Heard on the street: Talk of $2-b defence deal lifts M&M Stock

The market is abuzz with speculation that the defence ministry has shortlisted Mahindra & Mahindra (M&M) for the much-awaited contract for providing the futuristic infantry combat vehicle (FICV) to the Indian army.

Talk is that M&M may secure one-fifth of the total deal worth $10 billion. The company could not be reached for comment. M&M shares rose 1% to 686.85 on Tuesday.

Contributed by Rajesh Mascarenhas