Defence Stocks Rally 12% Amid India-Pak Tensions

Defence companies stocks, including Paras Defence and Space Technologies Ltd, Garden Reach Shipbuilders & Engineers Ltd (GRSE), Hindustan Aeronautics Ltd (HAL), Bharat Dynamics Ltd (BDL), Bharat Electricals Ltd and Cochin Shipyard Ltd climbed rallied by about 12% today, April 28. The surge can be attributed to escalating tensions India and Pakistan following the Pahalgam terror attack.

Defence Minister Rajnath Singh met PM Narendra Modi at 11:30 am today for an important discussion.

PM Narendra Modi in his ‘Mann Ki Baat’ address vowed to retaliate with strict punishment for the terrorists and their handlers. Moreover, the PM stated that the perpetrators behind the attack won’t be spared, India Today reported.

Shares of GRSE gained by 9.66% to ₹1,773, while Cochin Shipyard and Mazagon Dock Shipbuilders Ltd spiked by 7.21% and 6.55% to ₹1516 and 2,813.90 respectively. Shipping stocks rallied after the centre gave a nod to ₹25,000-crore Maritime Development Fund (MDF) for the shipping sector.

Shares of Paras Defence soared by 11.61% to ₹1,166.55. BDL climbed 6.69% to ₹1,507.15. While BEL gained by 3.08% to ₹306.55, while BEML Ltd rose by 2.45% to ₹3,124.90.