Defence Stocks Rally on Rs 80,000 Crore Project Clearance

Defence equipment makers rallied today after government cleared projects worth Rs 80,000 crore ($13.07 billion) on Saturday.

The Defence Acquisition Council of India on Saturday cleared deals worth Rs. 80,000 crore. The deal includes the acquisition of six conventional submarines to augment the aging and depleted submarine fleet and two midget submarines -- also known as 'Swimmer Delivery Vehicles' - which are used for special operations.

Bharat Electronics jumped 6.5 per cent and BEML added 5 per cent. Bharat Heavy Electricals was up 1.5 per cent, while Larsen and Toubro gained 0.9 per cent Astra Micro Wave Products Ltd gained 3 per cent.

($1= Rs 61.23)

(With inputs from Reuters)