New Delhi, Aug. 22 -- Multibagger small-cap stock Lokesh Machines rallied in intraday trade on Friday, August 22, defying the stock market selloff, to its 10% upper price band. The gains in the stock followed after the company received Registration Certificate for manufacturing capacity for defence items of arms from the Ministry of Defence.

"Director General of Quality Assurance (DGQA), Ministry of Defence, Government of India, has granted the Registration Certificate for manufacturing capacity/ capability for defence items," Lokesh Machines said in an exchange filing today.

This approval, which the company received on August 21, will extend the existing product portfolio of the company, while enabling it to manufacture defence product...