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MUMBAI: Shares of public sector undertakings (PSU), particularly within the defence and telecom sectors–Bharat Electronics, Mishra Dhatu Nigam Ltd, Hindustan Aeronautics Ltd, Bharat Earth Movers Ltd, Bharat Dynamics–surged on Tuesday on expectation of bagging orders from the government.
At 1250 pm, Bharat Electronics traded at ₹102.85, up 0.7%, Mishra Dhatu Nigam was up 3.3%, Hindustan Aeronautics rose 4.6%, and Bharat Dynamics rose 0.8%.
In the final one week, Bharat Dynamics has rallied 50%, whereas Hindustan Aeronautics Ltd (HAL) has soared 35% after the Ministry of Defence accepted buy of weapons and gear value ₹38,900 crore.
Bharat Dynamics is the one missile manufacturing firm that makes floor to air missiles, anti-tank guided missiles, torpedoes and underwater weapons amongst others. The firm’s web revenue greater than doubled year-on-year to ₹309.72 crore within the March quarter on the again of robust operational earnings.
In May, the government raised overseas direct funding by way of automated path to 74% from 49% as half of defence sector reforms and to spice up the government’s Make in India marketing campaign
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