Garden Reach, Paras Defence Surge Over 10% As Defence Stocks Bounce Back

Nifty Defence was the star sector on the NSE today, jumping 4.49%, even as the benchmark Nifty 50 slipped 0.05%. After last week’s sharp sell-off that had the sector reeling, defence stocks are rebounding, with all 16 stocks in the Nifty Defence index trading higher.

The defence rally comes ahead of key triggers. Paras Defence’s board is scheduled to meet on Wednesday to consider a dividend and a stock split. The company is also set to announce its quarterly earnings tomorrow, keeping the stock firmly in focus.

Oil and gas, information technology, and public sector bank sectors also contributed to market breadth today, but defence was the top sectoral gainer.

• Garden Reach Shipbuilders & Engineers Ltd. led from the front, rallying 12.44% to Rs 1,975.10.

• Paras Defence and Space Technologies Ltd. was close behind, surging 10.10% to Rs 1,259.25.

• Cochin Shipyard Ltd. also saw strong buying interest, rising 8.72% to Rs 1,633.10.

• Other major gainers included Mazagon Dock Shipbuilders Ltd., which climbed 8.12% to Rs 1,633.10, and Data Patterns (India) Ltd., up 7.87% at Rs 2,412.20.

• Bharat Dynamics Ltd. rose 4.41% to Rs 1,552.00, Hindustan Aeronautics Ltd. gained 4.38% to Rs 4,620.30, while Bharat Electronics Ltd. advanced 4.28% to Rs 318.15.