In a filing to NSE on 26th September Mahindra (M&M) said, India Ratings and Research (Ind-Ra) has assigned the Company INR 4.75 bn unsecured, non-convertible debenture (NCD) programmes a final ‘IND AAA’ rating with Stable Outlook.
rating action is based on the receipt of final documentation conforming to information which has been previously shared by the company with the agency.
The proceeds of the NCDs (non-convertible debenture) are to be used for capex, long term working capital expenditure as well as other general corporate purposes. These NCDs are being issued with a face value of INR 1 mn and entail a coupon of 7.57 per cent, which will be paid yearly. They have a tenor of 10 years with a bullet payment at the end of the tenor.
Mahindra has maintained its leadership position in the domestic market for tractors as well as utility vehicles, with market shares of 40.9 per cent and 37.9 per cent (in volume terms), respectively, in Financial Year 2016. During April-June 2016, its market share in the tractor segment improved to 43.9 per cent, while in the utility vehicle segment it declined to 31.6 per cent. The decline is mainly attributed to new launches by peers in this period. The company is also the number one player in the light commercial vehicle goods carrier segment (below 3.5 tonnes), with a share of 51 per cent and 49.4 per cent, respectively, in FY16 and Q1 FY17.
Mahindra share price opened at Rs 1,380.00 this morning from a previous closing of Rs 1,380.20. The intraday high and the intraday low are Rs 1,390.75 and Rs 1,379.10 respectively.
At 10:40 AM, a total of 1,49,902 shares of the company have been traded on the counter of NSE aggregating to a total amount of Rs 2,077.64 lacs. Mahindra is one of the top 500 shares recommended by Dynamic Levels.
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