india carmakers


Mahindra profits tank 99% amidst currency woes

You think that General Motors and Chrysler are in trouble? Take a look at India's largest SUV-maker, Mahindra. It posted a whopping 99% drop in profits last quarter due to the double blow of a 26% sales dip and a "currency loss." The lack of interested car buyers is an all-too-familiar theme, but the currency loss is more complicated. In a statement, Mahindra said the loss was due mostly to "cancellation of forward covers entered into by the company to hedge certain anticipated exports." Translation: the company invested in the currency ... Read more →

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