Mahindra & Mahindra rises as its arm inks multi-year contract with Aernnova Aerospace
Mahindra & Mahindra is currently trading at Rs. 3042.95, up by 35.15 points or 1.17% from its previous closing of Rs. 3007.80 on the BSE.
The scrip opened at Rs. 3001.60 and has touched a high and low of Rs. 3073.95 and Rs. 2987.05 respectively. So far 41165 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3276.30 on 10-Feb-2025 and a 52 week low of Rs. 2360.45 on 07-Apr-2025.
Last one week high and low of the scrip stood at Rs. 3108.45 and Rs. 2935.00 respectively. The current market cap of the company is Rs. 378399.61 crore.
The promoters holding in the company stood at 18.45%, while Institutions and Non-Institutions held 68.15% and 13.38% respectively.
Mahindra & Mahindra’s wholly-owned dropdown subsidiary -- Mahindra Aerostructures (MASPL) and Aernnova Aerospace, SAU have entered into multi-year contract valued at around $300 million to manufacture metal sub-assemblies and components for a range of Airbus aircraft and also for Embraer aircraft families (including the Embraer C390 Millennium military transport aircraft). The contract covers the supply to several Aernnova Aerospace sites in Spain, the UK, Portugal and Brazil, further strengthening a collaboration that began in 2013.
Aernnova Aerospace supported MASPL in the early stages of its facility development in India, with strong contributions to the facility design and development, as well as for skilling and skill assessment. The relationship stepped up to a new level when Aernnova acquired an existing customer of MASPL, Hamble Aerostructures (UK), from GE in 2020. The new Aernnova Aerospace contract evolved over multiple engagements where both companies studied new opportunities and finalized a collaboration strategy. Both businesses intend to build on this base to further grow the size of the relationship progressively over the coming years.
Mahindra & Mahindra is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
