PremiumMUMBAI: Shares of defence equipment manufacturers surged on Tuesday after a government decision to include more than 100 items to be manufactured from local companies.
Shares of Hindustan Aeronautics Ltd gained 5%, Larsen & Toubro was trading 0.7% higher, Bharat Electronics Ltd up 1.3%, Astra Microwave Products 1.3%.
Mishra Dhatu, Mazagon Dock Shipbuilders, BEML and Garden Reach Shipbuilders soared between 1-5%.
The government's list contains sophisticated hardware and systems like light, medium and heavy combat armoured or mine protected vehicles, helicopter launched anti-tank missiles, anti-torpedo decoy systems for ships, software defined radio for combat ships, wall penetrating imaging radars, 10 km range battle field surveillance radars, land-based medium power radars, thermal imaging and sight intensifiers for small arms including light machine guns and assault rifles and mountain weapons locating radars.
Long-range glide bombs, steering gear for destroyers and frigates, deep search mine detectors are also on the list.
In August 2020, the ministry had come out with a list of 101 items that it said the Indian Army, Indian Navy and Indian Air Force would procure from domestic vendors.
“This will give further boost to indigenisation (Atmanirbhar Bharat programme) with active participation of public and private sector for fulfilling the twin objectives of achieving self-reliance and promoting defence exports," a statement from the defence ministry said. “All the 108 items (on the list released on Monday) will now be procured from indigenous sources as per provisions given in Defence Acquisition Procedure (DAP) 2020," it said.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!
