Tata Power stock rise on bagging Rs1,200-crore contract from the Ministry of Defence

In a stock exchange filing, Tata Power SED (Tata Power Strategic Engineering Division) announced the signing of a significant agreement with the Ministry of Defence, govt of India, to supply 23 ship-borne 3D Air Surveillance Radars to the Indian Navy over the next ten years.

The contract will be carried out by Tata Power SED as the prime contractor with foreign Original Equipment Manufacturer (OEM) partner Indra Sistemas, Spain.

Shares of the Tata Power rose over 2% intraday at Rs.73.80 per share after the company inked a deal with the Ministry of Defence, Govt of India.

Meantime, The Sensex is down 121points at 38265, while Nifty down 36points at 11484 at 12.20pm, Friday.