Shares of Himachal Futuristic Communications (HFCL) rallied as much as 15 per cent to hit intraday high of Rs 16.45 after the company announced foray into the business of manufacturing defence equipment.
HFCL in a press release said, "The company has been granted industrial licences for a range of products which include electronic fuses, electro optical devices and communication equipment along with permits for assembling electronic warfare systems, radars and design, development and manufacturing of aircrafts, including helicopters."
"The company will be exhibiting its wide range of defence-related equipment during the 11th edition of DEFEXPO 2016 starting March 28, 2016," the release said.
Defence stocks such as Reliance Defence, BEML, Bharat Electronics, Rolta, Reliance Infrastructure, Titagarh Wagons and Bharat Forge also moved higher after the government cleared new procurement policy.
As of 12:36 p.m., shares of HFCL traded 11.2 per cent higher at Rs 15.85, outperforming the Nifty which was down 0.3 per cent.
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