Punj Lloyd ventures into Defence Equipment

Punj Lloyd has applied for an industrial licence to make guns, rockets and missile artillery systems in a bid to expand its businesses. The Indian defence equipment market is worth Rs 1,00,000 crore.

Reportedly, the licensing committee of the ministry of commerce is expected to take a decision on this soon. Leading companies such as Larsen & Toubro, Tata Group, Mahindra & Mahindra, and others have already secured licenses from the government to produce defense equipment, reports suggest.

Citigroup has a BUY recommendation on Punj Lloyd with a target price of Rs 350.