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Instead of steep hikes, states are relying on licence fee increases, reserve price revisions, and recalibration of tax

Strategy for 2026, he said, is shifting toward sectors with a probable growth visibility such as Banking, Consumer, Resources and Manufacturing.
Holdings in SBI, ICICI Bank and HDFC Bank accounted for more than one-fifth of the losses for Life Insurance Corporation of India; while L&T alone created a 11 per cent dent, shows ACE Equity data.
Stocks to buy today: Shrikant Chouhan of Kotak Securities suggests placing bets on Angel One and Reliance Industries; here's why

The Business Standard Defence Index is designed to track the performance of 25 key defence stocks