In a boost to Indian firms such as Larsen & Toubro (L&T) and Ashok Leyland, the Indian government says it has finalized a policy where private firms will be roped in to build military vehicles and carriers, including submarines and fighter jets, in partnership with foreign firms.This ”strategic partnership (SP) model” hopes to rapidly scale up India's defence manufacturing ecosystem, with the help of major Indian companies. The government also plans to invite the involvement of the micro, small and medium enterprises (MSME) sector.

Aditya Birla group’s Ultratech Cement’s Rs 16,189 crore acquisition of debt-laden Jaiprakash Associates' cement division is expected to be completed soon, according to the firm. The purchase is set to increase Ultracemco's cement capacity including its overseas production to 95 million tonnes per annum. 

Stock in spotlight: Mphasis Limited, which is among the top gainers in share price among midcap stocks today. 

Photo of the day: Tea workers carry sacks of tea at the Durgabari Tea Estate in Assam. Jayanta Dey/Reuters