Defence stocks are on a winning spree on Friday, June 14, after Defence Minister Rajnath Singh said that his primary goal is to enhance the country’s security, achieve self-reliance in defence manufacturing, and ensure the welfare of both serving and retired soldiers. Singh emphasised that, under the leadership of Prime Minister Narendra Modi, the ministry aims to strengthen India’s security apparatus further.
Increasing India’s defence exports by a large margin is one of Singh’s top priorities. The defence sector exported goods worth a record Rs 21,083 crore in the fiscal year 2023–2024. Singh has set an ambitious goal to raise this amount to more than Rs 50,000 crore by 2028–2029, which demonstrates the government’s determination to establish India as a leader in the world of defence.
Paras Defence and Space Technologies soared over 17% to hit a fresh 52-week high of Rs 1,130. The stock has given a return of 22% in the past five days and 48% in the last six months.
Similarly, the stock of ideaForge surged more than 6% to an intraday high of Rs 754.60. The scrip has risen 10% in the past five days. However, it has wiped out over 5% of investors’ wealth.
Mazagon Dock Shipbuilders and Zen Technologies rose in a range of 4-5%. Mazagon Dock Shipbuilders hit a fresh 52-week high of Rs 3,535. While Zen Tech rose to an intraday high of Rs 1,080.25.
Similarly, other defence stocks like MTAR Technologies, Bharat Forge, BEL, HAL, BEL, and Bharat Dynamics surged between 1-3.5%. Out of which, Bharat Forge touched a new 52-week high of Rs 1,674.95, a rise of 2.3% from its previous close.