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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
GRSE, Mazagon Dock, other defence stocks soar up to 19% as sector extends 1 month gains to over 14%
defence stocks attracted strong investor interest, with gains of up to 19%. Garden Reach Shipbuilders & Engineers led the rally, followed by Ideaforge Technology, Mazagon Dock Shipbuilders, Bharat Dynamics, and Cochin Shipyard, which saw gains ranging from 8% to 14%.
There were no losers in the 16-stock Nifty India Defence Index which was 5% higher today.
The other gainers included Mishra Dhatu Nigam, Data Patterns (India), Paras Defence and Space Technologies, DCX Systems, Hindustan Aeronautics (HAL), MTAR Technologies, Dynamatic Technologies, Astra Microwave, Zen Technologies Products, Bharat Electronics (BEL) and Solar Industries which were up between 8% and 2%.
It was the best-performing sector for the day as most sectors traded in the green with the exception of IT and FMCG stocks.
The defence sector has made a smart recovery in the past one month gaining 14% and could likely end the financial year as the best-performing sector.
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Also Read: FY25 hits & misses: Media, PSU bank shares slip in double digits while defence, financial services shine
From October onwards, defence stocks witnessed strong selling pressure as valuation concerns weighed on investors’ minds. Notwithstanding its great run over the last one month, the index returns are at negative 26% with the highest fall witnessed in Ideaforge and DCX and Data Patterns at 44%, 31%, and 30% respectively.
Gautam Shah of Goldilocks Premium Research said that all the positives of the next five years were in the price in case of defence and
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