As of 12:04 PM on October 10, 2024, key defence stocks surged following the approval of two major defence deals worth ₹80,000 crore by the Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi. The deals include the procurement of 31 Predator drones from the USA and the manufacturing of two nuclear-powered attack submarines at the Ship Building Centre in Vishakhapatnam.
Notable gainers include:
- Mazagon Dock Shipbuilders: ₹4,473.95 (+9.47%)
- Bharat Dynamics: ₹1,213.90 (+4.37%)
- Kaynes Technology: ₹5,621.15 (+4.26%)
- Data Patterns: ₹2,486.15 (+3.67%)
- Cochin Shipyard: ₹1,710.00 (+3.34%)
- Hindustan Aeronautics (HAL): ₹4,534.85 (+3.38%)
- Premier Explosives: ₹528.00 (+3.29%)
- Bharat Electronics: ₹289.00 (+2.34%)
- Astra Microwave: ₹857.00 (+2.13%)
- IdeaForge Technology: ₹698.80 (+1.92%)
The surge in these stocks reflects investor confidence in the boost to India’s defence capabilities, with the approval of the purchase of 31 High Altitude Long Endurance (HALE) UAVs and the expansion of India’s nuclear submarine fleet.
Disclaimer: The information provided here is for informational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Please consult a financial advisor before making any investment decisions.
