https://sputniknews.in/20240607/indian-defense-stocks-soar-as-nda-partners-publicly-endorse-modis-3rd-term-7560687.html
Indian Defense Stocks Soar as NDA Partners Publicly Endorse Modi's 3rd Term
Indian Defense Stocks Soar as NDA Partners Publicly Endorse Modi's 3rd Term
Sputnik India
With Narendra Modi set to return as Prime Minister for the third time in a row despite having a lower representation in Parliament, Indian stocks began recovering after tanking 4,000 points on results day (June 4).
2024-06-07T20:31+0530
2024-06-07T20:31+0530
2024-06-07T20:41+0530
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Stocks of Indian defense majors Hindustan Aeronautics Limited (HAL), Bharat Dynamics, BEML, and Bharat Electronics surged in intraday trading on Friday after National Democratic Alliance (NDA) partners, especially Chandrababu Naidu of the Telugu Desam Party (TDP) and Nitish Kumar of the Janata Dal (United) publicly announced their support for Narendra Modi as the country's Prime Minister on Friday.During a key meeting of NDA's constituents in the Parliament complex this afternoon, Kumar and Naidu's bonhomie with PM Modi became the talking point in the national media.As political outfits that are part of the NDA promised to back Modi on his vision for the country's development, defense stocks that suffered huge losses following a fractured verdict for his Bharatiya Janata Party (BJP) began rallying.HAL's stock has jumped nearly 9% in the last two days and is currently priced at INR 4,745.On the other hand, Bharat Dynamics stock surged 4.41% to settle at INR 1,430.30. Overall, the company's stock has grown 51.52% in the last 30 days.Meanwhile, shares of BEML Limited rose by 2.1% and Bharat Electronics Ltd by 3.42%, respectively.
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Indian Defense Stocks Soar as NDA Partners Publicly Endorse Modi's 3rd Term
20:31 07.06.2024 (Updated: 20:41 07.06.2024) With Narendra Modi set to return as Prime Minister for the third time in a row despite having a lower representation in Parliament, Indian stocks began recovering after tanking 4,000 points on results day (June 4).
Stocks of Indian defense majors Hindustan Aeronautics Limited (HAL), Bharat Dynamics, BEML, and Bharat Electronics surged in intraday trading on Friday after National Democratic Alliance (NDA) partners, especially Chandrababu Naidu of the Telugu Desam Party (TDP) and Nitish Kumar of the Janata Dal (United) publicly announced their support for Narendra Modi as the country's Prime Minister on Friday.
During a key meeting of NDA's constituents in the Parliament complex this afternoon, Kumar and Naidu's bonhomie with PM Modi became the
talking point in the national media.
"Today India is having a right leader at the right time. We are very confident under his leadership India will become the 1st or 2nd largest economy in the next 5 years," Naidu said in his speech at the NDA meeting in New Delhi.
As political outfits that are part of the NDA promised to back Modi on his
vision for the country's
development, defense stocks that suffered huge losses following a fractured verdict for his
Bharatiya Janata Party (BJP) began rallying.
HAL's stock has jumped nearly 9% in the last two days and is currently priced at INR 4,745.
On the other hand, Bharat Dynamics stock surged 4.41%
to settle at INR 1,430.30. Overall, the company's stock has grown 51.52% in the last 30 days.
Meanwhile, shares of BEML Limited rose by 2.1% and Bharat Electronics Ltd by 3.42%, respectively.
