Mahindra takes over Tata as India’s biggest car maker
Mahindra & Mahindra Ltd. has taken over Tata as the biggest Indian auto maker in terms of market value. Mahindra was able to catch up and overtake Tata, which has enjoyed top position since October 2008, after a recent drop in sales both locally and abroad were recorded.
On Friday last week, Mahindra shares rose to $440.74 billion rupees (around US$9.22 billion), overtaking Tata Motors' value which fell five percent down to 424.14 billion rupees (around $8.86 billion). Mahindra, India's largest maker of SUVs and utes, has been able to overtake Tata (also owners of Jaguar Land Rover) due to dropping rates in international Tata exports.
According to a report by Automotive News in the US, Tata international sales account for around 73 percent of Tata group sales, a slice which has dropped by 44 percent in the last year. As for Mahindra, international sales have also dropped but by only around seven percent, to five percent. Surjit Singh Arora, a Mumbai-based analyst with Prabhudas Lilladher Pvt, said in the report,
"Tata Motors, through Jaguar and Land Rover, has a high exposure to Europe and North America, where there is a lot of economic uncertainty at the moment. Mahindra will continue to have a higher market capitalisation over Tata as long as the uncertainty remains."
Mahindra has also experienced an increase in SUV and ute sales worldwide and was said to have reported a first quarter profit increase by as much as eight percent compared with last year.
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