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BW Businessworld

Defence Firms Gain On FDI Limit Hike

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Shares in defence equipment makers gained after the government increased the FDI investment limit in the defence sector to 49 per cent.

Astra Microwave Products Ltd gained 1.26 per cent, Bharat Electronics Ltd advanced 1.43 per cent and BEML Ltd added 1.28 per cent.

Some analysts said the government should have raised the limit to 74 per cent to give foreign firms actual control.

"India's interests are best served by having the best of global players present in India with nearly 100 per cent Indian staff," says KPMG in an email.

(Reuters)