Defence stocks rally as government approves Rs 1.4 lakh crore worth acquisition

Shares of defense companies such as BEML, Paras Defence, and Mazagon Dock surged by up to 3% on Wednesday following the Defence Acquisition Council's approval of proposals worth Rs 1.4 lakh crore to boost the Indian Armed Forces' operational capabilities. The defense ministry's emphasis on indigenization is evident, with 99% of the acquisitions expected to be sourced from domestic players.