Ideaforge To Garden Reach: Defence Sector Stocks Gain Amid Iran-Israel Conflict

Defence companies were trading in green on Monday, amid the ongoing Iran-Israel conflict, with shares of Ideaforge Technology Ltd., Paras Defence Ltd., Zen Technologies Ltd., Garden Reach Shipbuilders and Engineers Ltd. and Cochin Shipyard Ltd. leading the rally.

The Nifty India Defence index was trading 0.72% higher at 9:45 a.m., compared to a 1.08% decline in the benchmark Nifty 50.

Among the defence stocks, Ideaforge Technology Ltd., was leading the gains, rising 4.19% at Rs 598.70 as of 9:45 a.m. Paras Defence and Space Technologies Ltd., came second with a 3.68% increase, hitting Rs 1,696.70 apiece.

Zen Tech Ltd. stock was up 2.77% at Rs 1,926.60 per share, while DCX System Ltd. rose 2.40% to Rs 298.45.

Shares of Garden Reach Shipbuilders and Engineers Ltd. were up by 2.21% at Rs 3,337 apiece, while shares of Data Patterns (India) Ltd. were trading 1.97% higher at Rs 2,981.80 apiece.

Cochin Shipyard Ltd. shares advanced 1.87% at Rs 2,198.80 apiece, Mazagon Dock Ltd. rose 1.56% to Rs 3,291 apiece and Bharat Electronics Ltd. was 1.53% higher at Rs 413.15 apiece.

Other stocks that saw gains, were Mishra Dhatu Nigam Ltd., Hindustan Aeronautics Ltd., BHEL and Cyient DLM Ltd.

MTAR Tech Ltd. and Solar Industries Ltd. remained the counters to buck the trend, falling 2.84% and 0.21%, respectively.