Mahindra & Mahindra Ltd has announced that a wholly owned affiliate of Navistar International Corporation (Other OTC: NAVZ), on November 01, 2007, signed a joint venture agreement with Mahindra & Mahindra Ltd of India to produce diesel engines for medium and heavy commercial trucks and buses in India.The joint venture, to be named Mahindra International Engines Ltd. (MIEL), will be 51 percent owned by the Mahindra & Mahindra (M&M) and 49 percent owned by Warrenville, III-based Navistar, North Americas largest combined commercial truck, school bus and mid-range diesel engine producer. The combined investment of the two Companies will be $90 million over the next five years.This marks the second such joint venture with M&M, India a leading automotive manufacturer, following a 2005 JV that today makes light, medium and heavy commercial vehicles for India and export markets. The new Companys advanced diesel engines will power the full line of trucks and buses produced by the preceding JV beginning in 2009. Engine components will be sourced locally, going up to 85 percent within two years, due to the strong availability of quality parts and materials from Indian suppliers.Anand Mahindra VC & MD, Mahindra Group, said This JV marks a significant milestone in M&Ms quest to emerge as a leading customer-centric organization. Our state-of-the-art plant in India will produce world-class engine models for both the Indian and global export markets. The JV will not only extend our existing partnership with Navistar but the resulting synergies will also see MIEL emerge as a force to reckon with in the global OEM market.

Bombay Stock Exchange (BSE) after increasing more than 2,000 points within last two weeks, it took break through early trade on Monday. During mid day trade, key index was touching at 17,563.73 with loss of 1.18 percent means 209.63 points, among heavy selling pressure in mid cap stocks metals and pharmaceuticals sectors.

23 company’s shares out of 30 were red during trading. But after the declaration of news of export sops by the finance ministry IT shares got gain. IT index like Infosys and Tata Consultancy jumped by 1.41 percent and 1.32 percent respectively.

Among the fear of down some companies which got lead were HDFC Bank, Satyam Computer, Tata Consultancy, Housing Development Finance Corp (HDFC), Infosys and Bharat Heavy Electricals.

Tata Steel, Associated Cement Companies (ACC), National Thermal Power Corporation (NTPC) and Dr. Reddy’s along with Reliance Energy were the today’s biggest loser. Dr. Reddy’s Laboratories will replace by DLF on the index in coming month.