Shares of Ashok Leyland rallied over 3 per cent in early trade on Friday after the company informed bourses that it has won an order for 10x10 vehicles to carry the smerch rockets from the Ministry of Defence.
The scrip was trading 3 per cent up at Rs 149.20 at around 10.40 am (IST) on BSE.
Shares of the company opened at Rs 145.10 and touched a high and low of Rs 149.50 and Rs 145.10, respectively, in trade so far.
Benchmark BSE Sensex was up 166 points, or 0.49 per cent, at 34,268.This order will end a long search by the Indian Army, who has been looking for HMV 10x10s to carry the Smerch Rockets, this initial order is worth over Rs.100 crores, Ashok Leyland said in a BSE filing.Commenting on the order, Amandeep Singh, Head - Defence, Ashok Leyland in a release said, We have won 12 of the 15 tenders we participated in last year, and this is a crucial win for us.
This will pave Ashok Leylands way for newer opportunities in providing mobility platforms for other missile carriers, missile launchers, modular bridges and other critical loads.
This order is a testament of our mobility leadership in the Defence sector, and we will continue to partner our Forces in service of the nation."