Shares of defence equipment makers surged 4.51% to 14.11% at 12:40 IST on BSE after Prime Minister Narendra Modi today, 18 February 2015, said at the Aero India Show that there would be a clear preference for defence equipment manufactured in India.
Pipavav Defence and Offshore Engineering (up 14.11%), Astra Microwave Products (up 10.61%), Dynamatic Technologies (up 10.13%), Bharat Electronics (up 7.05%), Walchandnagar Industries (up 5.99%), and BEML (up 4.51) edged higher.
Meanwhile, the S&P BSE Sensex was up 147.08 points or 0.5% at 29,282.96.
Prime Minister Narendra Modi at Aero India Show today, 18 February 2015 in Delhi said that the government is focusing on developing India's defence industry with a sense of mission. Modi also said that government's support for research and development is essential for India's defence sector. He further said that it should also be accompanied by a degree of assurance on purchase. India must ensure that its tax system does not discriminate against domestic manufacture in comparison to imports, Modi said.
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