Hindustan Aeronautics (HAL), Bharat Defence (BDL), Astra Microwave Products, among other defence stocks rallied on Monday, despite a muted trend in the broader Indian stock market.
Astra Microwave Products, Cochin Shipyard, Data Patterns (India), and DCX Systems were among the top gainers in the Nifty India Defence index, rising 2–4% each. The index itself advanced nearly 1% in early trade.
Hindustan Aeronautics (HAL), Paras Defence and Space Technologies, Mishra Dhatu Nigam, Bharat Dynamics (BDL), and Bharat Electronics also traded higher.
The uptrend in defence counters came amid reports that the Ministry of Defence has received and begun discussions on a proposal from the Indian Air Force to acquire 114 ‘Made in India’ Rafale fighter jets. The deal, to be executed by French aerospace major Dassault Aviation in collaboration with Indian firms, is estimated to be worth over ₹2 lakh crore.
The proposal, which envisages more than 60% indigenous content, is likely to be taken up for consideration by the Defence Procurement Board, chaired by the Defence Secretary, in the coming weeks, according to ANI.
Meanwhile, India has already ordered 180 LCA Mark1A jets and also has plans to induct the indigenous fifth-generation fighter in large numbers beyond 2035.
