Cochin Shipyard, GRSE and other defence stocks rally up to 8%. Here's why
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Indian defence stocks extended their winning streak to a fourth consecutive day on Wednesday, with Cochin Shipyard and Garden Reach Shipbuilders & Engineers (GRSE) surging up to 8%, buoyed by reports of a potential Rs 2 lakh crore fighter jet deal and optimism over the sector’s long-term growth prospects. The Nifty Defence index rose as much as 2.6% intraday, logging its fourth consecutive session of gains. Shares of Cochin Shipyard jumped 5.6% to Rs 1923.85 on the BSE, marking their sixth straight day of advances and an 18% rally over that stretch. GRSE climbed 7.6% to Rs 2624.85. Other names, including Hindustan Aeronautics (HAL), Mazagon Dock Shipbuilders, and Paras Defence & Space Technologies, added between 1% and 2%. Rafale deal buzz Momentum was fueled by reports that the Defence Ministry is reviewing a major Indian Air Force proposal to acquire 114 “Made-in-India” Rafale fighter jets in a deal estimated to exceed Rs 2 lakh...