Lokesh Machines Limited has received a license to manufacture fixed/ towed heavy machine guns under the Arms Act, 1959. The company announced that the licensing committee of the Department for Promotion of Industry and Internal Trade recommended granting the license for guns with calibers above 12.7mm. and up to 30mm.
The shares of Lokesh Machines Limited were trading at ₹376.65, down by ₹13.40 or 3.44 per cent, on the NSE at 2.15 pm.
Lokesh Machines, primarily known for its machine tool manufacturing, sees this license as an opportunity to diversify into defense equipment production.