Indian defence stocks rise after govt approves orders worth $8.5 bln

Data Patterns (India)

17/03/2023 04:33

** Shares of Indian defence companies rise between 3% and
4.8% after govt approves purchase of military equipment worth
$8.5 bln
    ** Ministry of Defence says all orders, which include
missiles, helicopters, artillery guns and electronic warfare
systems, would be placed with Indian companies
    ** State-owned aerospace defence manufacturers Hindustan
Aeronautics Ltd  HIAE.NS  and Bharat Dynamics Ltd  BARA.NS  rise
as much as 4.67% and 3%, respectively 
    ** Ancillary defence equipment manufacturer Bharat Forge Ltd
 BFRG.NS  and defence electronics solutions firm Data Patterns
(India) Ltd  DATP.NS  rise as much as 4.8% and 4.5%,
respectively
    ** The Navy accounts for approvals worth 560 bln rupees
($6.79 bln), according to the ministry
    ** Shares of shipbuilders Mazagon Dock Shipbuilders Ltd
 MAZG.NS , Garden Reach Shipbuilders & Engineers Ltd  GRSE.NS ,
rise as much as 3.4% and 3.2%, respectively 


($1 = 82.4820 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))