 "Defence related shares gain as government clears new procurement policy")
Shares of companies engaged in business related to defence sector have rallied by up to 15% on the bourses after the government cleared new procurement policy.
Walchandnagar Industries, Astra Microwave Products, BEML, Bharat Electronics, Bharat Forge, Rolta India, Reliance Defence and Engineering and Himachal Futuristic Communications (HFCL) rallied between 2%-15% on the BSE in intra-day trade.
Defence Minister Manohar Parrikar announced on Monday the clearance of the long anticipated Defence Procurement Policy of 2016 (DPP-2016). This will replace the current DPP-2013, and govern all defence acquisitions initiated after April 2. He said the new policy would be accessible on the defence ministry's website with effect from March 28. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, Walchandnagar Industries has rallied 11% to Rs 158 on the BSE in intra-day trade on back of heavy volumes. Till 10:20m AM, a combined 1.24 million shares changed hands on the counter against an average sub two lakh shares were traded daily in past two weeks on the BSE and NSE.
HFCL zoomed 15% to Rs 16.45 on the BSE after the company announced that it is entering into defence equipment manufacturing.
“The company will be exhibiting its wide range of defence related equipment during the 11th edition of DEFEXPO 2016 starting March 28, 2016,” HFCL said in a statement.
The company has already been granted industrial licences for a range of products which includes electronics fuses, electro optical devices and communication equipment, it added.
Walchandnagar Industries, Astra Microwave Products, BEML, Bharat Electronics, Bharat Forge, Rolta India, Reliance Defence and Engineering and Himachal Futuristic Communications (HFCL) rallied between 2%-15% on the BSE in intra-day trade.
Defence Minister Manohar Parrikar announced on Monday the clearance of the long anticipated Defence Procurement Policy of 2016 (DPP-2016). This will replace the current DPP-2013, and govern all defence acquisitions initiated after April 2. He said the new policy would be accessible on the defence ministry's website with effect from March 28. CLICK HERE TO READ FULL REPORT.
Among the individual stocks, Walchandnagar Industries has rallied 11% to Rs 158 on the BSE in intra-day trade on back of heavy volumes. Till 10:20m AM, a combined 1.24 million shares changed hands on the counter against an average sub two lakh shares were traded daily in past two weeks on the BSE and NSE.
HFCL zoomed 15% to Rs 16.45 on the BSE after the company announced that it is entering into defence equipment manufacturing.
“The company will be exhibiting its wide range of defence related equipment during the 11th edition of DEFEXPO 2016 starting March 28, 2016,” HFCL said in a statement.
The company has already been granted industrial licences for a range of products which includes electronics fuses, electro optical devices and communication equipment, it added.
