Shares of Tata Power Company and L&T rose 3.35% to 3.86% at 10:35 IST on BSE after the consortium of both these companies was shortlisted for Battlefield Management System by Ministry of Defence.
Tata Power Company (up 3.86% at Rs 86) and L&T (up 3.35% at Rs 1,736.25) edged higher.
Meanwhile, the S&P BSE Sensex was up 159.60 points or 0.56% at 28,906.25.
Tata Power Company's Strategic Engineering Division (Tata Power SED), in a consortium with L&T, is one of the two down-selected Development Agencies for Ministry of Defence's prestigious "MAKE" Program "Battlefield Management System (BMS)". Tata Power SED is the lead of the consortium, a statement from Tata Power and L&T after market hours yesterday, 26 February 2015 said.
BMS is a Network Centric Program being indigenously developed for the Indian Army under the MAKE category of Defence Procurement Procedure. It is the second such Program that Tata Power SED and L&T are collaborating for. In next 5-7 years, when BMS will be deployed by the Army, it will cover more than 70% of soldiers while digitizing the Tactical Battlefield and creating a secure IoT (Internet of Things) for the Army.
The down-selection of Tata Power SED - L&T consortium enables it to participate in the Prototype Development Phase of this MAKE Program followed by a Production Order, which will be decided by the MoD after successful completion of the Prototype. Tata Power SED is one of the few private companies with a track record of over four decades in Defence R&D and Production. Project BMS is of special importance as it gives an opportunity to serve a very large section of the Indian Army.
Tata Power Company reported consolidated net profit of Rs 197.74 crore in Q3 December 2014 compared with net loss of Rs 74.91 crore in Q3 December 2013. Net sales rose 1.1% to Rs 8754.08 crore in Q3 December 2014 over Q3 December 2013.
Tata Power is integrated power company with a significant international presence.
On consolidated basis, L&T's net profit rose 8.8% to Rs 866.54 crore on 9.7% growth in net sales to Rs 23847.86 crore in Q3 December 2014 over Q3 December 2013.
Larsen & Toubro is a major Indian multinational engaged in technology, engineering, construction, manufacturing and financial services, with global operations. Its products and systems are marketed in over 30 countries worldwide.
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