Defence Stocks: Indian defence company shares went up sharply on May 13 after Prime Minister Narendra Modi spoke about the importance of making defence weapons and equipment inside the country. In his first speech after Operation Sindoor, which happened on May 12, PM Modi said Indian forces did very well and the weapons made in India worked successfully.
He said the world can now see that today’s wars need Indian-made defence tools and that this is the future of strong and safe armed forces.
Because of this speech, the Nifty India Defence index rose close to 4% and reached around 7,416. According to News18 Bharat Dynamics Ltd saw the biggest jump. Its shares went up more than 7% and hit Rs 1,683.90.
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This company helps make the Akash air defence system, which was used during the operation. Air Marshal AK Bharti also praised this missile system, saying it did really well. That may be one of the reasons why investors got excited and rushed to buy shares of BDL.
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Not just BDL, other defence companies also did well. Bharat Electronics, BEML, and Hindustan Aeronautics all went up by more than 4.3%. Zen Technologies and Cochin Shipyard increased more than 4%, and Mazagon Dock Shipbuilders went up by 3.6%. Garden Reach Shipbuilders and Engineers (GRSE) and Paras Defence also saw gains, going up by more than 3% and 2.7%. This shows that many investors feel confident about India’s defence sector now.
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Air Marshal Bharti also said that the country’s military is fully ready for any future operations and that all bases are working well. Meanwhile, India’s defence exports are also rising. In this financial year, exports touched a record of Rs 23,622 crore, which is a 12% jump compared to last year. The Defence Minister Rajnath Singh already set a big goal for defence exports to reach Rs 50,000 crore by the year 2029.
