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Defence shares advantage as government Clears New Procurement coverage

Defence Shares Gain as Government Clears New Procurement Policy

stocks of groups worried inside the defence area along with Reliance Defence, BEML, Bharat Electronics, Rolta, Reliance Infrastructure, Titagarh Wagons and Bharat Forge moved better in an in any other casesusceptible marketplace after the government cleared new procurement coverage.

After a postpone of several months, the new Defence Procurement system (DPP), specializing in India-made products and fast-tracked acquisition technique, became on Monday cleared via the top committee of the Defence Ministry.

the brand new coverage can be powerful from April 2 and it will likely be to be had on Defence Ministry’sinternet site from March 28.

Reliance Defence and Engineering, formerly referred to as Pipavav Shipyard, was the top gainer from thisspace. The stock advanced five.6 in step with cent to hit intraday excessive of Rs sixty nine.75. Reliance Infrastructure, BEML, Bharat Electronics, Bharat Forge, Rolta India and Titagarh Wagons had been also up over 1-3 consistent with cent each, outperforming the Nifty which was down 0.3 in line with cent.

story first published on: March 22, 2016 10:09 (IST)

Tags: Defence businesses, Reliance Defence, Reliance Infra, BEML, BEL, Defence Procurement policy

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