Defence stocks rise as DAC sanctions ₹80,000 crore project; check stock prices
Defence stock including Hindustan Aeronautics Limited (HAL), Bharat Forge, MTAR Technologies, and others saw sharp intradya gains on Friday, February 16, after the Defence Acquisition Council (DAC) approved contracts worth approximately ₹84,560 crore, for enhancing India’s overall defence requirements and infrastructure.
The DAC, chaired by Defence Minister Rajnath Singh, gave the green light to the proposals during its latest meeting. The council is responsible for the procurement and acquisition of weapons and equipment for the Indian military.
The proposals cleared by the DAC include new generation anti-tank mines, air defence tactical control radar, heavy weight torpedoes, medium range maritime reconnaissance and multi-mission maritime aircraft, flight refueller aircraft and software defined radios.
The DAC approved procurement of medium range maritime reconnaissance and multi-mission maritime aircraft for strengthening the surveillance and interdiction capabilities of the Indian Navy and the Indian Coast Guard, the defence ministry said.
A proposal to procure air defence tactical control radar was also approved with an aim to strengthen the air defence systems, especially the capabilities to detect slow, small and low-flying targets, it said.
“In order to enhance the operational efficiency and domination in the tactical battle area for engaging targets that are beyond visual line of sight by the mechanised forces, the AoN (approval of necessity) under Buy (Indian-IDDM) category has been accorded for procurement of canister launched anti-armour loiter munition system,” the defence ministry said.
It said the DAC accorded AoN for procurement of Flight Refueller Aircraft for enhancing the operational capabilities and reach of the Indian Air Force.
more to come
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Published: 16 Feb 2024, 05:19 PM IST
