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Mahindra & Mahindra gains as its arm signs contract with Ministry of Defence

Mahindra & Mahindra is currently trading at Rs. 859.00, up by 5.40 points or 0.63% from its previous closing of Rs. 853.60 on the BSE.

The scrip opened at Rs. 860.00 and has touched a high and low of Rs. 864.00 and Rs. 854.50 respectively. So far 29295 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 952.15 on 08-Feb-2021 and a 52 week low of Rs. 245.80 on 25-Mar-2020.

Last one week high and low of the scrip stood at Rs. 864.00 and Rs. 820.65 respectively. The current market cap of the company is Rs. 106118.92 crore.

The promoters holding in the company stood at 19.44%, while Institutions and Non-Institutions held 66.14% and 14.17% respectively.

Providing further boost to ‘Make in India’, Ministry of Defence (MoD) has signed a contract with Mahindra Defence Systems (MDSL), a Wholly Owned Subsidiary of Mahindra & Mahindra (M&M), for supply of 1,300 Light Specialist Vehicles to the Indian Army, at a cost of Rs 1,056 crore, in New Delhi on March 22, 2021. The induction of vehicles is planned to be completed in four years.

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 Light Specialist Vehicle is 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.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

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