The Indian defence sector witnessed a significant boost in stock prices today, with key players Mazagon Dock Shipbuilders Ltd. (NSE: MAZDOCK), Cochin Shipyard Ltd. (NSE: COCHINSHIP), and Garden Reach Shipbuilders & Engineers Ltd. (NSE: GRSE) all recording substantial gains.
Mazagon Dock’s shares surged by 5.12%, trading at ₹4,415.00 as of 10:22 AM, up ₹215.20 from the previous close. The stock opened at ₹4,322.90, reaching a high of ₹4,468.00 during the session. This rally comes in anticipation of the Defence Ministry’s consideration and approval of projects worth ₹1 lakh crore, which is expected to significantly benefit defence contractors.
Cochin Shipyard also saw a notable increase, with shares rising by 3.22% to ₹1,910.95 at 10:27 AM. The stock opened at ₹1,900.00 and hit a high of ₹1,920.00, reflecting strong investor sentiment in the sector.
Garden Reach Shipbuilders & Engineers experienced the most significant gain among the trio, with shares climbing 6.09% to ₹1,942.80 at 10:28 AM. The stock opened at ₹1,879.20 and reached a high of ₹1,947.85, buoyed by the positive outlook for defence spending.
The surge in these stocks is attributed to the government’s focus on increasing defence expenditure and the push for indigenization in the sector.
