Defence stocks rally up to 25% over a week

MUMBAI: Defence stocks rose sharply in the last week after Prime Minister Narendra Modi recently stated that there was a need for Indian companies to produce more defence-related equipment. The gains in these stocks came despite the prevailing ceasefire between India and Pakistan.Among the stocks of leading companies in the country’s defence sector, PSU-major Cochin Shipyard rose over 25% in the last week. Bharat Dynamics gained 20%, BEML increased by 14%, HAL rose by 8%, and Bharat Electronics was up by 11.5%.Among the private sector companies that also have a substantial presence in the defence sector, Bharat Forge increased nearly 11%, while Paras Defence & Space Technologies rose by 8.6%.