Defence Stocks Rise After DAC After DAC Approves ₹1.45 Lakh Cr Procurements
Mazagon Dock Shipbuilders (MDL) was trading at ₹4,730, 6.18% higher on Nifty at 1:50 pm.
Mazagon Dock Shipbuilders (MDL) was trading at ₹4,730.
Several Defence stocks have soared after the government’s announcement to purchase defence equipment worth ₹1.45 lakh crore from local manufacturers.
Stocks like Mazagon Dock, Cochin Shipyard, and Bharat Dynamics soared post-announcement.
On Tuesday, the Defence Acquisition Council (DAC), the top body for approving proposals for the Armed forces, chaired by Defence Minister Rajnath Singh, approved the Acceptance of Necessity (AoN) for 10 capital acquisition proposals worth ₹1,44,716 crore for the Armed Forces.
Mazagon Dock Shipbuilders (MDL) was trading at ₹4,730, 6.18% higher on Nifty at 1:50 pm.
Similarly, stocks of Garden Reach Shipbuilders & Engineers Ltd were trading at 2.50 per cent higher at 1,960.90 per share on Nifty.
Bharat Dynamics Ltd and Hindustan Aeronautics Limited (HAL) shares were up 1,330.80 and 4,856.40, respectively.
The amount will be spent on the procurement of Future Ready Combat Vehicles, Air Defence Fire Control Radars, and Forward Repair Team (tracked).
Besides, it also includes procurement of Dornier-228 aircraft and Next Generation Fast Patrol Vessels for improving the capabilities of the Indian Coast Guard.
