Shares of the country's largest utility vehicle maker, Mahindra & Mahindra, rose as much as 2.24 per cent to hit an intraday high of Rs 792.50 after the company informed exchanges that its defence arm, Mahindra Defence Systems, was awarded a contract by the Ministry of Defence for manufacturing Integrated Anti-Submarine Warfare Defence Suite (IADS). "The Ministry of Defence (MoD) has awarded a major contract to Mahindra Defence Systems Limited (MDS) worth Rs 1349.95 crore for the manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of Indian Navy," Mahindra & Mahindra said in a press release.
Integrated Anti-Submarine Warfare Defence Suite is designed to detect and protect warships from underwater threats. It is a versatile system capable of operations from all sizes of warships - small, medium and large, Mahindra & Mahindra added.
"It is the first major contract with the private sector meant for underwater detection and protection from threats. This contract once again epitomizes the success of the Atmanirbhar Bharat initiative," said S P Shukla, Chairman, Mahindra Defence Systems.
Mahindra Defence Limited is engaged in catering to needs of all three wings of the defence forces Army, Navy and Air Force. Their product range includes armoured vehicles, underwater warfare equipment, radars and surveillance equipment.
Mahindra & Mahindra shares have so far this year jumped as much as 32 per cent to hit 52-week high of Rs 952.15.
As of 12:27 pm, Mahindra & Mahindra shares traded nearly 2 per cent higher at Rs 789.65, outperforming the Sensex which was up 0.92 per cent.