Hindustan Aeronautics, Bharat Dynamics, BEML and Bharat Forge gained up to 5 per cent each
The shares of defence equipment makers were hogging the limelight in a subdued market on Tuesday, a day after the Ministry of Defence (MoD) announced a Positive Indigenisation List of 108 defence equipment that must be compulsorily sources locally. Among individual stocks, Hindustan Aeronautics surged 5 per cent to Rs 1,069.15, Bharat Dynamics was up 4.5 per cent, BEML was up 1.7 per cent, Bharat Forge gained 1.3 per cent and Mazagon Dock Shipbuilders added 1.6 per cent on the BSE.
On Monday, the Ministry of Defence announced that 108 defence equipment must be necessarily sourced indigenously as per Defence Acquisition Procedure 2020. Under the list, a total of 49 items will be banned for import after December, 21 cannot be imported after end-2022, 17 items will be banned after December 2023, 13 after December 2024 and eight after December 2025.
In a major push to promote the domestic defence industry, Defence Minister Rajnath Singh on Monday approved imposing restrictions on the import of 108 military weapons and systems.
The move will give a boost to indigenisation with the active participation of both public and private sector for fulfilling the objectives of achieving self-reliance and promoting defence exports
To give further impetus to self-reliant defence manufacturing, the Ministry of Defence has released a list of 108 more items to be added to already existing list of 101 items.
New Delhi, May 31
In a major push to promote the domestic defence industry, Defence Minister Rajnath Singh on Monday approved imposing restrictions on the import of 108 military weapons and systems s