Shares of Mahindra & Mahindra gained 0.6 percent intraday Wednesday after a media report indicated that US-based Griffon Corporation's subsidiary raised stake in company's defence arm Mahindra Defence Systems.
"Telephonics has increased its equity interest in joint venture (JV), Mahindra Telephonics Integrated Systems (MTIS), from 26 percent to 49 percent," a report said.
Telephonics Corporation, a wholly owned subsidiary of Griffon Corporation, is the first US defence and aerospace contractor to receive approval from the Indian Foreign Investment Promotion Board (FIPB) to increase its stake in an Indian defence company to 49 percent.
Mahindra Telephonics, incorporated in April 2013, produces and supports selected telephonics products, such as radar, communication and surveillance systems for Indian aerospace & defence and civil sector. The company has manufacturing facility at Prithla in Faridabad (New Delhi).
At 11:24 hours IST, the scrip of Mahindra and Mahindra was quoting at Rs 1,325.00, up Rs 5.35, or 0.41 percent on the BSE.
Read more at: M&M gains, US partner ups stake in Mahindra Defence - Moneycontrol.com
