space before testing the car market, people familiar with the development told the Economic Times. 
 "The plan is to have the entire group's presence in India right from two-wheelers, passenger vehicles to light commercial vehicles in the medium term. Immediate focus will be on two-wheelers, and with the help of Mahindra &amp; Mahindra (<keyword id="46869" type="CITY" weightage="20" keywordseo="MM">M&amp;M</keyword>), the company will try to establish its presence by 2017 and build Peugeot brand, before expanding to passenger vehicles by 2020," one of the persons told the ET. 
 M&amp;M has been a prominent partner in marketing foreign car brands. From <keyword id="161362" type="COMPANY" weightage="20" keywordseo="Ssangyong">SsangYong</keyword> Rexton to <keyword id="43777" type="CITY" weightage="20" keywordseo="Renault">Renault</keyword> , M&amp;M has provided launchpad to various brands. M&amp;M recently acquired a majority stake in PSA's two-wheeler business and intends to help the French automaker expand its footprint across the globe, including in India. M&amp;M is likely to keep the Peugeot brand, and will use the French automaker's vehicle platform for its own fledgling two-wheeler business. 
 
People close to the company said Peugeot's two-wheelers may be manufactured or assembled out of Mahindra's Pithampur facility. The French company is also eyeing Chennai as an alternative base, apart from studying Sanand, Gujarat, for future business. 
 PSA Group’s venture in India is nothing new. It was one of the first companies to set up base in India, once the government opened up investment to MNCs. However its three-year <keyword id="6374782" type="UNKNOWN" weightage="20" keywordseo="journey">journey</keyword> with <keyword id="2869581" type="UNKNOWN" weightage="20" keywordseo="Premier-Automotive-Ltd">Premier Automotive Ltd</keyword> fell apart due to differences with its local partner. 
 Multiple studies were done between 2000 and 2010, before the company decided to <keyword id="47916" type="UNKNOWN" weightage="20" keywordseo="invest">invest</keyword> in a full-fledged factory in Sanand in 2011. A global slowdown and domestic crisis led the company to surrender land to the state in 2013-14. 
 
 (Image: Reuters)

​Peugeot is back with huge plans for India

<ul class="summary-list"><li>Thousands of union workers in <keyword id="11944254" type="UNKNOWN" weightage="60" keywordseo="south-korea" source="Orion">South Korea</keyword> went on strike Wednesday demanding better workers' rights.</li><li>About 80,000 members of the South Korean Confederation of Trade Unions rallied in 13 different cities in South Korea.</li></ul>Thousands of union workers wearing costumes from the <keyword id="11892922" type="UNKNOWN" weightage="60" keywordseo="netflix" source="Orion">Netflix</keyword> hit "<a href="https://www.insider.com/category/squid-game">Squid Game</a>" rallied in the streets across South Korea on Wednesday, demanding job security.About 80,000 members of the South Korean Confederation of Trade Unions in 13 different cities in South Korea went on strike on Wednesday local time, calling on the nation's government to impose better working conditions for irregular workers and a minimum wage hike, <a href="https://www.straitstimes.com/asia/east-asia/labour-union-stages-rallies-strikes-in-south-korea">The Straits Times</a> reported.In Seoul alone, 27,000 people gathered to protest, prompting local authorities to deploy about 12,000 officers to set up "bus walls" and fences for crowd control, namely in Gwanghwamun Plaza, where most of the rallies took place, according to The Straits Times.Lim Yun Suk, the Korea Bureau Chief for Channel <keyword id="11893589" type="UNKNOWN" weightage="60" keywordseo="news" source="Orion">News</keyword> Asia, <a href="https://twitter.com/yunsukCNA/status/1450784065540395015">tweeted</a> that some union workers said, like the characters in the popular Korean survival drama, "they too are struggling to make a living."The <a href="https://www.insider.com/squid-game-creator-paused-writing-script-sell-laptop-for-cash-2021-10">Netflix original series</a>, which captured global attention since debuting on the streaming platform in mid-September, centers on 456 adults on the brink of financial ruin who are invited to play children's games to win 45 billion won, or about $40 million - but losing the games has deadly consequences.The show hit too close to home for some in South Korea, where "workers work 44.6 h per week on average, higher than the number of average weekly working hours (32.8) in OECD member nations," according to an <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5102235/">article</a> published in the <keyword id="6356001" type="UNKNOWN" weightage="100" keywordseo="international" source="Orion">International</keyword> Journal of Occupational and Environmental Health in July 2016."Some scenes were very hard to watch," Lee Chang-keun, a former worker at South Korea's Ssangyong Motors, which laid off thousands of employees while filing for bankruptcy protection in 2009, told <a href="https://abcnews.go.com/Entertainment/wireStory/squid-game-strikes-nerve-debt-ridden-south-korea-80551191">ABC News</a>."In '<keyword id="12189586" type="UNKNOWN" weightage="60" keywordseo="squid-game" source="Orion">Squid Game</keyword>,' you see characters scrambling to survive after being laid off at work, struggling to operate fried chicken diners or working as 'daeri' drivers," a rental service where drivers take drunk people home in their own cars, Lee added. "That reminded me of my co-workers who died."The rally came in stark violation of the country's strict social distancing COVID-19 policies, which only allows gatherings of up to eight people if the group includes four fully vaccinated people, and up to 10 people in other regions, according to a <a href="https://www.reuters.com/world/asia-pacific/skorea-eases-coronavirus-gathering-curbs-before-switch-living-with-covid-2021-10-15/">Reuters</a> report.All rallies are banned in Seoul and the greater Seoul area under the city's tight social distancing measures.Korean President Moon Jae-in also encouraged union workers not to rally in a bid to prevent the spread of COVID-19.

Thousands of union workers dressed in 'Squid Game' costumes rallied in South Korea, calling on the government to improve workers' rights

After crossing the psychological 3,00,000 mark, India on Saturday posted 11,458 fresh cases, the highest spike in cases in 24 hours. A total of 386 people died during that same time taking the toll to 8,884 so far since the first case was reported on January 30, the Health Ministry data said. For the fifth consecutive day, the number of recoveries (1,54,329) remained higher than the active ones (1,45,779). Maharashtra remained the worst-hit state in the country with total cases crossing the one lakh mark, with 10,11,41 cases, including 3,717 deaths and 47,796 recoveries. It is followed by Tamil Nadu (40,698) and the national capital with 36,824 Covid-19 cases. States with more than 10,000 cases include Gujarat with 22,527 cases and 1,415 deaths, Uttar Pradesh (12,616), Rajasthan (12,068), Madhya Pradesh (10,443). SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

With 11,500 new coronavirus cases, India sees its highest jump in a single day

<ul><li>At 7:45 am, SGX Nifty was down by 50 points, or 0.38%.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Indian stock markets could see a bounce back on Tuesday after the <a href="https://www.businessinsider.in/stock-market/news/sensex-sees-2-weeks-of-gain-wiped-out-in-half-a-day-plunges-by-over-1400-points/articleshow/79838339.cms">massive plunge on Monday</a>. At 7:45 am, SGX Nifty was down by 50 points, or 0.38%, suggesting that the Indian stock exchanges will have a tepid start to the day. This is at a time when <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-mixed-as-stimulus-optimism-clashes-with-new-virus-strain/articleshow/79895509.cms">US stocks had a mixed day</a> as stimulus optimism clashed with the new virus strain. The Dow Jones closed in the red, down by 0.67%, while S&amp;P 500 was down by 0.21%. These are the stocks to watch out for during the trading session today <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> Infosys has announced a deal with German automotive giant Daimler AG. As part of the deal, Infosys will take over Daimler AG’s employees in Germany, the US and the Asia Pacific region. <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> Wipro has announced a share buyback program which will open on December 29 and close on January 11. Additionally, the <a href="https://www.businessinsider.in/business/corporates/news/wipro-buys-the-it-operations-of-a-german-food-services-firm-for-700-million/articleshow/79909949.cms">IT company has also announced a deal with German multinational company Metro AG</a>. According to the ₹9,500 crore worth buyback offer, Wipro plans to purchase shares at ₹400 per share, which is 10% more than yesterday’s (Dec 22) closing price of ₹364, looking to mop up 23.75 crore shares from the market. Additionally, Wipro has signed a $700 million deal with Metro AG that will bring over 1,300 employees of the German company to Wipro. Mahindra &amp; Mahindra Mahindra’s South Korean subsidiary SsangYong Motor has filed for bankruptcy after failing to repay loans worth ₹680 crore. Jubilant FoodWorks The company has announced “The Unthinkable Pizza” based on plant protein. This comes after it had announced its foray into biryani (an Indian rice-based dish) that sent its stock soaring to a record high. <keyword id="6359783" type="ORGANIZATION" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> Bajaj Auto has signed a memorandum of understanding (MoU) with the Maharashtra government to set up a manufacturing unit with an investment of ₹650 crore. Punjab National Bank State insurer Life Insurance Corporation of India has increased its stake in the bank from 4.12% to 7.73%. Majesco One of the hottest stocks in the news recently, it will be worth watching out for today as its promoter Ketan Mehta and others sold 10.5 lakh shares while Atul Limited acquired 2.14 shares. LT Foods The company received a boost in its ratings from CRISIL, who revised its outlook to ‘positive’ from ‘stable’. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/apple-rises-3-after-report-says-the-company-aims-to-produce-electric-cars-by-2024/articleshow/79872303.cms">Apple's market value grows by $102 billion after report says the company aims to produce electric cars by 2024</a> <a href="https://www.businessinsider.in/stock-market/news/us-stocks-close-mixed-as-stimulus-optimism-clashes-with-new-virus-strain/articleshow/79895509.cms">US stocks close mixed as stimulus optimism clashes with new virus strain</a> <a href="https://www.businessinsider.in/stock-market/news/billionaire-investor-sam-zell-questions-tesla-and-bitcoin-predicts-workers-will-return-to-offices-and-warns-the-us-dollar-could-be-replaced-as-the-worlds-reserve-currency-in-a-new-interview-here-are-the-15-best-quotes-/articleshow/79843473.cms">Billionaire investor Sam Zell questions Tesla and Bitcoin, predicts workers will return to offices, and warns the US dollar could be replaced as the world's reserve currency in a new interview. Here are the 15 best quotes.</a>

Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others

<ul><li>One of India’s largest farm equipment manufacturers, Mahindra &amp; Mahindra is all set to announce its results on August 7. </li><li><keyword id="50805" type="COMPANY" weightage="20" keywordseo="Mahindra-and-Mahindra">Mahindra and Mahindra</keyword>’s share price has rallied over 114% since March 31</li><li>The farm equipment segment contributes around 30% to the overall revenue of the company and is expected to show faster recovery compared to other segments.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Mahindra and Mahindra’s share price has rallied over 114% since March 31 as investors are hoping for better first-quarterly earnings than its peers. <div type="image" title="M&amp;amp;M share" msid="77389237" hostid="261"></div> One of India’s largest farm equipment manufacturers, Mahindra &amp; Mahindra is all set to announce its results on August 7. The farm equipment segment contributes around 30% to the overall revenue of the company. And, it is expected to show faster recovery than other segments, on the back of strong Rabi crop harvest, procurement by state governments at remunerative prices, healthy water levels and timely arrival of monsoon. This expectation is despite the fact that the tractor volume declined 24% YoY to 65,651units in the April to June quarter. <div type="image" title="M&amp;amp;M Revenue" msid="77389263" hostid="261"></div> M&amp;M’s recovery is better than the peers The Mahindra group had the benefit of catering to the farm sector at a time when the coronavirus induced lockdown had brought the urban demand for cars to a standstill during this period, and that’s a reason why it has also been the better performing of the auto stocks this year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth since March 31 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">114% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37.39% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motor </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">66.53% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">48.52% </td></tr></tbody></table> After its competitor, Escorts already posted marginal profit in first-quarter earnings; investors are now watching for M&amp;M to show a similar or better trend. However, the brokerages aren’t very optimistic about the company’s prospects, and as per the various analyst reports, M&amp;M is projected to see a profit dip of nearly 81%. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit growth (expected) </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Liladher </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-77.30% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ShareKhan </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-78% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nirmal Bang </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-87.70% </td></tr></tbody></table> According to Motilal Oswal report, the company’s main challenge lies in its global subsidiaries, some of which are making significant losses. Although in January to March quarter the lockdown was just for one week, the quarter turned out to be full of losses for M&amp;M — when the company reported a consolidated net loss of ₹3,255 crore, largely because of a one-time charge for global subsidiaries like Ssangyong. However, there’s no such indication of further investment in SsangYong, according to Prabhudas Liladher report. But the lost sales in April and early May might drag the profit. The company sold nearly 56% less vehicles in the first quarter in comparison to what it sold last year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2020 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April to June 2019 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Growth </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">56,293 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,29,227 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-56.40% </td></tr></tbody></table> SEE ALSO: EXCLUSIVE: <a href="https://www.businessinsider.in/stock-market/news/mahindra-and-mahindra-finance-managing-director-gets-candid-about-the-rights-issue/articleshow/77212386.cms" data-type="tilCustomLink">M&amp;M Financial Managing Director gets candid about the rights issue, the bleak prospects for this year and why there should be no more loan moratorium</a> <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms" data-type="tilCustomLink">Escorts earnings only show that calling a rural recovery right now would be pompous⁠— all eyes will now be on M&amp;M</a>

M&M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it

Former Pakistan captain <keyword id="16977" type="PERSON" weightage="20" keywordseo="Shahid-Afridi">Shahid Afridi</keyword> revealed on Saturday that he has tested positive for coronavirus. He wrote a heartfelt message on popular social media platform Twitter to make the announcement. Afridi stated that he has feeling unwell since Thursday and after getting himself tested, the reports came as positive. He urged his fans and followers to pray for him during these testing times. His Twitter post read: "I have been feeling unwell since Thursday; my body has been aching badly. I have been tested and unfortunately I'm covid positive. Need prayers for speedy recovery, Inshallah. #COVID19 #pandemic #hopenotout #staysafe #stayhome." Afridi had been involved in charity work during the ongoing crisis in his home country. He was even supported by former India all-rounder Yuvraj Singh and out-of-favour spinner Harbjahan Singh. But following his comments on Kashmir and India Prime Minister Narendra Modi, the Indian cricketers had cut all ties with Afridi. "This is very upsetting what Shahid Afridi has come up with, talking ill about our country and our Prime Minister. This is just not acceptable," Harbhajan had told Sports Tak. "To be honest, he (Afridi) asked us to make an appeal for his charity. In good faith, we did it for humanity and for the people suffering due to the coronavirus," said Harbhajan. "But this man is talking ill about our country. All I have to say is we have nothing to do with Shahid Afridi. He has no right to speak ill against our country and he should stay in his country and limits. SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

Pakistani cricketer Shahid Afridi tests positive for Covid-19

<ul><li>The 30-share BSE index was trading 78 points higher, while the Nifty50 rose 0.21%.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex and Nifty opened on a cautious note tracking mixed cues from global markets ahead of the US Federal Reserve's policy outcome. The 30-share BSE index was trading 78 points higher, while the Nifty50 rose 0.21%. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment Limited </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grasim </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr></tbody></table>*as of September 16, 9:50 am Mahindra and Mahindra shares gain 5% on September 16 The shares of automobile manufacturer Mahindra and Mahindra opened 5% higher after <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a> surfaced claiming that M&amp;M subsidiary SsangYong Motor was close to signing a binding investment agreement with US-based HAAH Automotive Holdings. SpiceJet shares shed 2% post earnings The shares of India’s largest cargo operator lost nearly 2% on Wednesday a day after the company reported a net loss of ₹593.4 crore for the first quarter ended June 30. The overall revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. Indiabulls Housing trade 3% higher The shares of Indiabulls Housing gained 3% after the company said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. Lakshmi Vilas Bank locked in 10% upper circuit The shares of Lakshmi Vilas Bank were locked in a 10% upper circuit after the bank said the Clix Group have substantially completed the due diligence on a proposed amalgamation of the financial services company with the bank. In June, Lakshmi Vilas bank had signed a preliminary, non-binding letter of intent (LoI) with Clix Capital Services Private Limited and Clix Finance India Private Limited, collectively the Clix Group, in relation to the proposed amalgamation of Clix Group with the Bank. NMDC trades 4% higher The share price of National Mineral Development Corporation (NMDC) gained over 4% a day after the Karnataka Cabinet cleared the NMDC’s application to start mining operations at Donimalai following the intervention of Union Mines Minister, Prahlad Joshi. Sterlite Technologies gains over 5% The shares of Sterlite Technologies was trading over 5% higher after it partnered with telecom giant Airtel to build an optical fibre network across 10 telecom circles. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/indias-covid-19-number-crosses-5-million-mark-and-last-one-million-cases-in-just-11-days/articleshow/78139916.cms" data-type="tilCustomLink">India’s COVID-19 tally crosses 5 million mark — with an addition of one million cases in just 11 days</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-infosys-future-enterprises-bharti-airtel-sterlite-technologies-spicejet-indigo-mm-and-more/articleshow/78138733.cms" data-type="tilCustomLink">Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&amp;M and more</a>

Top stock movers — Mahindra and Mahindra, SpiceJet, NMDC, Lakshmi Vilas Bank, Indiabulls Housing, Sterlite Tech and more

<ul><li>At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on a muted note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 0.58% lower, indicating a cautious start for Nifty50. However, the US stocks finished higher as Wall Street ahead of decision from the Federal Reserve meeting. The Dow Jones Industrial Average ended on a flat note, while the S&amp;P 500 rose 0.52%. Here’s a list of stocks to watch for in trade on September 16: Infosys One of the largest publicly traded water, wastewater and natural gas providers in the US, Essential Utilities has selected Infosys as its strategic partner to drive its digital transformation. The shares of Infosys closed 0.31% higher yesterday. Bharti Airtel and Sterlite Technologies Telecom giant Airtel has partnered with Sterlite Technologies to build an optical fibre network across 10 telecom circles. The densely fibered future-ready network will also form the foundation for many next-generation services such as 5G, Fibre to The Home (FTTH), Internet of Things (IoT) and enterprise networks, Sterlite said in a release. The shares of Bharti Airtel and Sterlite Technologies closed 2% higher yesterday. SpiceJet SpiceJet reported a net loss of ₹593.4 crore for the first quarter ended June 30. The company’s total revenue during the quarter declined 83% YoY to ₹4,83.24 crore compared to the same period last year. In its quarterly filing, SpiceJet also stated that it is restructuring aircraft lease and renegotiating some of its current contracts to for long term saving impact on the cost front. The shares of SpiceJet closed 0.47% lower yesterday. IndiGo Aviation regulator DGCA has asked IndiGo and GoAir to fly only those aircraft that have modified Pratt and Whitney (PW) engines on them, said the civil aviation minister Hardeep Singh Puri. The PW engine-powered A320 neo planes in IndiGo, and GoAir fleets have been facing glitches both mid-air and on-ground since their induction way back in 2016. Puri said on Twitter IndiGo has 134 A320neo, and A321neo aircraft and all of them have modified PW engines on them. The shares of IndiGo closed 1.55% higher on Tuesday. Indiabulls Housing Finance Indiabulls Housing Finance said Brickwork Ratings has assigned a short-term rating of A1 plus to the company, signifying the adequate degree of safety and low credit risk. The rating agency has reaffirmed the long-term rating at AA-plus, suggesting a high degree of safety and very low credit risk, the company said in its regulatory filing. The shares of Indiabulls Housing Finance closed 1.95% lower on September 16. Future Enterprises Kishore Biyani led Future Enterprises reported a consolidated net loss of ₹322.92 crore for the quarter ended on June 30. Its revenue from operations was down 87.31% to ₹179.39 crore during the quarter under review. The shares of Indiabulls Housing Finance closed 4% higher on September 16. IDBI Bank According to news reports, the state-owned Life Insurance Corporation of India (LIC) is planning to sell its 51% stake in IDBI Bank in tranches. LIC bought 44% stake in IDBI Bank in January 2019 for ₹21,624 crore for saving the bank from collapse. The shares of IDBI Bank closed flat on September 16. Mahindra and Mahindra According to <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mahindras-ssangyong-close-to-signing-binding-agreement-with-us-firm-korean-media-reports/articleshow/78120204.cms?from=mdr">Korean news reports</a>, Mahindra and Mahindra’s subsidiary SsangYong Motor was close to signing a binding investment agreement with a US-based HAAH Automotive Holdings. Mahindra had earlier said that it will not make any <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">further investments in the loss making SUV-maker </a>and wanted to give up its controlling stake. Hexaware Watch out for Hexaware in trade as the date for delisting has been extended by one more day. The delisting offer closes today. The shares of Hexaware closed 6.25% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/science/news/bill-gates-says-the-pandemic-wiped-out-25-years-of-vaccine-progress-in-25-weeks/articleshow/78117898.cms" data-type="tilCustomLink">Bill Gates says the pandemic wiped out 25 years of vaccine progress in 25 weeks</a> <a href="https://www.businessinsider.in/tech/news/watch-live-apple-unveils-whataposs-next-for-the-apple-watch-ipad-and-more-at-its-big-september-event/slidelist/78133140.cms" data-type="tilCustomLink">Apple unveils what's next for the Apple Watch, iPad, and more at its big September event</a>

Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&M and more

<ul><li>American car maker Ford may form a partnership with Indian car maker M&amp;M, Reuters said citing sources.</li><li>India's third-largest car maker M&amp;M is likely to own 51% stake in the venture and Ford may own the rest.</li><li>The two companies came together for the first time in 2017 to build SUVs and electric cars.</li><li>Ford would add 14,000 employees, two plants to M&amp;M and both companies had similar sales in 2018.</li><li>In 2018, Ford's India division swung to profit for the first time in eight years.</li></ul>American car maker Ford's solo drive in India is likely to end. The company may form a joint venture (JV) with the Indian conglomerate, Mahindra &amp; Mahindra, according to a report citing sources from news agency Reuters. Both companies have refused to confirm Reuters' report that said M&amp;M will own 51% stake in the JV, while Ford will own the rest. If this stake sale goes through, this will be a milestone in the history of the Dearborn, Michigan-based company that entered India nearly 25 years ago. "Since its entry in India in 1995, Ford has invested more than US$ 2 billion to expand its manufacturing facilities and sales &amp; service footprint to meet the demand in one of the world's fastest-growing auto markets," according to its website. M&amp;M, on the other hand, is the country's <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/three-launches-help-mm-retain-third-spot-in-passenger-vehicle-sales/articleshow/68770337.cms" data-type="tilCustomLink" target="_blank">third-largest passenger vehicle</a> maker, whose automotive business spans from sports utility vehicles (SUV) to tractors and buses, from heavy engines to electric cars. The company bought over Korean peer Ssangyong in 2011 and an Italian graphic design firm in 2008. However, the country's automobile industry has been reeling under pressure from slowing car sales in recent months. What M&amp;M gets... Most importantly, in 2018, Ford's India division <a href="https://m.economictimes.com/industry/auto/auto-news/ford-motor-india-drives-into-profit-zone-after-eight-years/articleshow/66453826.cms" data-type="tilCustomLink" target="_blank">swung to profit</a> for the first time in eight years. About 85% of the components are locally sourced. Ford has integrated manufacturing facility at Maraimalai Nagar, near Chennai, produces its popular models like Ford EcoSport and Ford Endeavour. It also has, according to the company, a "$1 billion state-of-the-art integrated manufacturing facility in Sanand, Gujarat," which became operational in March 2015. M&amp;M has 16 plants dotted across the country. The annual installed manufacturing capacity is 610,000 engines and 440,000 vehicles. <a data-type="tilCustomLink" target="_blank">Total sales</a> for the year-ended December 2018 were at 265,714 units, just marginally up from a year earlier. In the same time, M&amp;M sold over 250,000 vehicles, including exports. Ford has more than 376 sales and service outlets in 209 cities across India. It will also bring to the table 14,000 employees. The synergies Just like Ford, M&amp;M's top-selling brands are SUVs and that segment is in a tight spot. While the demand is weak, emission norms are scheduled be tightened next year and that would make diesel cars, especially the gas-guzzling SUVs less attractive. Coming together would reduce competition and ease the pressure on the business. The two companies tied up in 2017 to build cars together and the <a href="https://www.livemint.com/Auto/OZIyEUKiu91VH2APzOspjK/Ford-posts-a-profit-in-India-20-years-after-driving-in.html" data-type="tilCustomLink" target="_blank">first model is expected to be out</a> in the financial year ending March 2020. M&amp;M on the other hand has been a pioneer in India's nascent electric car market, a growing space which Ford is absent from. The Mumbai-based company is planning to double its electric vehicle (EV) portfolio in three years. The current EV manufacturing capacity is 5,000 and the <a href="https://economictimes.indiatimes.com/industry/auto/auto-news/mm-plans-to-double-its-electric-vehicles-portfolio-in-3-years/articleshow/63089182.cms" data-type="tilCustomLink" target="_blank">firm plans to increase</a> it to 60,000-70,000 in a year. SEE ALSO: <a href="https://www.businessinsider.in/shark-tanks-kevin-harrington-invests-in-retail-store-the-new-shop/articleshow/68796960.cms" data-type="tilCustomLink" target="_blank">Shark Tank’s Kevin Harrington is back in India after 25 years to invest in a pop-up store chain</a>

You Searched For "ssangyong news" and got 11 results

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You Searched For "ssangyong news" and got 11 results

M&M’s planned price hikes eclipse debt default by Ssangyong

Navdeep Yadav

Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries

Navdeep Yadav

​Peugeot is back with huge plans for India

BI India Bureau

Thousands of union workers dressed in 'Squid Game' costumes rallied in South Korea, calling on the government to improve workers' rights

Lauren Frias

With 11,500 new coronavirus cases, India sees its highest jump in a single day

IANS

Top stocks to watch – Infosys, Wipro, Jubilant FoodWorks, Bajaj Auto, Majesco, and others

Rounak Jain

M&M’s farm equipment segment may have fueled investors hopes — but analysts aren’t too optimistic about it

Navdeep Yadav

Pakistani cricketer Shahid Afridi tests positive for Covid-19

IANS

Top stock movers — Mahindra and Mahindra, SpiceJet, NMDC, Lakshmi Vilas Bank, Indiabulls Housing, Sterlite Tech and more

Navdeep Yadav

Top stocks to watch— Infosys, Future Enterprises, Bharti Airtel, Sterlite Technologies, SpiceJet, IndiGo, M&M and more

Navdeep Yadav

Ford may enter a joint venture with M&M ending a 25-year old solo ride that cost $2 billion: Report

Sriram Iyer

Popular Keywords

Buying Guides

Peugeot is back with huge plans for India