Defence PSU Stock trails high amid arising conflict demands more material supply
Several Defence Stocks like BEL, HAL, BHEL, Mazagon Dock, and Bharat Dynamics Ltd are trading high on the exchange market in contrast to the benchmark BSE Sensex that fell over 880.34 points or 1.10 percent to close at 79,454.47.
New Delhi: In a very interesting and much anticipated step, the defence material output is expected to meet the rising demands of armed equipment needs. Several Defence Stocks like BEL, HAL, BHEL, Mazagon Dock, and Bharat Dynamics Ltd are trading high on the exchange market in contrast to the benchmark BSE Sensex that fell over 880.34 points or 1.10 percent to close at 79,454.47.
The NSE Nifty50 index settled at 24,008, down by 265.80 points or 1.10 per cent. This rally has come amid the government has call to the defence manufacturers to scale production for unforeseen situations.
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Government is expected to renew the order for several defence equipment production programme like HAL’s LCA Tejas, Sukhoi, missile systems including Akash and Astra and Radar with other warfare equipment are in line to meet the situation.
The market value of Indian companies listed on Dalal Street dropped more than Rs 4 trillion on Friday due to a selloff caused by risk-off sentiment sparked by the war tensions between India and Pakistan. The Nifty50 fell 1.4% to below 24,000 during the day, while the BSE Sensex index dropped as much as 1.7% to 78,968.
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