The stock jumped 4.24 per cent to Rs 103.15 after Mahindra Satyam won an IT outsourcing contract from Swedish defence and aerospace firm, Saab.
The company will develop solutions in India for the global defence and homeland security market. The company and Saab have already initiated moves to set up a Centre of Excellence for Network Centric Warfare. One of the activities under this initiative is that Mahindra Satyam and Saab will jointly address the battlefield management system for the Indian Army.
Shares fall as much as 8%