Mahindra, the diversified Indian business group with interests in automobiles, information technology and financial services, on Wednesday announced the formation of a Brazilian subsidiary that will eventually acquire a tractor distributing firm in the country.In a regulatory filing to the Bombay Stock Exchange (BSE), the company said that it has incorporated CMN Solutions Q013 Participacoes Ltd, along with its wholly-owned subsidiary, Mahindra Overseas Investment Company (Mauritius).Read: Mahindra, Ola announce partnership to drive businessThe two companies will buy 100 percent stake in CMN Solutions to enable it to buy tractor distribution firm Bramont Montadora Industrial e Commercial de Veiculos S.A. (Bramont) in the company. Bramont is a shell company and has no operations as of now, Mahindra said.The cost of acquisition won’t exceed $8 million for Mahindra, according to the regulatory filing, which also said that the cash consideration will be paid upon approval by the Reserve Bank of India.Mahindra sold 2.14 lakh tractors in financial year 2015-16 and 12,327 in August this year.Mahindra shares ended at Rs. 1,407.50 apiece, down 0.16 percent from their previous close.For the quarter ended June 30, 2016, Mahindra posted 12.4 percent rise in net profit to Rs 955 crore on sales of Rs 11,800 crore.
Ferrari Chairman and CEO Sergio Marchionne after the presentation of the new LaFerrari hybrid car at the 83rd Geneva Car Show.ReutersSergio Marchionne, the Italian-Canadian business magnate who was the chairman and CEO of Fiat Chrysler Automobiles, the chairman and CEO of Ferrari and the chairman of Maserati till last week, died at 66 on Wednesday. Marchionne was in a critical condition at Zurich’s University Hospital for complications after undergoing a surgical procedure on his right shoulder early this month.”Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” FCA chairman John Elkann, of the controlling Agnelli family, said in a statement. The deteriorating health condition of Marchionne prompted Fiat Chrysler Automobiles (FCA) to replace him with the head of Jeep and Ram brands, Mike Manley, on July 22. Sergio MarchionneSergio Marchionne was known for his masterstroke that saw the merger of the auto industry’s weakest companies — Fiat and Chrysler — in 2014. The intervention of Marchionne made the Italian and American multinational corporation the world’s seventh-largest automaker from the edge of closing down.Born in Chieti near Italy’s Adriatic coast on June 17, 1952, Marchionne had moved with his parents to Toronto in 1966. Marchionne joined Fiat in 2004. During his tenure at Fiat, Marchionne boosted the company’s value more than tenfold. It was Marchionne’s idea to spinoff supercar-maker Ferrari NV in 2015 from FCA, where Marchionne also served as CEO and chairman.
X Listen Share To embed this piece of audio in your site, please use this code: Courtesy of Greater Houston PartnershipGreater Houston home sales increased by 23 percent year-over-year in November. In November, Realtors sold 5,706 single-family homes, 1,055 more than the same month a year ago, according to a monthly report from the Houston Association of Realtors. That’s a 22.7 percent increase.Tim Surratt, a real estate agent with Greenwood King Properties, said that’s great news, “but if we go back two years, it’s really only a 10 percent increase. In 2015, we were still having some instability for the oil prices and all of that. And so it looks like our market is very stabilized here in Houston.”He said the recovery is also finally having an effect on the sales of homes above $500,000.They jumped 32.5 percent from November 2015 – the first time this category saw an increase in sales in more than a year.“People are just feeling confident to get back into the market,” Surrat said. “They kind of sat on the sidelines to see if prices would come down, and they absolutely have not come down. And because of that, they couldn’t put off those purchases any longer.”The median price for a single-family home in Greater Houston went up by 8.3 percent from a year ago, to $222,000, a record for a November. 00:00 /01:01