Mahindra & Mahindra benefited from the agreement with the Defense Ministry

Shares of the country's largest utility vehicle maker, Mahindra & Mahindra, rose 2.24 percent to an intraday high of Rs 792.50.

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Mahindra and Mahindra: Shares of the country’s largest utility vehicle maker, Mahindra and Mahindra, rose 2.24 percent after the company informed exchanges that its defense arm, Mahindra Defense Systems, had been awarded a contract by the Defense Ministry, Reached a high of Rs 792.50. For the manufacture of Integrated Anti-Submarine Warfare Defense Suites (IADS). “The Ministry of Defense (MoD) has awarded a major contract of Rs 1349.95 crores to Mahindra Defense Systems Limited (MDS) for the manufacture of Integrated Anti-Submarine Warfare Defense Suite (IADS) for modern warships of the Indian Navy,” said Mahindra & Mahindra said in a press release.

The Integrated Anti-Submarine Warfare Defense Suite is designed to detect and rescue warships from underwater threats. Mahindra & Mahindra added that it is a versatile system capable of operating warships of all sizes, small, medium and large.

SP Shukla, President, Mahindra Defense Systems said, “This is the first major contract with the private sector for underwater detection and hazard protection. This agreement once again marks the success of the Atmanirbhar Bharat initiative.”

Mahindra Defense Limited is engaged in meeting the requirements of all the three wings of Defense Forces Army, Navy and Air Force. Their product range includes armored vehicles, underwater warfare equipment, radar and surveillance equipment.

Shares of Mahindra & Mahindra have jumped 32 percent so far this year to hit a 52-week high of Rs 952.15.

As of 12:27 pm, Mahindra & Mahindra shares were trading nearly 2 percent higher at Rs 789.65, up 0.92 percent from the Sensex.

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