Defence Shares Gain as Government Clears New Procurement Policy

Posted by On March 22, 2016 0 Comment

Shares of companies involved in the defence sector such as Reliance Defence, BEML, Bharat Electronics, Rolta, Reliance Infrastructure, Titagarh Wagons and Bharat Forge moved higher in an otherwise weak market after the government cleared new procurement policy.

After a delay of several months, the new Defence Procurement Procedure (DPP), focusing on India-made products and fast-tracked acquisition process, was on Monday cleared by the top committee of the Defence Ministry.

The new policy will be effective from April 2 and it will be available on Defence Ministry’s website from March 28.

Reliance Defence and Engineering, formerly known as Pipavav Shipyard, was the top gainer from this space. The stock advanced 5.6 per cent to hit intraday high of Rs 69.75. Reliance Infrastructure, BEML, Bharat Electronics, Bharat Forge, Rolta India and Titagarh Wagons were also up over 1-3 per cent each, outperforming the Nifty which was down 0.3 per cent.

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Source:Ndtv

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