PM's assurance of local mfg has defence stocks firing

Shares of companies related to defence sector saw hectic buying in an overall strong broader market today, surging up to 16 per cent.
These stocks saw frenzied buying after Prime Minister Narenda Modi made a strong pitch to end India's dependence on defence imports.
He promised a conducive environment for manufacturers, including a discrimination-free tax system, and asked foreign firms not to be just "sellers" but "strategic partners".
Astra Microwave Products zoomed 16.36 per cent to Rs 153.60, Pipavav Defence and Offshore Engineering Company soared 12.52 per cent to settle at Rs 77.75 on the BSE.
Bharat Electronics Ltd jumped 9.11 per cent and BEML was up 3.62 per cent.

Meanwhile, in the stock market the BSE benchmark Sensex rose by 184.38 points to settle at 29,320.26.
Inaugurating the 10th 'Aero India' show in Bengaluru, the Prime Minister said while the country needs to increase its defence preparedness and modernise its forces due to security challenges that were well known, it should aim to manufacture 70 per cent of military hardware domestically in next five years and remove the tag of being number one importer of defence equipment.
Stressing that developing domestic defence industry "is at the heart of the 'Make in India' programme", he said, "We will build an industry that will have room for everyone - public sector, private sector and foreign firms".