Defence stocks gained up to 9% on Friday, July 4, after the Defence Acquisition Council cleared 10 capital acquisition proposals worth ₹1.05 lakh crore under the buy (Indian-indigenously designed, developed and manufactured) category.The council accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals via indigenous sourcing, the ministry of defence said in a statement on Thursday, July 3.
The AoNs were accorded for the procurement of armoured recovery vehicles, electronic warfare systems, an integrated common inventory management system for the Tri-Services and surface-to-air missiles, the ministry said.
“These procurements will provide higher mobility, effective air defence, better supply chain management and augment the operational preparedness of the Armed Forces,” the statement added.
The ministry said the AoNs were also accorded for the procurement of moored mines, mine countermeasure vessels, super rapid gun mount and submersible autonomous vessels. These procurements will enable the mitigation of potential risks posed to the naval and merchant vessels, it added.The Nifty India Defence index was up 1.4% around 10.20 am on Friday, July 4, trading up to nearly 9% higher.
The AoNs were accorded for the procurement of armoured recovery vehicles, electronic warfare systems, an integrated common inventory management system for the Tri-Services and surface-to-air missiles, the ministry said.
“These procurements will provide higher mobility, effective air defence, better supply chain management and augment the operational preparedness of the Armed Forces,” the statement added.
The ministry said the AoNs were also accorded for the procurement of moored mines, mine countermeasure vessels, super rapid gun mount and submersible autonomous vessels. These procurements will enable the mitigation of potential risks posed to the naval and merchant vessels, it added.The Nifty India Defence index was up 1.4% around 10.20 am on Friday, July 4, trading up to nearly 9% higher.
All 18 stocks in the index were trading with gains on Friday. The top five gainers Paras Defence, BEML, DCX Systems, Astra Microwave Products and Garden Reach Shipbuilders were trading up to 2.2% to 8.7% higher.
The index was in the green after two trade sessions on Friday, The index had declined for the second day on Thursday, July 3, after gaining for four consecutive trading sessions.
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