On Monday, Bharat Forge Ltd and Paramount Group teamed up to join technologies, capabilities and expertise to manufacture armored vehicles in India.
Moreover, both the companies signed an agreement during the International Defence Expo in Abu Dhabi.
The share price of the engineering and technology conglomerate hiked over 2 percent intraday on February 23.
This took place after the company received an order valued at a whopping Rs 178 crore.
The Indian Ministry of Defence placed an order with the company for the supply of Kalyani M4 vehicles worth Rs 177.95.
The Kalyani M4 is a multi-role platform designed to meet specific requirements of armed forces for quick mobility.
This ensures efficacy in rough terrain and in areas affected by mine and IED threats.
However, it provides a ballistic and blast protection up to 50 kg TNT side blast or IED/roadside bombs.
The salient feature of the platform is the design built on a flat-floor monocoque hull.
Further, this collaboration aims to combine the manufacturing and technology excellence of two leading companies with matching synergies and complementary capabilities.
According to Chairman of Paramount Group, this model of world-beating innovative technology is essential to augment a country’s contemporary defense and technology.
On BSE, Bharat Forge recorded a closing at Rs 602.30, up 8.20 per share, down 2.39 per cent compared to its previous closing.
At 10:55 hours on BSE, the stock was recorded trading at Rs 602.30, up Rs 14.10, or 2.40 percent.
It successfully reached an intraday high of Rs 610 along with an intraday low of Rs 589.45 as on Tuesday.
Check all the recent news updates and share market updates