Shares of defence companies soared in trade as the government announced a defence budget of Rs 3 lakh crore for FY20.
The likes of Larsen and Toubro, Bharat Electronics, Walchandnagar Industries, Reliance Naval and Bharat Dynamics, among others, rose a little over 1 percent.
Finance Minister Piyush Goyal announced the Defence Budget during his speech in the Parliament. Further, he said that more funds will be allocated if needed.
Brokerage house Karvy believes that stocks such as BEL, Astra Microwave Products and Premier Explosives are likely to be key beneficiaries of the Budget announcement.Indian Union Budget 2019: What does the FM have up his sleeve in the run up to the General Elections? Click here for live Budget 2019 news, views, analyses and more. First Published on Feb 1, 2019 11:57 am
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