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Mahindra & Mahindra's planned $3 billion joint venture with Shaanxi Automobile Group aims to establish a car manufacturing hub in Gujarat. While Mahindra has denied the report, shares rose on the Bombay Stock Exchange, reflecting market optimism amid ongoing discussions about easing restrictions on Chinese investments.
The IPO portion allocated to institutional investors, including foreign investors, banks, and mutual funds, was oversubscribed 19.3 times, showcasing strong interest despite an initially sluggish start.
Mahindra & Mahindra aims for mid-to-high teens growth for FY25, driven by new launches including the XUV 3XO and the Thar Roxx. Despite a 5% drop in Q1 net profit, the company achieved a 24% increase in SUV sales and a 12% rise in revenue.
India, with 4 million cars sold last year, witnessed only 82,000 electric vehicles on its roads. Despite the relatively small market share, the EV segment experienced a remarkable 115% sales growth compared to the previous year.