Defence stocks surge on govt’s ₹1.05 lakh crore procurement

Defence stocks such as Paras Defence, BEML, Hindustan Aeronautics, Bharat Electronics, and others rallied on Friday after the government approved acquisition of ₹1.05 lakh crore worth of new defence equipment. The gains in defence stocks lifted the Nifty Defence India index by 1.4%. Paras Defence and Space Technologies emerged as the top gainer among index constituents, surging 8%. Other gainers included Mishra Dhatu Nigam, Astra Microwave Products, BEML, Unimech Aerospace and Manufacturing, Cochin Shipyard, Bharat Dynamics, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders and BEL, all of which rose between 1-2% each.