Defence stocks have witnessed a rally in the past week, buoyed by the Defence Minister’s push for indigenous defence exports worth ₹50,000 crore annually and fast-tracking Make-in-India initiatives. Hindustan Aeronautics (HAL) surged over 5% to a 52-week high after receiving an RFP for 156 Light Combat Helicopters.
HAL informed about the RFP for procuring 90 helicopters for the Indian Army and 66 for the Indian Air Force. Its stock has gained nearly 12% in a week. Other defence stocks like Paras Defence, Garden Reach Shipbuilders & Engineers (GRSE), and Cochin Shipyard also rallied.
Paras Defence soared 19% after multiple block deals, with its stock up 54% in a week. GRSE climbed over 12%. Cochin Shipyard hit a fresh 52-week high, gaining 17% in a week. Mazagon Dock Shipbuilders surged 29% in a week to a 52-week high.
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Astra Microwave Products touched a 52-week high, rising 19% in a week. Bharat Dynamics jumped 14% in a week to an intra-day high. Bharat Electronics advanced over 3% to a 52-week intra-day peak, gaining nearly 12% in a week.
The robust performance of defence stocks is attributed to the government’s emphasis on boosting indigenous defence manufacturing and exports, creating optimism about potential order inflows and growth prospects for these companies.
