GRSE, Mazagon, Cochin Shipyard, BDL Shares Gain Up To 20% Amid Broad-Based Recovery – News18
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The Nifty India Defence index surged nearly 6% during the day, as investor sentiment in the sector turned bullish
Defence Stocks News Today GRSE, Mazagon, Cochin Shipyard, BDL shares lead defence rally
Defence Stocks Rise Today: Shares of defence and shipping companies, including Garden Reach Shipbuilders & Engineers (GRSE), Cochin Shipyard, and Hindustan Aeronautics Ltd (HAL), soared as much as 20% on Wednesday, March 19, 2025, driven by a broad-based recovery in the domestic equity market.
The Nifty India Defence index surged nearly 6% during the day, as investor sentiment in the sector turned bullish. On March 19, all major sectors, except IT and FMCG, were trading in positive territory.
GRSE hit the 20% upper circuit limit, reaching Rs 1,641.35 per share on the NSE, marking its fourth consecutive session of gains.
Cochin Shipyard also reached the 10% upper circuit limit, touching Rs 1,474.95 per share during intraday trading, although it later pared some of those gains.
Among other defence stocks, Hindustan Aeronautics gained 5.16%, while Mazagon Dock Shipbuilders surged 10.96%.
ICICI Securities noted that the Indian defence budget’s capital outlay for FY25 has been increased to Rs 1.8 lakh crore, representing a 12.9% rise from FY25RE and a 4.7% increase from FY25BE. The brokerage highlighted that the recent dip in stock prices presents a strong entry point, as the sector’s fundamentals remain intact.
Bharat Dynamics Ltd (BDL) saw a 7.30% rise, reaching Rs 1,208.80, while Bharat Electronics Ltd (BEL) climbed 1.86% to Rs 290.50. Hindustan Aeronautics also rose 3.19% to Rs 3,693.20.
ICICI Securities pointed out several recent developments in the sector, including BEL inaugurating its second assembly line for electronic fuses for artillery ammunition. The Indian Navy has also finalized a Rs 36,000 crore deal with Mazagon Dock Shipbuilders, with the contract expected to be signed by the end of FY25. Additionally, the Ministry of Defence has signed a Rs 10,200 crore PINAKA contract with Solar Industries and Munition India Limited.
Shares of Solar Industries India Ltd rose by 0.99%, reaching Rs 10,182.20. Nirmal Bang upgraded the stock to a ‘Buy’ rating, noting that Solar Industries is trading at a 1-year forward P/E ratio of 36.7 times, below its 5-year average of 38 times, with a target valuation of 46 times the March 2027 EPS.
Antique Stock Broking has set ‘Buy’ ratings for several defence stocks, including BDL (target price Rs 1,351), BEL (target price Rs 376), BEML (target price Rs 4,114), GRSE (target price Rs 1,783), HAL (target price Rs 4,887), Mazagon (target price Rs 2,757), and PTC Industries Ltd (target price Rs 19,639).
PTC Industries Ltd rose 2.06% to Rs 12,793.05, while BEML gained 4.56%, reaching Rs 2,687.95.
ICICI Securities also identified Solar Industries, Azad Engineering, and PTC Industries as top picks in the sector, with target prices for Solar Industries (Rs 13,720), PTC Industries (Rs 20,070), Dynamatic Technologies (Rs 9,330), and Azad Engineering (Rs 2,350). While maintaining their target prices for other stocks, ICICI Securities adjusted the target for Azad Engineering to reflect the recent QIP issue.
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