Defence stocks surged on Friday after the government approved ₹1.05 lakh crore worth of defence equipment acquisitions, lifting the Nifty Defence India index by 1.4%. Paras Defence led gains with an 8% jump, while Mishra Dhatu Nigam, Astra Microwave Products, BEML, and Cochin Shipyard rose 1-2%.
The Defence Acquisition Council cleared 10 capital acquisition proposals for indigenous sourcing, including Armoured Recovery Vehicles, Electronic Warfare Systems, and Surface-to-Air Missiles for the tri-services.
Key beneficiaries include Bharat Dynamics (missile manufacturing), Bharat Electronics (radar systems), Cochin Shipyard (underwater vessels), and Mazagon Dock Shipbuilders (destroyers). The approval reinforces India's defence self-reliance push amid strong structural tailwinds including increased global demand and NATO's enhanced spending.
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