Defence stocks rally up to 18% as Union Minister sets 5 yr export target
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Shares of defence companies soared up 17.6 percent on the BSE in Friday’s intraday deals. This came after the Defence Minister Rajnath Singh announced on Thursday that India aims to elevate its defence exports to surpass Rs 50,000 crore within the next five years.
This announcement boosted the momentum of defence stocks listed on Dalal Street. Shares of Paras Defence and Space Technologies hit its 52 week high, rising 17.6 per cent at Rs 1,130 per share on the BSE in intraday deals. The company is presently trading at a price to earnings multiple of 109.91 times.
In Q4FY24, the company saw a surge of 63.82 percent in its consolidated net profit at Rs 96 crore compared to Rs 58.6 crore in the preceding quarter. Additionally, its revenue from operations experienced a robust increase of 24.17 percent quarter-on-quarter (QoQ), reaching Rs 79.69 crore during the period under review.
Paras Defence and Space Technologies specialises in offering high-precision products and comprehensive solutions to the defence and space sectors. The company operates across three primary verticals: defence and space optics, defence electronics solutions, and heavy engineering. As of March 31, the Government of India held a 58.94 percent stake in the company.
Furthermore, in intraday trade shares of Bharat Dynamics, HAL, and Bharat Electronics also surged by 3.5 per cent at Rs 1,543 per share, by 2.4 per cent at 5,227 per share and by 2.6 per cent at Rs 308 per share, respectively.
Mazagon Dock Shipbuilders and Cochin Shipyard also surged by 4.3 per cent at Rs 3535 per share and by 1.5 per cent at Rs 2037 per share, respectively.
According to Mordor Intelligence, the India Defense Market size is estimated at $17.40 billion in 2024, and is expected to reach USD 23.05 billion by 2029, growing at a CAGR of 5.79 per cent during the forecast period of 2024-2029.
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