BackDefence stocks gain on FDI hike notification
Defence stocks surges after government notified the increase in FDI limit to 49% from the earlier 26%
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Mumbai: Shares of defence equipment makers rallied on reports of increase in the foreign direct investment (FDI) limit to 49% from the earlier 26%, extending the strong gains so far this year.
The Department of Industrial Policy and Promotion on Tuesday notified FDI of the changes for the defence sector.
Astra Microwave Products Ltd gained as much as 7.02% while Bharat Electronics Ltd advanced 7.62%. Bharat Earth Movers Ltd (BEML) surged 5%.
At 12:09pm shares of Astra Microwave Products were trading 3.47% higher at ₹ 129.55 apiece, Bharat Electronics shares were trading 6.98% higher at ₹ 1883.15 apiece and BEML shares were trading 5% higher at ₹ 540.55 apiece on BSE, while the benchmark Sensex was trading 0.39% higher at 26,544.82.
Reuters
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