Tata Motors is trading higher by 1% in early trades after it announced plans to invest Rs 600 crore to develop Futuristic Infantry Combat Vehicles (FICV) and set up a manufacturing plant for rolling out FICVs for the Indian Army.
“The development cost of FICV could be about Rs 300 crore and a manufacturing plant for the same could be about Rs 250 crore or above,” said Ravi Pisharody, president (commercial vehicle business unit).
“The plant may be set up in Dharwad (Karnataka) if we get the order,” Pisharody added. Tata Motors’ revenue from the defence business is estimated to have increased by 50 per cent to Rs 1,000 crore in the current financial year. In the next financial year, the company is looking at a growth of 25-35 per cent.
The scrip opened at Rs 273.55 and has so far touched the day's high at Rs 275. Around 178,667 shares changed hands on the BSE counter till 1053 hours.
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