The Defence Acquisition Council's (DAC's) approval for 10 capital acquisition] proposals worth nearly 1.45 trillion to enhance defence preparedness triggered a surge in related stocks on Wednesday.
On the BSE, Cochin Shipyard, Mazagon Dock Shipbuilders, Paras Defence and Space Technologies, Hindustan Aeronautics Ltd (HAL), and Garden Reach Shipbuilders and Engineers (GRSE) gained between 0.67 per cent and 7.2 per cent as against a 203-point, or 0.25 per cent, dip in the benchmark BSE Sensex.
According to a notification by the Ministry of Defence, the DAC accorded Acceptance of Necessity (AON) for the 10 proposals.
Of the total cost of AoNs, 99 per cent is from indigenous sources under the Buy (Indian) and the Buy (Indian-indigenously designed developed and manufactured) categories. For modernisation of the Army's tank fleet, the proposal for procurement of futureready combat vehicles (FRCVS) has been cleared.
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