Defence stocks have been on a roll ever since the government of India approved Rs 76,390 crore towards modernisation of its military projects, thereby giving a boost to the Indian defence industry.
Defence stocks have been on a roll ever since India approved Rs 76,390 crore towards modernisation of its military projects by approving the procurement of rough terrain fork-lift trucks, bridge laying tanks, wheeled armoured fighting vehicles with anti-tank guided missiles and weapon locating radars from domestic industries for the Indian Army.
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Hindustan Aeronautics Limited (HAL) rose as much as 2.94 percent in early trade, hitting a new all-time high of Rs 1,942.2 on BSE. At 11:45 am, the stock is up 0.70 percent or 13.30 points and is quoting at Rs 1,900 apiece on BSE.
HAL intraday stock chart (source: BSE)
Shares of Bharat Dynamics Limited reacted to this news the most by rising as much as 4.41 percent to Rs 821.85 on BSE. The stock opened with a gain of 2.83 percent and is currently up 2.24 percent or 17.60 points, quoting at Rs 804.75 per share. The stock outperformed the sector by 1.92 percent.
Bharat Dynamics Ltd intraday stock chart (source: BSE)
However, Bharat Electronics Limited (BEL) saw muted action by the investors. Shares of the company are currently quoting at Rs 243.95, up 0.21 percent on BSE.
BEL intraday stock chart (source: BSE)
For the Indian Navy, the government has approved the procurement of next-generation corvettes (NGCs) at an estimated cost of Rs 36,000 crore. These NGCs will be versatile platforms for a variety of roles, like surveillance missions, escort operations, deterrence, surface action group (SAG) operations, search and attack and coastal defence.
The news of this development bode well for Mazagon Dock Shipbuilders Limited. The stock rose 2.06 percent in early trade to Rs 283.05. At 12:09 pm, the scrip, however, is trading at Rs 277.30, down 0.02 percent on the BSE. The shares of the company gained after two days of losing.
Mazagon Dock Shipbuilders Limited intraday stock chart (source: BSE)
Paras Defence and Space Technologies Limited also gained investor backing on the expectation of the domestic defence sector getting a boost. The shares of the company rose as much as 3.62 percent in trade to Rs 634.8 on the BSE. The stock opened with a gain of 2.83 percent. The scrip gained after 3 sessions of losses and outperformed the sector by 0.63 percent. At 12:10 pm, the shares are currently quoting at Rs 616.50, having lost much of their initial gains, up barely 0.63 percent on the BSE, outperforming the sector by almost a percent.
Paras Defence and Space Technologies intraday stock chart (source: BSE)
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First Published: Jun 7, 2022 12:10 PM IST