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Defence stocks were trading higher as the Department for Promotion of Industry and Internal Trade (DPIIT) in a note has said that the government has permitted foreign direct investment (FDI) of up to 74 percent under automatic route in the defence sector in order to attracting overseas investors.
Reliance Naval and Engineering is currently trading at its upper circuit limit of Rs. 3.39, up by 0.16 points or 4.95% from its previous closing of Rs. 3.23 on the BSE. The scrip opened at Rs. 3.30 and has touched a high and low of Rs. 3.39 and Rs. 3.30 respectively.
Apollo Micro Systems is currently trading at Rs. 129.00, up by 14.15 points or 12.32% from its previous closing of Rs. 114.85 on the BSE. The scrip opened at Rs. 114.00 and has touched a high and low of Rs. 131.75 and Rs. 113.50 respectively.
Sika Interplant Systems is currently trading at Rs. 267.00, up by 0.70 points or 0.26% from its previous closing of Rs. 266.30 on the BSE. The scrip opened at Rs. 274.00 and has touched a high and low of Rs. 285.00 and Rs. 266.30 respectively.
As per the current FDI policy, 100 percent overseas investments are permitted in the defence industry -- 49 percent under the automatic route, while beyond that government approval was required. According to the note, FDI up to 74 percent under automatic route shall be permitted for companies seeking new industrial licences. It also said that infusion of fresh investment up to 49 percent, in a company not seeking industrial licence or which already has government approval for FDI in defence, shall require mandatory submission of a declaration with the defence ministry in case change in equity/shareholding pattern or transfer of stake by existing investor to new foreign investor for FDI up to 49 percent, within 30 days of such change.
It further said the proposal for raising FDI beyond 49 percent from such companies will require government approval. It added that the decision will take effect from the date of Foreign Exchange Management Act (FEMA) notification.
| Company Name | CMP |
|---|---|
| Shipping Corpn. | 209.50 |
| GE Shipping | 1005.25 |
| Dredging Corp | 824.00 |
| Shreyas Shipping | 285.45 |
| Seamec | 1055.00 |
| View more.. | |
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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