Defence equipment makers edge higher

Defence equipment makers rose 0.89% to 7.87% at 14:15 IST on BSE after Union defence minister reportedly said changes in the Defence Procurement Policy to legalise representatives from foreign defence firms will be done in another month and a half.

BEML (up 7.87%), Bharat Electronics (up 5.21%), Dynamatic Technologies (up 2.86%), Astra Microwave Products (up 1.42%), Walchandnagar Industries (up 0.89%), and Pipavav Defence & Offshore Engineering (up 1%) edged higher.

Meanwhile, the S&P BSE Sensex was up 64.16 points or 0.23% at 27,467.70.

Defence Minister Manohar Parrikar reportedly said that changes in the Defence Procurement Policy to legalise representatives from foreign defence firms will be done in another month and a half. He also said that the ministry is thinking of giving conditioned and limited approval to dealing with banned firms, and a ban has been lifted to get spare parts for Tatra trucks, as per reports. Parrikar reportedly said that a draft of the changed policy is ready and a final draft will be ready in another 8-10 days. It will then go through further procedures before going to the Union cabinet, reports suggested.

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