Midhani, Mazagon Dock, Cochin Shipyard rally up to 10% in a weak market

The defence procurement budget is likely to increase considerably for FY24E with the share of imports coming down further, according to analysts.

Shares of defence and its related companies continued their northward movement on the bourses. These select stocks rallied up to 10 per cent on the BSE in Friday’s intra-day trade on the back of strong business outlook.

Mishra Dhatu Nigam (Midhani), Mazagon Dock Shipbuilders (MDL), Cochin Shipyard, Garden Reach Shipbuilders & Engineers and Bharat Dynamics have surgd in the range of 5 per cent to 10 per cent. In comparison, the S&P BSE Sensex was down 1 per cent at 59,338 at 10:47 am.

According to analysts, the total defence equipment procurement budget stood at Rs 1.24 trillion for