Apollo Micro, MTAR Tech, Astra Microwave, HAL gain up to 6% after DAC clears Rs 2.12 lakh crore in defence proposals

Major defence stocks witnessed a sharp rally in opening trade on Tuesday after the Defence Acquisition Council (DAC) approved capital acquisition proposals worth about Rs 2.12 lakh crore for the armed forces. MTAR Technologies, Apollo Micro Systems, Data Patterns (India), Paras Defence and Astra Microwave Products were among the biggest gainers in the early trade. Hindustan Aeronautics (HAL), Bharat Electronics (BEL), Bharat Dynamics (BDL) and Solar Industries India also traded higher. Shares of Apollo Micro Systems jumped 5.62% to Rs 434, while MTAR Technologies advanced 4.98% to Rs 6,910.50. Data Patterns (India) gained 4.27% to Rs 3,935, and Astra Microwave Products rose 3.18% to Rs 1,545.90. Paras Defence and Space Technologies climbed 2.67% to Rs 1,287.50, while HAL advanced 1.80% to Rs 4,861. BEL shares rose 1.42% to Rs 368.15, and Solar Industries India gained 0.71% to Rs 18,816. Bharat Dynamics was up 0.74% at Rs 1,036.60. The DAC, chaired by Defence Minister Rajnath Singh on October 26, accorded Acceptance of Necessity (AoN) to various capital acquisition proposals for the Indian Army, Navy and Air Force. The estimated cost of the proposals is about Rs 2.12 lakh crore. For the Indian Army, the approvals cover high-mobility vehicles, self-propelled tracked gun systems, light multi-role helicopters, very short-range air defence systems, counter-unmanned aerial systems, surveillance and strike systems, and long-range kamikaze drones, among other equipment. For the Indian Navy, the DAC cleared the procurement of an Active Offboard Decoy System and other major naval platforms. The Indian Air Force received approvals for helicopters, air defence systems, weapons and mobile X-band Doppler weather radar systems. The Defence Ministry said approximately 82% of the procurements covered by the approvals would be sourced from Indian industry.

Apollo Micro, MTAR Tech, Astra Microwave, HAL gain up to 6% after DAC clears Rs 2.12 lakh crore in defence proposals

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