Defence related stocks extend rally

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Mumbai, December 3, 2014: Shares in defence companies are trading higher by up to 6%, extending their previous day’s rally on BSE, in otherwise subdued market.

Bharat Electronics (up 6% to Rs 2,672), Astra Microwave Products (up 4% at Rs 127), Centrum Electronics (4% at Rs 640), BEML (up 3% at Rs 765) and Pipavav Defence (3% at Rs 36.45) are up 3-6% on BSE.  Most of these stocks rallied between 5-10% on Tuesday.

According to Business Standard reports, a total of 41 proposals for an indicative cost of Rs.119,719 crore have been cleared by the Defence Acquisition Council (DAC) since June 2014.

A large number of defence equipment have been/are being manufactured in India using Transfer of Technology (ToT), according to information given by Defence Minister Shri Manohar Parrikar in a written reply to Smt Ambika Soni and Dr. T Subbarami Reddy in Rajya Sabha on Tuesday.

Courtesy: Business Standard