Garden Reach, Ideaforge Lead Rally As Nomura Turns Bullish On Indian Defence Firms

Indian defence companies were trading in green on Wednesday led by shares of Garden Reach Shipbuilders and Engineers Ltd., Ideaforge Technology Ltd., Bharat Dynamics Ltd., Cochin Shipyard Ltd., and Mishra Dhatu Ltd., as Nomura turns bullish on defence firms. Meanwhile, DCX Systems Ltd. fell the most.

The Nifty India Defence index was trading 0.79% higher at 10:25 a.m., compared to a 0.03% advance in the benchmark Nifty 50.

Among the defence stocks, Garden Reach Shipbuilders and Engineers Ltd. was leading the gains, rising 4.75% at Rs 2,965 as of 10:25 a.m. Ideaforge Technology Ltd., came second with a 2.24% increase, hitting Rs 592 apiece.

Cochin Shipyard Ltd. stock was up 1.71% at Rs 2,054 per share, while Bharat Dynamics Ltd. rose 1.21% to Rs 1,990 and Mishra Dhatu Nigam Ltd.'s shares rose 1.11% to Rs 427 per share.

Meanwhile, DCX Systems Ltd., Paras Defence and Space Technologies Ltd., and Dynamatic Tech Ltd. bucked the trend, falling 2.11%, 0.46% and 0.45%, respectively.

Shares of DCX Systems fell as much as 2.65% to Rs 283.35 apiece. It pared losses to trade 2.11% lower at Rs 283 apiece, as of 10:25 a.m., compared to a 0.03% advance in the benchmark Nifty 50.