Shares of companies related to defence space surged up to 7 per cent today after the government launched a second wave of FDI reforms easing norms in the sector.
Reliance Defence soared 7.39 per cent, Walchandnagar Industries went up by 5.56 per cent and BEML rose by 3.96 per cent on BSE.
Among others, Astra Microwave Products climbed 3.62 per cent, Bharat Electronics Ltd rose by 2.02 per cent.
More From This Section
The new norms have also been made applicable to manufacturing of small arms and ammunitions covered under Arms Act 1959. Under the current policy, FDI up to 49 per cent was allowed under automatic route and beyond that under the approval route.