Reliance Defence wins Rs 916 crore contract; shares up 8%

Moneycontrol BureauShares of Reliance Defence and Engineering surged more than 8 percent intraday Monday on contract win from Ministry of Defence.The company has signed a contract with Ministry of Defence, Government of India for design and construction of 14 fast patrol vessels (FPVs) for Indian coast guard, for an amount of Rs 916 crore. The company has emerged winner through a competitive bidding process undertaken by MOD, government of India with participation from private and public sector shipyard.At 11:08 hrs Reliance Defence and Engineering was quoting at Rs 60.85, up Rs 3.60, or 6.29 percent on the BSE.Posted by Rakesh Patil