Defence stocks rally up to 11% as govt bans import of 101 defence items

"This decision will offer a great opportunity to the Indian defence industry to manufacture items on the negative list by using its own design and development capabilities," the govt said.

Shares of defence equipment manufacturers and suppliers rallied up to 11 per cent on the BSE on Monday after the Ministry of Defence (MoD) announced on Sunday a phased, year-wise embargo on the import of 101 items of defence equipment, invoking the Prime Minister Narendra Modi’s Atmanirbhar Bharat (Self-Reliant India) initiative.

At 09:23 AM, Bharat Dynamics was trading nearly 8 per cent higher at Rs 452 on the BSE. The stock hit an all-time high of Rs 465.10 during the session. Other stocks, too, were trading with decent gains. For instance, L&T was ruling over 3 per cent higher at