Following this, shares of Bharat Electronics Ltd gained 8.58 per cent, while BEML surged 8.23 per cent and Astra Microwave Products rose by 5.84 per cent on the BSE.
Defence projects worth a whopping Rs 80,000 crore were cleared by the government on Saturday which decided that six submarines will be made indigenously and over 8,000 Israeli anti-tank guided missiles and 12 upgraded Dornier surveillance aircraft will be purchased.
The big ticket step was the decision to build six submarines in India at a cost of about Rs 50,000 crore, rather than source it from outside.
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