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The Indian Ministry of Defence has inked a Rs 2,269-crore contract with Bharat Electronics Limited (BEL) for the procurement of 11 Shakti warfare systems and associated equipment. These electronic warfare systems will be installed on frontline Indian Navy warships. Capable of accurately intercepting electronic emissions and implementing countermeasures in dense electromagnetic environments, the Shakti systems are indigenous in design, development, and manufacture.
Positive setup was seen in stocks like Cummins India, Trent, HAL, SBI, Tata Communication, Tata Power, Alkem, IOC, Canara Bank, BPCL, OFSS, Voltas, Coal India, TCS, RIL and DLF.
Bel Fuse Schedules Fourth Quarter 2023 Financial Results Conference Call streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Finance Minister Nirmala Sitharaman will present the interim Budget, which will focus on government spending on infrastructure. The Narendra Modi government's spending on infrastructure has been growing at a 30% CAGR in the last 4 years. The government is expected to raise allocation towards rail, roads, and other infrastructure projects. Infrastructure-related companies in construction, cement, and steel could benefit from increased government spending. Railways capex is expected to further increase to 20% growth YoY while defense spending growth may be in single digits.