Force Motors share price climbs over 7% on Indian Defence Forces order for 2,978 Gurkha light vehicles

The stock rose as much as 7.4% to ₹9,438.95 per share on the National Stock Exchange (NSE). At 9:42 am, it was up 4.31% to ₹9,166.45 apiece.

In an exchange filing, the automobile company said that it has been declared an L1 vendor for the procurement of 2,978 Gurkha light vehicles (GS 4X4 800 kg Soft Top) by the Indian Defence Forces.

The order will be fulfilled in multiple tranches over three years, Force Motors said.

The Ministry of Defence, in a release on Thursday, said that it has inked a contract with Armoured Vehicle Nigam Ltd to procure Nag Missile System (NAMIS), and Force Motors, and Mahindra & Mahindra for around 5,000 light vehicles for around ₹2,500 crore.

"These modern vehicles are designed as per contemporary vehicle technology with enhanced engine power to cater to a payload of 800 kgs. It will provide mobility to the Armed Forces in all types of terrain and operational conditions," the defence ministry said.

Mahindra & Mahindra shares are down 3.23% to ₹2,644.80 per unit on the NSE.

Here's how NIFTY and SENSEX are performing

Benchmark indices traded lower on Friday in line with the weak trends in the overseas markets amid uncertainties over Trump tariffs.

The NSE NIFTY slipped 0.27% to 23,528.4, while SENSEX fell 211 points to 77,390 at 10:15 am.

From the NIFTY pack, Mahindra & Mahindra, Wipro, Shriram Finance, Infosys, Power Grid and Cipla were the top losers.

ONGC, Tata Consumer Products, Hindustan Unilever, Kotak Mahindra Bank and Nestle India were the major gainers.

In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul were trading with deep cuts. US markets also settled lower.

On Thursday, foreign institutional investors (FIIs) purchased equities worth ₹11,111.25 crore, according to exchange data.