Defence stocks surge as government plans to expand local procurement

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Defence Minister Rajnath Singh on Thursday released the third positive indigenisation list of 101 equipment and platforms, which the services can procure only from the domestic industry

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//$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Defence stocks traded higher intraday on April 8 after the government announced plans to expand procurement of locally manufactured products.

Defence sector stocks such as Bharat Dynamics rose 16 percent, Bharat Electronics up 3 percent, Mishra Dhatu Nigam Ltd 12 percent, Garden Reach Shipbuilders & Engineers Ltd advanced 4 percent, Hindustan Aeronautics gains 3 percent, Cochin Shipyard 2 percent, Astra Microwave Products Ltd 4 percent and Bharat Forge 2 percent.

Defence Minister Rajnath Singh on Thursday released the third positive indigenisation list of 101 equipment and platforms, which the services can procure only from the domestic industry.  The list includes naval utility helicopters, light tanks, small Unmanned Aerial Vehicles, anti-ship missiles among others.

Other big systems on the list include sensors, weapons and ammunitions, rockets, patrol vessels, anti-ship missile and anti-radiation missile which, Defence minister said, would fulfill the requirements of the armed forces.

Finance Minister Nirmala Sitharaman had announced in her Budget of 2022-23 that the defence research and development space will be opened up for the industry, start-ups and academia and 25 percent of the defence R&D budget has also been earmarked for this purpose.

In addition, she announced that an independent nodal umbrella body will be set up for meeting wide-ranging testing and certification requirements.

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