Mahindra & Mahindra rose 1.04% to Rs 862.45 after the Ministry of Defence (MoD) signed a contract with Mahindra Defence Systems (MDSL) worth Rs 1,056 crore.
The contract is for supplying 1,300 light specialist vehicles to the Indian Army. The light specialist vehicle is a modern fighting vehicle and will be authorised to various fighting units for carriage of medium machine guns, automatic grenade launchers as well as anti-tank guided missiles.
The vehicle has been indigenously designed and developed by MDSL. These combat vehicles are extremely agile with all round protection against small arms fire and will assist small independent detachments which are required to operate this weapon platform in the operational area.
Mahindra Defence Systems, a subsidiary of M&M, is a provider of armoured solutions for the military and paramilitary forces. The company has built its own line of armoured vehicles to become the largest private sector supplier to the government. It also offers surveillance solutions, aircraft mobile surveillance, modern defence equipment for army, navy and air force. The announcement was made after market hours yesterday, 22 March 2021.
Mahindra & Mahindra's (M&M's) business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
The company reported 40% jump in net profit to Rs 530.86 crore on a 16% rise in revenues to Rs 14,056.54 crore in Q3 FY21 over Q3 FY20.
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