Hindustan Aeronautics, BEML, Paras Defence, Data Patterns, among other defence stocks gained on Thursday after India and the US agreed to ink a 10-year defence framework.
Data Patterns (India), Cyient DLM, BEML, HAL, Dynamatic Technologies, Paras Defence and Space Technologies and Mazagon Dock Shipbuilders shares were among the top gainers in the Nifty India Defence index, gaining over a percent each. The index rose 0.65%.
On the contrary, Bharat Dynamics, Unimech Aerospace and Manufacturing, Astra Microwave Products, Mishra Dhatu Nigam, DCX Systems and Zen Technologies were among the losers in the index, falling over half a percent each.
US-India Defence Framework
Defence Minister Rajnath Singh and his American counterpart Pete Hegseth have agreed to firm up a 10-year framework to further expand defence and strategic ties between India and the US, said a Pentagon statement released on Wednesday, a day after Singh and US Defence Secretary Hegseth held a phone conversation.
“Secretary Hegseth and Minister Singh agreed to sign the next 10-year US-India Defence Framework when they next meet this year,” it said.
The two sides discussed pending major US defence sales to India and the imperative of close defence industrial cooperation between the two countries, the Pentagon readout added
In the phone conversation on Tuesday, Singh urged Hegseth to expedite the delivery of GE F404 engines to power the Tejas Light Combat Aircraft, PTI reported, quoting people familiar with the matter.
Singh also pitched for early finalisation of a proposed deal between Hindustan Aeronautics Ltd (HAL) and US defence major GE Aerospace for joint production of F414 jet engines in India, the report added.
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