Cochin Shipyard, Mazagon Dock, Other Defence Stocks Buzzing In Trade
Defence stocks staged recovery after consolidating for nearly two months.
Cochin Shipyard Ltd., Paras Defence and Space Technologies Ltd., Bharat Dynamics Ltd., Cyient DLM Ltd, Hindustan Aeronautics Ltd. and Mazagon Dock Shipbuilders Ltd. were trading higher on Monday, with Cochin gaining nearly 5% at intraday.
Bharat Dynamics Ltd. rose nearly 2% to trade at Rs 1,567.70 apiece on Monday, meanwhile, HAL rose as much as 2.09% to trade at Rs 4,845 per share, Paras Defence gained as much as 3.62% to Rs 717.30 apiece. Meanwhile, Cyient rose as much as 2.77% apiece to trade at Rs 468.90.
In the past two month Cochin Shipyard has fallen 7%, Bharat Dynamics has fallen 13.29% in the same period. Meanwhile, HAL has declined over 2% in last two months. Paras Defence has declined over 11% nearly two months.
Defence Minister Rajnath Singh on Sunday evening approved the Defence Procurement Manual 2025 to streamline, simplify, enable & rationalise the revenue procurement process in the Ministry of Defence and cater to the emerging requirements of the Armed Forces in the era of modern warfare, a PIB release said.
"The new manual is aimed at achieving self-reliance in fulfilling the needs of the Armed Forces under Revenue Head (Operations & Sustenance Segment)", the release noted.
It further added that the DPM will foster jointness among the three Services and help in maintaining the highest level of military preparedness through expeditious decision making. It will ensure timely availability of requisite resources to the Armed Forces and at an appropriate cost.
The DPM lays down the guiding principles and provisions for all revenue procurements in the Ministry valuing around Rs 1 lakh crore for the current Financial Year, the PIB said.
"In addition, a provision has been made to provide assured guarantee of orders in terms of quantity, up to five years and beyond that up to another five years in special circumstances", the release said.
