Defence Shares Surge on Foreign Investment Notification

Shares in defence companies such as Bharat Electronics and Astra Micro Wave Products gained over 5.5 per cent on Tuesday.

Pipavav Defence and Offshore Engineering Co was up 0.7 per cent, while Centum Electronics rose 1.4 per cent.

Foreign direct investment (FDI) limit in defence at 49 per cent and that of foreign portfolios at 24 per cent were notified, analysts said.

As of 2:54 p.m., shares in Bharat Electronics were trading at Rs 2511.00 apiece on the BSE, up 9.02 per cent from the previous close. Astra Micro shares were trading 7.91 per cent higher at Rs 121.45.

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