Defence stocks surge 5% as DAC clears ₹21,772-cr acquisition plans

Shares of defence companies surged on Wednesday after the Defence Acquisition Council (DAC) approved five acquisition proposals worth over ₹21,772 crore. Shares of Mazagon Dock Shipbuilders and Garden Reach Shipbuilders led the rally among defence stocks, jumping around 5% at the time of writing. Bharat Electronics, Hindustan Aeronautics and Bharat Dynamics shares rose 2-3%.