The state-controlled mineral producer of GoI has signed a memorandum of understanding with Defense Metallurgical Research Laboratory in order to prepare a detailed project report for potential tungsten reserves within the country and explore opportunities for acquisition/sourcing tungsten minerals elsewhere abroad.
Tungsten metal is of strategic importance because of its essential requirements in the manufacture of tungsten based heavy alloy ammunition systems for armed forces. China is the largest producer attributing to 80% of world production.
India meets its tungsten demand through imports.
On an overall view in metal, stocks are being squeezed owing to dips in metal prices in both the markets.
At 11:30 IST, there are 913 advances, 643 declines and 393 unchanged stocks in NSE showcasing a positive undertone in the market.