Defence stocks in limelight

The Ministry of Defence (MoD) yesterday approved the Department of Military Affairs’ proposal to notify the second positive indigenisation list of 108 items.

This list comprises complex systems, sensors, simulator, weapons and ammunitions like helicopters, next generation corvettes, air-borne early warning and control systems, tank engines, medium power radar for mountains and many more.

The second list is expected to be implemented from December 2021 to December 2025.

The first positive Indigenisation list came out in August’20 and like this first list, in the second too, import substitution of ammunition which is a recurring requirement has been given special focus.

Following this, defence stocks were back in focus today morning.  BEL, Astra Microwave, Bharat Forge, Mishra Dhatu, Bharat Dynamics, Hindustan Aeronautics, BEML, Mazagaon Dock and Garden Reach Shipbuilders were all in the green, with some counter now seeing some amount of profit booking.