HAL, Bharat Dynamics and other PSU defence stocks gain up to 4%: Here's why
Defence stocks including Bharat Dynamics and other counters including Mazagon Dock rallied after significant defence deal was approved by the Cabinet Committee.
Defence stocks including the likes of Hindustan Aeronautics Defense, Bharat Dynamics and Bharat Electronics among others will be in focus after the defence deals worth Rs 80,000 crore for Predator drones and 2 nuclear submarines was approved by Cabinet Committee on Security.
The move will boost the country's naval as well as surveillance capabilities. Reportedly, the Indian Navy as part of the deal would get two nuclear-backed attack submarines, designed to significantly improve its operational capabilities in the Indian Ocean Region.
Amid the development, stocks like Mazagon Dock Shipbuilders, Data Patterns, Premier Explosives, Bharat Dynamics and Bharat Electronics all traded with gains of up to 3 per cent at the last count.
Reportedly, the nuclear-powered submarines would be constructed at the Ship Building Centre in Vishakhapatnam, with an estimated cost of Rs 45,000 crore. The infra major L&T will also participate significantly towards the project, reflecting the transition to indigenous defence production.
L&T shares traded with gains of over 1 per cent at Rs 3,525 while at the day's high scaled to Rs 3,553.9 per share on the BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Stocks to Buy for Long Term: 1 smallcap, 3 midcap, 4 largecap stocks analysts are betting on now; check out targets
NPS vs EPF Calculator: Rs 10,000 monthly investment for 30 years; which retirement scheme can generate higher corpus
Gratuity Calculator: 12 years of service and Rs 60,000 as last-drawn basic salary, what will be gratuity amount; know here
From Rs 16,000 Monthly SIP to Rs 10 Cr Retirement Corpus: In how many years one can achieve this milestone; know it through calculations
SIP Calculator: How soon can you build Rs 2 crore retirement corpus by investing Rs 5,100, Rs 11,000 or Rs 21,000 a month; see examples
How many years will Rs 3,000, Rs 5,000, and Rs 7,000 monthly SIPs take to create Rs 2 crore corpus; understand it through calculation
Top 7 Small Cap Mutual Funds With Highest SIP Returns in 15 Years: Rs 8,333 monthly SIP in No. 1 fund has jumped to Rs 1.10 crore
09:45 AM IST