India defence stocks rise after plans to halt some military imports

Zen Technologies

10/08/2020 06:22

** Indian defence stocks rise, a day after the country's
defence minister announced a halt of 101 military item imports
to push domestic production
    ** Shares of aerospace and defence company Hindustan
Aeronautics  HIAE.NS  rise as much as 9.6% to 1,041 rupees-
their highest level since June 1, 2018
    ** "The embargo on imports is planned to be progressively
implemented between 2020 to 2024" - Defence Minister Rajnath
Singh  urn:newsml:reuters.com:*:nL4N2FB022
    ** Embargoed items include high-tech weapon systems,
artillery guns, sonar systems, transport aircraft, light combat
helicopters  
    ** Shares in simulator maker Zen Technologies Ltd  ZETE.NS 
surge 10.2% to 74 rupees, their highest level since Nov. 4, 2019
    ** ZETE says the move is expected to give "a tremendous
boost to the domestic defence industry"
    ** Shares in Larsen & Toubro Ltd  LART.NS  rise as much as
5% to more than a month's high of 961.4 rupees
    ** Bharat Heavy Electricals Ltd  BHEL.NS  rises as much as
6.7% to over a week-high of 37.6 rupees
    ** India govt estimates around 4 trln rupees ($53.39 bln) of
orders will be placed with domestic industry over next five to
seven years


($1 = 74.9200 Indian rupees)

 (Reporting by Philip George in Bengaluru)
 ((P.George@thomsonreuters.com; +91 8061822657; Reuters
Messaging: p.george@thomsonreuters.net))