Mahindra & Mahindra’s arm rises on planning to deliver over 500 Treo electric autorickshaws
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Mahindra & Mahindra is currently trading at Rs. 925.00, up by 4.70 points or 0.51% from its previous closing of Rs. 920.30 on the BSE.
The scrip opened at Rs. 919.00 and has touched a high and low of Rs. 927.75 and Rs. 908.60 respectively. So far 35530 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 978.90 on 17-Nov-2021 and a 52 week low of Rs. 671.00 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 927.15 and Rs. 859.20 respectively. The current market cap of the company is Rs. 114728.02 crore.
The promoters holding in the company stood at 19.47%, while Institutions and Non-Institutions held 66.16% and 14.37% respectively.
Mahindra & Mahindra’s (M&M) subsidiary company -- Mahindra Electric Mobility is planning to deliver over 500 Treo electric autorickshaws in the next few months for sustainable last-mile mobility in 12 cities. As part of this effort, the company has handed over the first e-auto to a beneficiary in Amritsar on April 22, 2022.
The company is one of the empanelled original equipment manufacturers under the RAAHI (Rejuvenation of Autorickshaw in Amritsar through Holistic Intervention) project. The project is part of the City Investments to Innovate, Integrate and Sustain (CITIIS) programme under the Ministry of Housing and Urban Development. A total of 12 cities, including Amritsar, have been selected under the CITIIS programme. Under RAAHI project, a subsidy of Rs 75 000 is given to each beneficiary, with a total outlay of Rs 108 crore.
If a beneficiary buys a Treo by paying upfront, the full subsidy amount will be deposited in his/her account. For those opting to buy the e-auto on loan, Rs 15 000 is credited in their accounts initially and the balance Rs 60,000 will be adjusted in the loan amount.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
