Automobile giant Ashok Leyland, a part of the Hinduja Group, has secured defence orders worth ₹800 crore.
What Happened: On July 17, 2023, Ashok Leyland announced that it has bagged defence orders that include the procurement of the Field Artillery Tractor (FAT 4×4) and the Gun Towing Vehicle (GTV 6×6). These specialised vehicles are used by the Artillery for towing light and medium guns.
The orders for these crucial defence contracts underscore its commitment to indigenous manufacturing and its position as a trusted partner for the Indian Armed Forces, the company stated in a press release. The orders are to be fulfilled over the course of the next 12 months.
Shenu Agarwal, MD and CEO, Ashok Leyland, expressed immense pride in securing these orders from the Indian Army. He highlighted that the defence business has been a strong pillar of growth for the company. This win further establishes Ashok Leyland’s leadership in the defence mobility vehicles business and is a testament to their firm commitment to providing advanced mobility solutions for the armed forces, he added.
Price Action: Ashok Leyland’s share price was up 0.90% to trade at ₹173.30 crore.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.