Defence Stocks in Focus: Shares of major defence companies gained on Friday as the Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Shri Rajnath Singh, has approved the capital acquisition of a slew of military hardware worth more than Rs 54,000 crore, including AoN (Acceptance of Necessity) for procurement of Varunastra Torpedoes (Combat).
Varunastra Torpedo is an indigenously developed ship-launched anti-submarine torpedo developed by the Naval Science & Technological Laboratory. It will be produced by Bharat Dynamics Ltd.
For the Indian Air Force, AoN for procurement of Airborne Early Warning & Control (AEW&C) Aircraft Systems was accorded by DAC. This acquisition is set to benefit several companies, including Bharat Electronics Limited (BEL) and Astra Microwave, along with others specialising in radar systems.
The proposals include the procurement of a 1350 HP Engine to upgrade the present 1000 HP Engine for the T-90 Tanks. Companies like BEML and Bharat Forge are involved in the manufacturing process of tanks in India.
Bharat Electronics Share Price
The shares of BEL opened in green at Rs 301, a gain of 1.34 per cent from the previous close of Rs 297 on the BSE.
Bharat Dynamics Share Price
BDL's shares started the session today at Rs 1,266.45 and gained further to touch the high of Rs 1,317 on the BSE. This is a gain of 5.63 per cent from the previous close of Rs 1,246.75
Mazagon Dock Shipbuilders Share Price
The counter gained in the opening trade to start the session at Rs 2,634.05 on the BSE. It later gained to touch the intraday high of Rs 2,650. The counter later fell to touch the low of Rs 2,576.75. Last seen, it was trading at Rs 2614 - a fall of Rs 0.70 from the previous close.
Garden Reach Shipbuilders & Engineers Share Price
The counter started flat and started the session at Rs 1,718 but gained later to touch the high of Rs 1,731.30 on the BSE. However, the stock pared early gains and was trading at Rs 1,707.25 at the time of writing the news.