Stocks To Buy — ICICI Securities Lists BEL, PTC, Solar Industries, Azad Engineering As Top Defence Picks

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ICICI Securities Report

Key developments for Feb’25 include:

1. Indian defence budget’s capital outlay has increased to Rs 1.8 trillion (up 12.9% and 4.7% from FY25RE and FY25BE, respectively).

2. Indian Army has achieved ~88% self-sufficiency in ammunition production.

3. Kalyani Strategic Systems has exported 100 artillery guns.

4. Dynamatic Technologies has opened a new Airbus A220 sub-assembly line in India.

5. Bharat Electronics has inaugurated 2nd assembly line for electronic fuses for artillery ammunition.

6. Indian Navy has finalised Rs 360 billion deal with Mazagon Dock Shipbuilders; contract is likely to be signed by FY25 end.

7. Ministry of Defence has signed Rs 102 billion PINAKA contract with Solar Industries and Munition India Ltd.

We list Solar Industries, Azad Engineering and PTC Industries as our top picks in the space.

Click on the attachment to read the full report:

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