MUMBAI: Shares of defensive equipment manufacturers rose on Tuesday after the government decided to include more than 100 items to be produced by local companies.
Shares of Hindustan Aeronautics Ltd gained 5%, Larsen & Toubro traded 0.7% higher, Bharat Electronics Ltd rose 1.3%, Astra Microwave Products 1.3%.
Shipbuilders Mishra Dhatu, Mazagon Dock, BEML and Garden Reach jumped between 1-5%.
The government list includes advanced hardware and systems such as light, medium and heavy combat armored or mini-machine guns, helicopter anti-tank missiles, anti-torpedo lures for ships, software-defined radio for warships, wall penetration radars, 10 km surveillance radars battlefields, medium-power ground-based radars, thermal images and visual amplifiers for small arms, including light machine guns and assault rifles and mountain weapons radars
Long-range sliding bombs, destroyer and frigate rudders, and deep-seated mini-detectors are also on the list.
In August 2020, the ministry released a list of 101 items that it said the Indian Army, Indian Navy and Indian Air Force would receive from local suppliers.
“This will give further impetus to indigenization (the Atmanirbhar Bharat program) with the active participation of the public and private sectors to meet the dual goals of gaining independence and promoting defense exports,” the defense ministry said in a statement. “All 108 points (on the list published on Monday) will now be delivered from local sources in accordance with the provisions of the Defense Acquisition Procedure (DAP) 2020,” it said.
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