Amid rising tensions between India and Pakistan following the Pahalgam massacre that saw terrorists killing 26 innocent civilians, Indian defence stocks are witnessing a record rally, with most of the state-run military equipment manufacturers registering a 10% jump in their stock value.
State-run shipbuilder Garden Reach Shipbuilders & Engineers Ltd (GRSE) saw its shares rise by over 12%, adding a notable $2.58 from its previous closing of $21.08 on Monday. On Tuesday, GRSE's stock price breached the $23.49 mark, climbing to an intraday high of $23.66.
On the other hand, the country's naval construction behemoth, Mazagon Dock Shipbuilders Ltd's (MDL), stock price increased by nearly 9% to $36.47, while Cochin Shipyard Ltd surged 9.88 percent to INR $19.88
Paras Defence and Space Technologies Ltd was the biggest defence gainer, jumping 20% to $16.53 from $13.77 the previous day.
Another stock that registered double-digit growth was Data Patterns, recording a 14.93% surge to $30.96.
Furthermore, other defence stocks like Hindustan Aeronautics Limited (HAL), Bharat Electronics Ltd (BEL), Bharat Heavy Electricals Ltd (BHEL), and Unimech Aerospace and Manufacturing Ltd have also made significant gains.