India's Tembo Global surges on defense equipment deal

Tembo Global Industries

12/09/2024 05:42

** Shares of Tembo Global Industries  TEMB.NS  rise an
exchange-allowed maximum limit of 5% to 406.7 rupees 
    ** The metal products maker signed a memorandum of
understanding (MoU) with a European firm to establish arms and
ammunition facility in India 
    ** TEMB did not specify the name of the European firm
    ** The European co will buy 100% of production output from
TEMB, under the MoU
    ** Including session's gains, stock up ~49% YTD 

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))