Why Avantel share price is rising
geopolitical tensions have dominated headlines. Be it the Russia-Ukraine waror various revolts outside the US, it seems like the world is becoming more chaotic and unstable. When nations lose trust in each other, it creates an environment where they are likely to engage in conflict to accomplish their goals.
This could be driven by the need for raw materials, cheaper labour, strategic military positioning, or whatsoever potential reasons. The latest addition to the growing list of conflicts is Israel vs Hamas. Last week on Saturday, Palestinian militant group Hamas launched a multi-pronged infiltration into Israel by land, sea and air using paragliders.
Now, if you followed the developments when theRussia-Ukraine wartook place, you might have noticed a sharp re-rating in defence stocks. Whenever there are developments about a conflict, defence stocks are the first ones to get impacted. On Monday this week, US stocks shot up overnight.
Shares of defence equipment and manufacturers including Northrop Gruman Corp, L3Harris Technologies Inc., Huntington Ingalls Industries Inc., Lockheed Martin Corp. and General Dynamics Corp. surged at least 8%.
Similarly in Indian markets, defence stocks got a boost and majority of the stocks were trading in the positive. Avantel stood out from the pack and surged up to 15% in early trade. Was it because Avantel had something to do with the Israel Hamas war? Let’s find out.
#1 Bonus Issue & Quarterly Results Post market hours on 9 October 2023, Avantel announced bonus shares in the proportion of 2:1. Shareholders as on record date will get 2 bonus shares for every 1 share held. The company is yet to finalize the record date.
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