Paras Defence at new high

Paras Defence is the top gainer on the BSE since the opening bell today morning; the stock which had closed on Friday at Rs.1157.25, surged on to hit a new 52-week high at Rs.1375.50. GRSE is another gainer on the top five, rising to a new high at Rs.1869.45.

Defence stocks are all up in the green as it becomes apparent that Rajnath Singh reaffirmed strong focus back on the sector. The Govt aims for Rs.50,000 crore defence exports in 5 years, boosting investor sentiment.  

Following this, Japanese brokerage firm, Nomura put out a report saying that the defence sector now presents a lucrative opportunity and expects orders to the tune of over $138 billion over FY24-32 and expects defence companies to see escalated demand. Nomura expects India's defence capital expenditure to rise to 37% of the total budget by FY30, up from the projected 29% in FY25.