HFCL surges 15%; to enter into defence equipment manufacturing

Moneycontrol BureauShares of Himachal Futuristic Communication (HFCL) surged 15 percent intraday Tuesday as it is going to enter into defence equipment manufacturing.The company will be exhibiting its wide range of defence related equipment during the 11th edition of DEFEXPO 2016 starting March 28, 2016."The company has already been granted industrial licences for a range of products which includes electronics fuses, electro optical devices and communication equipment," company said in BSE release."It also includes permits for assembling electronic warfare systems, radars and the design, development and manufacturing of aircraft, including helicopters," it added.Mahendra Nahata, MD of Himachal Futuristic Communication said, "Our aim of getting into defence manufacturing is to bring in world-class technologies to the country, cut down of imports of defence products and make available state-of-the-art technologies to out soldier."In recent years, it won sub project to lay optical fibre cable for defence sector's pan-India communication project 'Network for Spectrum'.At 09:39 hrs Himachal Futuristic Communication was quoting at Rs 16.15, up Rs 1.85, or 12.94 percent on the BSE.Posted by Rakesh Patil