Defence stocks such as Paras Defence, BEML, Hindustan Aeronautics, Bharat Electronics, and others rallied on Friday after the government approved acquisition of ₹1.05 lakh crore worth of new defence equipment. The gains in defence stocks lifted the Nifty Defence India index by 1.4%.
Paras Defence and Space Technologies emerged as the top gainer among index constituents, surging 8%. Other gainers included Mishra Dhatu Nigam, Astra Microwave Products, BEML, Unimech Aerospace and Manufacturing, Cochin Shipyard, Bharat Dynamics, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders and BEL, all of which rose between 1-2% each.
The Ministry of Defence’s Defence Acquisition Council (DAC) on Thursday cleared capital acquisition proposals worth nearly ₹1.05 lakh crore. The 10 capital acquisition proposals are set to be carried out through indigenous sourcing from Indian companies.
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