Defence stocks in focus as defence ministry to consider and approve projects worth Rs 1 lakh crore; Mazagon Dock, HAL, Bharat Dynamics gain up to 5%
Defence stocks are rallying on the D-Street even as the broader markets see a correction after a non-stop rally for 13 days.
Defence stocks are in focus in Tuesday's session (September 3) as the ministry of defence is set to meet today for approving projects in the space worth around Rs 1 lakh crore today. As per reports, a meeting chaired by the defence minister Rajnath Singh is scheduled to meet at the South Block on Tuesday.
"Amid the ongoing standoff with China, the Defence Ministry is set to undertake major projects, including the construction of seven advanced frigates for the Indian Navy and the Indian Army's proposal to replace its T-72 tanks with modern Future Ready Combat Vehicles (FRCVs)," said the ANI report.
At the last count, majority of the shares from the pack including Mazagon Dock Shipbuilders, Bharat Dynamics, Bharat Electronics, Kaynes Technology were all trading up by up to 6 per cent.
Meanwhile, HAL shares also climbed over 5 per cent to day's high price of Rs 4925 apiece on the BSE as the state-run PSU bagged an order of Rs 26,000 crore. The company has secured an order to make 240 AL-31FP aero engines for the Su-30 MKI aircraft of the Indian Air Force.
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