New Delhi, Aug 10 (PTI) Defence stocks on Monday jumped up to 9 per cent after the announcement that India will stop the import of 101 weapons and military platforms like transport aircraft, light combat helicopters under a staggered timeline till 2024, in a mega push to boost domestic production.
Shares of Bharat Electronics Limited zoomed 9.17 per cent, Hindustan Aeronautics Ltd 8.74 per cent, Astra Microwave Products 5.48 per cent, Bharat Dynamics 4.16 per cent, BEML jumped 3.95 per cent and Apollo Micro Systems 3.63 per cent on the BSE.
“Government’s action to boost domestic defence productions helped gains in defence stocks,” said Vinod Nair, Head of Research at Geojit Financial Services.
In a mega push to boost domestic defence production, Defence Minister Rajnath Singh on Sunday announced that India will stop the import of 101 weapons and military platforms like transport aircraft, light combat helicopters, conventional submarines, cruise missiles and sonar systems under a staggered timeline till 2024.
Making the announcement on Twitter, the defence minister estimated that the domestic defence industry would receive contracts worth almost Rs 4 lakh crore within the next five to seven years as a result of the decision to prune the import list of defence platforms and equipment.
India is one of the largest importers of arms globally.