Saturday , October 23 2021

Mahindra Finance jumps on entering into Vehicle leasing, subscription business

Mahindra & Mahindra Financial Services is currently trading at Rs. 174.30, up by 1.75 points or 1.01% from its previous closing of Rs. 172.55 on the BSE.

The scrip opened at Rs. 171.20 and has touched a high and low of Rs. 175.05 and Rs. 171.20 respectively. So far 345818 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 224.15 on 15-Feb-2021 and a 52 week low of Rs. 112.80 on 23-Sep-2020.

Last one week high and low of the scrip stood at Rs. 175.05 and Rs. 165.40 respectively. The current market cap of the company is Rs. 21461.15 crore.

The promoters holding in the company stood at 52.16%, while Institutions and Non-Institutions held 34.47% and 13.37% respectively.

Mahindra & Mahindra Financial Services (Mahindra Finance) has entered into Vehicle Leasing and Subscription business. The new vertical would operate under the brand name ‘Quiklyz’, denoting the changing mindset on mobility. With the process of owing a vehicle at an inflection point, consumers today want to access vehicles earlier in their life and upgrade their vehicles faster than ever before. Leasing and Subscription model offered by ‘Quiklyz’ provides exactly that; where consumer pays a monthly fee to access the vehicle of their choice across all car brands, at a lower price point vs. regular car ownership. Corporate and businesses are also looking for alternate ways to have access to vehicles which can match their requirements without the burden of traditional ownership models.

The name ‘Quiklyz’ denotes an aspirational mindset of ensuring hassle free vehicle usership to its consumers. The objective for ‘Quiklyz’ is to build a nimble model with very high asset quality. This also gives the brand a springboard to launch similar products in semi-urban and rural markets in times to come.

Mahindra Finance is one of India’s leading non-banking finance companies.

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