As of 1325 hours on Friday, HAL’s stock was up 2%, trading at Rs 3,086, while BEL’s stock on BSE also saw a 2% increase, trading at Rs 189.85.
During Friday’s trading session at 1325 hours, HAL’s scrip exhibited a 2% uptick, reaching Rs 3,086, while BEL’s scrip on BSE similarly experienced a 2% rise, reaching Rs 189.85.
Hindustan Aeronautics Limited and Bharat Electronics Limited Stocks Surge Over 2% Amid Reports of Defence Acquisition Council’s Approval for Equipment Procurement.
On February 16, stock prices of Hindustan Aeronautics Limited (HAL) and Bharat Electronics Limited (BEL) soared by over 2%, propelled by reports of the Defence Acquisition Council (DAC) granting approval for the procurement of equipment.
According to CNBC-Awaaz, the DAC, chaired by Defence Minister Rajnath Singh, is speculated to have sanctioned a proposal for purchasing equipment valued at Rs 80,000 crore. This development from the DAC arrives amidst an enduring military standoff between India and China across various friction points in eastern Ladakh, spanning over three years.
As of 1325 hours on Friday, HAL’s stock was observed trading 2% higher at Rs 3,086, while BEL’s stock on the Bombay Stock Exchange (BSE) mirrored the same percentage increase, trading at Rs 189.85.
The latest approval by the DAC follows India’s previous decision in December 2023 to greenlight defence acquisition projects worth Rs 2.23 lakh crore. These projects include the procurement of 97 Tejas light combat aircraft and 156 Prachand combat helicopters, aiming to significantly bolster the combat capabilities of the armed forces.
The Defence Ministry Targets 98% Domestic Procurement, Worth Rs 2.23 Lakh Crore, to Bolster ‘Aatmanirbharta’ in Defence Industry.
In a significant move towards fostering ‘Aatmanirbharta’ (self-reliance) in the defence industry, the Defence Ministry announced plans to source 98% of the total procurement worth Rs 2.23 lakh crore from domestic industries. This initiative aims to provide a substantial boost to the Indian defence industry, aligning with the government’s goal of achieving self-reliance in the defence sector.
This strategic decision underscores the government’s commitment to strengthening domestic manufacturing capabilities and reducing reliance on foreign imports in the defence sector. By prioritizing domestic procurement, the Defence Ministry aims to enhance indigenous production and stimulate growth in the Indian defence industry, thereby fostering self-sufficiency and bolstering national security.