Shares of Indian defence companies surged on Friday after Defence Minister Rajnath Singh pledged to increase sectoral exports to Rs 50,000 crore by 2028-29 and continue the modernisation push in armed forces—ambitious goals expected to generate big business opportunities for domestic manufacturers.
BEML Ltd., Mazagon Dock Shipbuilders Ltd., Paras Defence and Space Technologies Ltd. and PTC Industries Ltd. closed more than 10% higher—the last two hit their life highs.
Other defence stocks such as Cochin Shipyard Ltd., Bharat Dynamics Ltd., IdeaForge Technology Ltd., Zen Technologies Ltd., and Garden Reach Shipbuilders and Engineers Ltd. gained between 5% and 10%.