Rajnath Singh, in his second term as Defence Minister, plans to sell over Rs 50,000 crore worth of defence equipment to other countries by 2028-2029.
Defence company stocks like Hindustan Aeronautics, Mazagon Dock, Paras Defence, and Cochin Shipyard surged 6-20% in trading.
Despite recent market turmoil due to election results, defence stocks remain popular due to their growth potential and focus on local production.
The optimism in the sector stems from Defence Minister Rajnath Singh’s plan to boost defence exports, aiming for over Rs 50,000 crore by 2028-2029.
Singh also emphasizes self-reliance in defence manufacturing and modernizing the armed forces, which boosts prospects for defence companies.
Investors are keen on defence stocks due to the government’s push for local production and export opportunities.
At 1:41 pm, Paras Defence’s shares surged 20% after two significant deals. Others like Hindustan Aeronautics, Mazagon Dock, Bharat Dynamics, Bharat Electronics, and Cochin Shipyard saw gains of 3-7%.
These defence stocks also top gainers on the BSE PSU index, which rose about 1%.
