Eight defense stocks rose 0.46% to 11.42% at 12:05 IST on BSE after an India-US joint statement during official visit of Prime Minister Narendra Modi to the US said that the leaders of the two countries decided to expand bilateral defense cooperation
Reliance Defence and Engineering (up 11.42% at Rs 65.90), Punj Lloyd (up 11.2% at Rs 19.85), Astra Microwave Products (up 8.38% at Rs 132.80), Bharat Electronics (up 5.05% at Rs 1,275.75), Zen Technologies (up 4.13% at Rs 69.40), Bharat Forge (up 2.1% at Rs 764.90), Tata Power Company (up 0.61% at Rs 74.05) and Dynamatic Technologies (up 0.66% at Rs 2,558.20) edged higher.
Meanwhile, the S&P BSE Sensex was up 57.85 points or 0.21% at 27,067.52.
In a bilateral summit, Modi and US President Barack Obama have expressed their desire to explore agreements which would facilitate further expansion of bilateral defense cooperation in practical ways. In this regard, the leaders have welcomed the finalization of the text of the Logistics Exchange Memorandum of Agreement (LEMOA). The United States has recognized India as a major defense partner. The United States will continue to work toward facilitating technology sharing with India to a level commensurate with that of its closest allies and partners, the joint statement said.
The leaders reached an understanding under which India would receive license-free access to a wide range of dual-use technologies in conjunction with steps that India has committed to take to advance its export control objectives. In support of India's 'Make In India' initiative and to support the development of robust defense industries and their integration into the global supply chain, the United States will continue to facilitate the export of goods and technologies, consistent with US law, for projects, programs and joint ventures in support of official US-India defense cooperation. The leaders also committed to enhance cooperation in support of the Government of India's Make in India initiative and expand the co-production and co-development of technologies under the Defense Technology and Trade Initiative (DTTI).
L&T was up 0.71% at Rs 1,498.95 after the company announced that its construction arm along with its joint venture (JV) partner in Qatar, Al Balagh Trading & Contracting, has signed a contract to build a 40,000 seater stadium in Qatar for the 2022 Fifa World Cup. The contract for the project is for a combined value of $360 million and is slated to be completed by 2019. The scope for the stadium includes main works and construction of the site, following completion of the enabling works, L&T said in a statement. The announcement was made after market hours yesterday, 7 June 2016.
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