US President Joe Biden signed the National Defense Authorization Act (NDAA) Bill and allowed military spending of $768.2 billion, including a 2.7 per cent pay raise for service members for next year. The NDAA permits a 5 per cent increase in military spending and is the outcome of negotiations between Democrats and Republicans over issues starting from reforms of the military justice system to Covid-19 vaccine requirements for the military soldiers.

• L&T Shares Trade With Nominal Losses Despite Securing Orders 
• Daily vs Weekly SIP: Which Can Supercharge Your Portfolio to the Million-Mark?
• Rail Vikas Nigam Shares Take a Hit Despite Rs 165 Crore Order 
• Lupin Shares Gain 1% as Unit Receives EIR Status from USFDA
• Glenmark Unit Signs Exclusive NSCLC Drug Pact with Hansoh Pharma; Shares Drop 1%

“The Act provides essential benefits and gives to justice for military personnel and their families, and has authorities to support our country’s national defence,” Biden said in a statement. The bill includes $7.1 billion for the Pacific Deterrence Initiative and a view of congressional support for Taiwan’s defence. It also includes $300 million for the Ukraine Security Assistance Initiative and $4 billion for the European Defense Initiative.