Defence tie-up boosts Mahindra Satyam

The stock managed to add more gains and touched a high of Rs 105. The stock finally ended with a 4.3% gain at Rs 103. Over 3.62 million shares changed hands at the counter today.
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(Updated at 1056 hrs)

Satyam is quoting at Rs 102, higher by Rs 3 or 3%. The stock had opened at Rs 100, which also happened to be the day's low, and has touched a high of Rs 104 thus far.

Mahindra Satyam has announced plans to collaborate with defence and security company Saab to develop its Indian operations for the global defence and homeland security market.

While the company did not give any official figure, the “ongoing-MoU” deal is reportedly worth $400 million (around Rs 1,850 crore) over a five-year period.

Saab is one of the major European defence and security players with around 13,300 employees. It develops and manufactures the Gripen combat aircraft (one of the contenders in the IAF’s multi-billion deal for 126 jets), and other operations include command and control, electronic warfare, sensors, weapons and communications