Defence Stocks Rally After PM Modi’s Indiginisation Push

Shares of various defence companies, including Bharat Dynamics Ltd and Bharat Electronics went up as high as 8% today after PM Narendra Modi stressed on the need to make the military self-reliant. He said that India should take the baton in defence innovation via indigenous technology.

BDL went up by 7.81% to hit a high of ₹1,692.35 apiece. HAL shares jumped 4.32% to ₹4,631.35. Zen Technologies surged 4.3% to ₹1,539.95. Data Patterns (India) gained by 2.45 at ₹2,442.75.

Paras Defence and Space Technologies climbed 2.82% at ₹1,418.50. Ideaforge Technology shares climbed 0.53% to ₹494.

“While we have seen limited ordering activity from MoD in April 2025, India has signed Rs 64,000 crore deal with France for 26 Rafale marine fighter jets. This apart, BEL has received Rs 3,000 crore contract for maintenance of Akash missile system and EW suits and GRSE has received contract worth Rs 490 crore from the Geological Survey of India,” ICICI Securities said.

“We list PTC Industries (TP: Rs 20,070; BUY), Solar Industries (TP: Rs 16,000; BUY) and Azad Engineering (TP: Rs 2,450; BUY) as our top picks in defence space. Among DPSUs, we recommend HAL (TP: Rs 5,000; BUY) and Midhani (TP: Rs 375; BUY) as our top pick,” ICICI Securities said.

Antique Stock broking recommended a target price of ₹3,433 on Mazagon Dock, ₹1,481 for Cochin Shipyard and ₹2,024 for GRSE. It gave a ‘Buy’ rating on Mazagon Dock Shipbuilders Ltd and Garden Reach Shipbuilders & Engineers Ltd (GRSE).

On the defence shipyards front, Mazagon Dock Shipbuilders (MDL) and Cochin Shipyard Ltd jumped by 3.7% and 4.17% respectively.