Defence related stocks today surged as much as 11 per cent with India closing to become a member of the Missile Technology Control Regime (MTCR) that will pave the way for procurement of high-end military equipment and technologies.
The scrip of Walchandnagar Industries zoomed 10.86 per cent and Reliance Defence and Engineering surged 10.32 per cent on BSE.
Shares of Bharat Electronics soared 6.25 per cent and BEML gained 3.98 per cent.
India is all set to become member of Missile Technology Control Regime (MTCR) as all hurdles related to its membership have been cleared, the US has said.
Member countries of MTCR "have agreed that India should be a member," a senior administration official said yesterday, adding that all the hurdles in this regard were cleared.
India becoming a member of MTCR is expected to pave the way for increased defence trade and technology transfer between India and the US.
Membership of the MTCR will help India procure high-end missile technology and surveillance systems by leading manufacturers which are allowed to be accessed by only MTCR member countries.
