Defence Stocks Rally: Defense stocks continue to rise. On June 4 Lok Sabha Elections After the results of the 2020 elections, the shares of government companies in the defense sector have made investors rich. The boom in defense shares that started a month ago continued today as well. Especially after the tweet by Defense Minister Rajnath Singh on the social media platform about the increase in defense production in the year 2023-24, a big rise was seen in the shares of the defense sector.
Defense production worth Rs 1.27 lakh crore
Rajnath Singh wrote on social media platform X, Make in India program is touching new milestones under the leadership of Prime Minister Narendra Modi. In the year 2023-24, India has registered the biggest jump in the value of defense production. The value of defense production in 2023-24 has been Rs 1,26,887 crore, which is 16.8 percent more than the previous financial year 2022-23. The Defense Minister also congratulated the defense industry, especially defense public sector units, PSUs manufacturing defense items and private defense industry for achieving this milestone. He said that the government is fully dedicated to making India a global defense manufacturing hub. Prime Minister on this post of Defense Minister Narendra Modi In his reply, he described it as very encouraging. He congratulated all those who have contributed to it.
The Make in India programme is crossing new milestones, year after year, under the leadership of PM Shri @narendramodi,
India has registered the highest ever growth in the value of defence production in 2023-24. The value of production has reached to Rs. 1,26,887 crore in…
— Rajnath Singh (@rajnathsingh) July 5, 2024
Very encouraging development. Compliments to all those who have contributed to this feat. We are fully committed to nurturing a supportive environment to further enhance our capabilities and establish India as a leading global defence manufacturing hub. This will enhance our… https://t.co/ddNvNzPFKD
— Narendra Modi (@narendramodi) July 5, 2024
Defense stocks galloped
After this post of the Defense Minister, the defense stocks listed in the stock market are witnessing tremendous growth. Among the government companies related to the defense sector, the stock of Cochin Shipyard is trading at Rs 2816 with a jump of 4.92 percent. The stock of Bharat Dynamics is trading at Rs 1724.45 with a jump of 2.43 percent, Bharat Electronics is trading at Rs 324.30 with a jump of 2.19 percent, Mazagon Dock Shipyard is trading at Rs 5695 with a jump of 1.68 percent, and the stock of BEML is trading at Rs 5130 with a jump of 10.3 percent while the stock of Hindustan Aeronautics is trading at Rs 5545.95 with a jump of 0.51 percent.
Among private defense companies, Kaynes Technology stock is trading at Rs 4278 with a gain of 6.73 percent, IdeaForge is trading at Rs 841 with a gain of 3.23 percent, and Mtar Technology is trading at Rs 2015 with a gain of 4.95 percent.
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