India's defence stocks fly high on govt's import ban to boost local makers

Mishra Dhatu Nigam

01/06/2021 06:46

** Shares of India's defence equipment makers surge between
1% and 6%
    ** India on Monday announced a list of defence items that
will have to be procured only from domestic makers and cannot be
imported; effective from December 2021 to December 2025 (https://bit.ly/3fX3Hn6)
    ** This is the second list that Defence Ministry has come up
with, which includes 108 items including sensors, simulator,
weapons and ammunitions like helicopters, next generation
corvettes, air borne early warning and control
    ** The Defence Ministry in August 2020 had banned import of
another set of 101 items to boost domestic defence sector
    ** Shares of Bharat Electronics  BAJE.NS ,  Hindustan
Aeronautics  HIAE.NS  Garden Reach Shipbuilders  GRSE.NS  jump
as much as 4%-6%
    ** Shares of Bharat Dynamics  BARA.NS , Bharat Heavy
Electricals Ltd  BHEL.NS   Astra Microwave Products  ASTM.NS ,
BEML  BEML.NS , Bharat Forge  BFRG.NS , Mishra Dhatu Nigam
 MISR.NS , and Mazagon Dock Shipbuilders  MAZG.NS  rise 1% to 2%
    ** Prime Minister Narendra Modi has been vocal about
promoting domestic manufacturing
    ** Last year Modi launched "Atmanirbhar Bharat", a campaign
for a self-reliant India, in addition to his "Make in India"
programme

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))