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Also another news which pretty much liked by the market was the hike in foreign direct investment limit from 49 percent to 74 percent and the notification on the same is expected to be soon.As a results, Hindustan Aeronautics was up 6.21 percent at Rs 556, Bharat Electronics up 1.4 percent at Rs 68.70, Mishra Dhatu Nigam up 4.65 percent at Rs 219.25 and Bharat Dynamics gained 2.67 percent at Rs 246, while Apollo Micro Systems was up 3.52 percent at Rs 91.15, BEML up 2.42 percent at Rs 612.65, Bharat Forge up 1.13 percent at Rs 280.70 and Premier Explosives rose 3.87 percent to Rs 77.85 on the BSE at 9:37 hours IST.She said the government would improve autonomy, accountability and efficiency in ordnance supplies by corporatisation of ordnance factory board.The time bound defence procurement process and faster decision making will be ushered in by setting up of a project management unit (PMU) to support contract management; realistic setting of general staff qualitative requirements (GSQRs) of weapons/platforms; and overhauling trial and testing procedures, she added.Experts feel this is a great move as the defence bill will gradually be reduced.”India will also stop importing weapons that can be made at home, even the spares of these weapons have to be manufactured locally. This will help reduce a huge defence import bill,” Kedar Shahoo Kadam, DGM Head Research at Cholamandalam told Moneycontrol.Global brokerage house Jefferies said November 2014 March 2017 saw concrete decision making in defence indigenisation and of $28 billion sanctioned, $14 billion carved out for domestic manufacturing. Watch Now!.

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