Latest news with #MahindraLogisticsLtd
Economic Times
11-08-2025
- Business
- Economic Times
Mahindra Logistics launches mobility service Alyte for urban commuting
Mahindra Logistics Mumbai: Mahindra Logistics Ltd on Monday announced the launch of its premium, and tech-enabled Business-to-Consumer (B2C) mobility service Alyte for urban commuting. The service, which offers seamless airport-to-city, in-city travel, and outstation rides, made its debut in Delhi NCR, with planned expansions across Noida International Airport, Mumbai, Bangalore, Hyderabad, and other key metropolitan cities, Mahindra Logistics Ltd said. Alyte has been serving corporate clients as part of Mahindra Logistics Mobility Enterprise Solutions by unifying all people mobility services under a single, modern brand, it said. The launch of the refreshed version strengthens the company's B2C mobility portfolio with a focus on providing safe and reliable services for an uninterrupted business-to-business (B2B), B2C, and airport travel experience, Mahindra Logistics said. "With Alyte, we are building on a trusted legacy to reimagine urban and airport mobility through a premium, tech-enabled platform that shapes the future of people mobility," said Hemant Sikka, Managing Director and CEO, Mahindra Logistics Ltd. The service offers assured rides, transparent surge-free pricing, zero cancellations, it said. Alyte offers two service categories -- Prive and Select, with Prive representing the elite offering, featuring premium electric vehicles tailored for those who prioritise comfort, sustainability, and seamless mobility. Alyte Select complements this with a curated fleet of high-quality sedans and SUVs, designed for everyday travel, it said. Rides under Alytes can be booked through the Alyte mobile app, which features an intuitive interface for hassle-free bookings, real-time ride tracking, secure payments, the company said.
News18
11-08-2025
- Automotive
- News18
Mahindra Logistics launches mobility service Alyte for urban commuting
Mumbai, Aug 11 (PTI) Mahindra Logistics Ltd on Monday announced the launch of its premium, and tech-enabled Business-to-Consumer (B2C) mobility service Alyte for urban commuting. The service, which offers seamless airport-to-city, in-city travel, and outstation rides, made its debut in Delhi NCR, with planned expansions across Noida International Airport, Mumbai, Bangalore, Hyderabad, and other key metropolitan cities, Mahindra Logistics Ltd said. Alyte has been serving corporate clients as part of Mahindra Logistics Mobility Enterprise Solutions by unifying all people mobility services under a single, modern brand, it said. The launch of the refreshed version strengthens the company's B2C mobility portfolio with a focus on providing safe and reliable services for an uninterrupted business-to-business (B2B), B2C, and airport travel experience, Mahindra Logistics said. 'With Alyte, we are building on a trusted legacy to reimagine urban and airport mobility through a premium, tech-enabled platform that shapes the future of people mobility," said Hemant Sikka, Managing Director and CEO, Mahindra Logistics Ltd. The service offers assured rides, transparent surge-free pricing, zero cancellations, it said. Alyte offers two service categories — Privé and Select, with Privé representing the elite offering, featuring premium electric vehicles tailored for those who prioritise comfort, sustainability, and seamless mobility. Alyte Select complements this with a curated fleet of high-quality sedans and SUVs, designed for everyday travel, it said. Rides under Alytes can be booked through the Alyte mobile app, which features an intuitive interface for hassle-free bookings, real-time ride tracking, secure payments, the company said. PTI IAS DRR view comments First Published: August 11, 2025, 13:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
21-07-2025
- Business
- Mint
How are right entitlement transfers taxed?
I am a non-resident Indian (NRI) currently residing in the United Arab Emirates (UAE). I hold shares of Mahindra Logistics Ltd, and it has just announced a rights issue. I don't want to subscribe to the issue, but want to sell the rights entitlements to a fellow NRI. What are the tax implications of doing that? The right to subscribe to financial assets (such as equity shares) is distinct from such assets themselves. The Hon'ble Supreme Court of India has held that the right to subscribe to additional securities on a rights basis arises only after the company announces the rights issue. Until such an announcement, this right, though inherent in the shareholding, remains inchoate and does not crystallise. Upon announcement, this 'Right Entitlement' (RE) becomes a separate and independent capital asset, transferable independently of the underlying shareholding. If not exercised or renounced before the issue closing date, REs lapse and are extinguished. These REs are generally qualified as short-term capital assets, as the offer for rights issues is typically open for a limited period during which the REs can be renounced. REs for listed companies are credited to the demat accounts of eligible equity shareholders who may renounce either: • On-market, via the stock exchange (which attracts Securities Transaction Tax (STT)), or • Off-market, through a private transfer (which does not attract STT). In both scenarios, any gain from the transfer of REs is taxable as short-term capital gain at the applicable slab rates, with the entire sale consideration becoming taxable, since the cost of acquisition is deemed to be nil as per Indian tax law. From a cross-border tax perspective, since REs are distinct from equity shares, they fall under Article 13(5) of the India-UAE Double Taxation Avoidance Agreement (DTAA), which is the residuary clause that covers gains from the alienation of property not covered elsewhere in Article 13. Under this clause, such gains are taxable only in the country of residence, i.e., the UAE, and not in India. Consequently, capital gains from the sale of REs by a UAE tax resident are not taxable in India under the India-UAE DTAA. To claim this benefit under the India-UAE DTAA, the following compliance is required: (a) obtain a valid Tax Residency Certificate (TRC) from UAE authorities; (b) submit Form 10F on the Indian income tax portal and (c) file an income tax return in India disclosing the capital gain and reporting it as exempt under Article 13(5). Harshal Bhuta is a partner at P. R. Bhuta & Co. Chartered Accountants.
Mint
21-04-2025
- Automotive
- Mint
Anand Mahindra congratulates ‘Hemant, Veejay, Velu' of Mahindra Logistics: ‘New leaders, but old hands'
Mahindra Group chairperson Anand Mahindra on Monday congratulated the new leaders after the conglomerate announced a shuffle in the leadership in Mahindra Logistics. 'New Leaders… But old hands at leadership…. Congratulations, Hemant, Veejay, Velu. May you continue to Rise! [sic],' he said in a post on X. Mahindra Group on Monday appointed Hemant Sikka managing director and chief executive of Mahindra Logistics Ltd (MLL). Sikka had been the president of the farm equipment business since 2020. 'Hemant is one of our top leaders and brings with him a powerful combination of strategic skills, operational rigour, customer centricity and people leadership capabilities,' the Mumbai-based auto giant said in a statement. Sikka will take over as the MD and CEO from May 5. The current CEO, Ram Swaminathan, has decided to step down to pursue other professional interests, the statement said. In place of Sikka, president of the automotive division Veejay Neekra will take over as president of the farm equipment business, which the company recognises as one of the largest and profitable businesses with a return on capital employed over 60 per cent. 'There is a huge opportunity for us to grow the business profitably through tractors, farm machinery, and globalization,' the company said in its statement. Both of them will continue to report to M&M Executive Director and CEO (Auto and Farm Sector) Rajesh Jejurikar. To replace Neekra, the company has appointed R. Veluswamy, president of automotive technology and product development, as the president of the automotive business. As part of the reshuffle, the company is also bringing the SUV and LCV business under one leader of the automotive business. Mahindra Logistics reported a smaller quarterly loss on Monday for the quarter ended March 31, helped by growth in its key contract logistics division and a narrower loss in its express commerce segment. It reported a consolidated net loss of ₹ 6.75 crore in the fourth quarter of FY25. The company reported 67 per cent year-on-year jump in standalone profit after tax (PAT) to ₹ 13.12 crore in three months to March over the same period last year. For the full fiscal 2024-25, standalone PAT declined 30 per cent to ₹ 43.50 crore from ₹ 61.98 crore in FY24 while revenue for the April-March period of last fiscal stood at ₹ 5,013 crore from ₹ 4,530 crore, a growth of 10 per cent year-on-year, in the same period year-ago, the company said. First Published: 21 Apr 2025, 10:59 PM IST
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Business Standard
21-04-2025
- Business
- Business Standard
Mahindra Logistics Q4 PAT jumps 67% YoY to ₹13.1 cr, revenue at ₹1,293 cr
Mahindra Logistics on Monday reported 67 per cent year-on-year jump in standalone profit after tax (PAT) to Rs 13.12 crore in three months to March over the same period last year. The standalone PAT for the March quarter of 2023-24 was recorded at Rs 7.86 crore, Mahindra Logistics Ltd said in a statement. Standalone revenue for the quarter under review stood at Rs 1,293 crore as compared to Rs 1,183 crore in the March quarter of FY 24. For the full fiscal 2024-25, standalone PAT declined 30 per cent to Rs 43.50 crore from Rs 61.98 crore in FY24 while revenue for the April-March period of last fiscal stood at Rs 5,013 crore from Rs 4,530 crore, a growth of 10 per cent year-on-year, in the same period year-ago, the company said. "During the quarter, we saw a positive trend of revenue growth, with YoY growth of 8 per cent driven by growth in 3PL logistics contract logistics and Express. For the full year, revenue grew by 11 per cent driven by account additions, new offerings and new launches," said Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd. The B2B express business demonstrated volume recovery in the quarter, combined with cost management. Cross-border continues to see volatility in pricing, he said. Freight Forwarding business revenue grew 21 per cent YoY, supported by favorable freight rates in H1 and strong demand in the pharma sector and new client acquisitions, MLL said. It also said that the warehousing and integrated solutions business grew by 15 per cent YoY. The warehouse space under management stood at 20.8 million square feet. And added that the current expansion in Pune, Kolkata, Phaltan and Agartala remains on track. The company said it continued the focus on expanding capacity and making investments in the eastern and North-eastern region, focusing on warehouses, delivery stations and express logistics. "We are on track with new warehousing additions in Maharashtra, West Bengal, Guwahati and Tripura. We remain focused on expanding margins through share of solutions, cost management, and turnaround of the express business," Swaminathan added. The company said the 11 per cent year-on-year revenue growth was driven by strong performance in 3PL, last mile delivery (LMD), and cross border services, adding that the losses for express business were reduced by 21 per cent and EBITDA margin improved by 801 bps through effective cost optimization measures. Earlier in the day, the Mahindra & Mahindra Group announced the appointment of Hemant Sikka, President of the Farm Equipment Sector at M&M Ltd as the managing Director and CEO of Mahindra Logistics in place of Swaminathan. Ram Swaminathan, the company in a statement said, has decided to step down to pursue other professional interests.
