Bharat Dynamics, Hindustan Aeronautics, Bharat Electronics gain up to 2% as Defence Minister on US visit for discussing defence collaboration
Defence stocks showed some resilience in trade today (August 23) as the defence minister is on his 4-day visit to the US for strengthening ties in the defence area with its US counterpart.
Shares of major defence companies including Bharat Dynamics, Hindustan Aeronautics, Bharat Electronics are trading with gains in Friday's session as the country's defence minister Rajnath Singh is on a 4-day visit to the US.
“The visit comes in the backdrop of the growing momentum in India-US relations and defence engagements at multiple levels. The visit is expected to further deepen and broaden the India-US Comprehensive Global Strategic Partnership," said the defence ministry.
At the day's high, these stocks gained up to 2 per cent, while the Nifty index traded with minor gains of 0.06 per cent at 24,826.8.
Rajnath Singh is on an official visit to the US from August 23 to 26 at the invitation of the US Secretary of Defence Lloyd Austin. He arrived in Washington, on Thursday, stated the reports. Singh will chair a meeting the US defence industry for discussion current as well as future defence tie-ups.
"India and the US are natural allies, we have old ties. Even destiny wants India-US relations to be strong," he said addressing the Indian community in Washington on Thursday.
Rajnath Singh will also chair a meeting with the US defence industry to discuss ongoing and future defence collaborations.
Singh will likely discuss about the GE F 404 engine that is deployed in Tejas MK-1 as any delay in its supply is a big threat and concern for Hindustan Aeronautics.
Defence and many railway stocks have good growth prospects but the valuations in most cases had run ahead of fundamentals, warranting a correction which has been happening recently, noted Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
02:55 PM IST