Defence stocks gain after govt okays projects worth Rs 80K cr
Stocks of BEML surged 4.98 per cent to settle at Rs 681.75. Astra Microwave Products counter rose by 2.33 per cent to Rs 120.85 on the BSE. Bharat Electronics Ltd was up 0.39 per cent to settle at Rs 2,065.25.
Defence projects worth a whopping Rs 80,000 crore were cleared by the government on Saturday which decided that six submarines will be made indigenously and over 8,000 Israeli anti-tank guided missiles and 12 upgraded Dornier surveillance aircraft will be purchased.
The big ticket step was the decision to build six submarines in India at a cost of about Rs 50,000 crore, rather than source it from outside.