Whalesbook
The U.S. State Department approved two significant Foreign Military Sales (FMS) for India, totaling approximately $92.8 million. These include the $47.1 million Excalibur precision artillery projectile deal and the $45.7 million Javelin missile system deal. These clearances signal advancement in India’s defence modernization and strengthen India-US strategic cooperation, leading to a broad positive reaction in defence stocks and pushing the Nifty Defence index to a two-month high.