New Delhi, August 10
Defence shares on Monday jumped as much as 9 per cent after the announcement that India will cease the import of 101 weapons and navy platforms like transport plane, gentle fight helicopters underneath a staggered timeline until 2024, in a mega push to spice up home manufacturing.
Shares of Bharat Electronics Limited zoomed 9.17 per cent, Hindustan Aeronautics Ltd 8.74 per cent, Astra Microwave Products 5.48 per cent, Bharat Dynamics 4.16 per cent, BEML jumped 3.95 per cent and Apollo Micro Systems 3.63 per cent on the BSE.
“Government’s action to boost domestic defence productions helped gains in defence stocks,” stated Vinod Nair, Head of Research at Geojit Financial Services.
In a mega push to spice up home defence manufacturing, Defence Minister Rajnath Singh on Sunday introduced that India will cease the import of 101 weapons and navy platforms like transport plane, gentle fight helicopters, typical submarines, cruise missiles and sonar programs underneath a staggered timeline until 2024.
Making the announcement on Twitter, the defence minister estimated that the home defence trade would obtain contracts price virtually Rs Four lakh crore inside the subsequent 5 to seven years because of the choice to prune the import record of defence platforms and gear.
India is without doubt one of the largest importers of arms globally. PTI