- Defence stocks faced sharp declines with Cochin Shipyard down 7.24 percent
- HAL shares dropped 4.44 percent to Rs 4,191.5 amid broader sector weakness
- Cochin Shipyard Q4 profit fell 31.7 percent to Rs 175 crore due to lower revenue
Defence stocks came under sharp selling pressure, with several frontline names posting steep declines.
Cochin Shipyard led the decline, falling 7.24% to a current price of Rs 1,479. HAL slipped 4.44% to Rs 4,191.5, while Bharat Dynamics dropped 3.81% to Rs 1,274.9. Mazagon Dock declined 3.70% to Rs 2,389.9, and Paras Defence fell 3.44% to Rs 727.45. BEL was relatively less impacted but still traded 1.81% lower at Rs 416.
Cochin Shipyard announced its fourth quarter earnings on Friday, reporting a significant decline. Consolidated net profit plunged 31.7% to Rs 175 crore in the January-March period, compared to Rs 256 crore in the corresponding quarter last year. Slump in revenue contributed to the decline. Revenue from operations of the PSU shipmaker fell 15.6% to Rs 1,484 crore.
Hindustan Aeronautics Ltd., on the other hand, said it expects to begin deliveries of Tejas Mk1A fighter aircraft to the Indian Air Force by August or September after delays linked to engine supplies and ongoing testing work slowed the programme's rollout. The company said it has received six engines from GE Aerospace so far and expects more supplies during the current financial year, raising hopes that deliveries of the fighter jet programme could begin after repeated timeline revisions.
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