Defence stocks rally as MoD approves military purchases worth Rs 38,900 cr

Bharat Dynamics hit a 52-week high of Rs 374, up 12 per cent on the BSE

Shares of defence companies were in focus at the bourses on Friday and rallied up to 12 per cent on the BSE after the Ministry of Defence (MoD) approved the purchase of weapons and equipments worth Rs 38,900 crore.

The ministry said procurement from Russia and upgrade of MiG-29s would cost about Rs 7,418 crore, while Hindustan Aeronautics (HAL) would build the Sukhoi-30MKI fighters in Nashik for an estimated Rs 10,730 crore. CLICK HERE TO READ FULL REPORT

Following the news report, HAL's stock rallied 10 per cent to Rs 849 on the BSE on