Defense stocks have staged a sharp rebound, surging up to 30 percent in a week, driven by domestic order momentum and global military spending.
Speaking of the defence vertical, CMD Kalyani also said that 80 percent of the business is exports and that the company is seeing huge demand from different countries for their defence products.
The contract worth Rs 3,131.82 crore was signed on February 2 and will be executed in three years.
L&T hopes to be at forefront of India‘s defence programme and expects the country‘s defence sector to be a Rs 70,000 crore opportunity, Chairman AM Naik told CNBC-TV18 in an exclusive interview.
On the political sphere, Modi could take the opportunity to highlight India's desire for increased regional engagement at a lecture later on Monday, an idea discussed in Kuala Lumpur in relation to the widely-anticipated ASEAN Economic Community.
The notification has specified the fine print for FDI in defense. Prospective investors in the defense sector will have to adhere to 20 guidelines.
Sandeep Nayak, chief executive officer of Centrum Broking joins CNBC-TV18 to throw light on defense-related investments and companies playing the sector. Centrum Broking is organizing a one-day investor conference on the topic tomorrow.