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The Foreign Investment Promotion Board rejected a proposal from Bharati Shipyard Ltd to undertake ‘additional activities in defence production' with foreign equity. The stock could see some pressure, at least temporarily, following the Government rejection of FDI. The Finance Ministry release did not detail the reason for rejection.
Similarly, Religare Capital Markets will also see some action as a proposal from Religare Capital Markets for induction of foreign equity in an investing company was deferred by the Board.
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