Midhani is expected to benefit substantially from robust order prospects, new product developments with increasing indigenisation
Market experts attributed the weakness to a combination of valuation concerns, liquidity pressures and profit booking.
The Nifty Defence index has shed nearly 3 per cent in November, with stocks such as BEML, MIDHANI and HAL among others falling up to 17% despite 1% gain on the Nifty 50.
At 12:03 PM on Monday; NSE India Defence index was the top loser among sectoral indices, down 2 per cent, as compared to 0.08 per cent rise in the Nifty 50.
Mishra Dhatu Nigam share price rose after the company announced that it has secured an order worth ₹306 crore.
Mishra Dhatu Nigam share price rose after the company announced that it has bagged an order worth ₹136 crore.
Paras Defence, Midhani were seen trading above the super trend line hurdle on the daily chart, thus implying a likely positive trend going ahead.
In the past month, the Smallcap index gained 3 per cent, as against a 1.5 per cent rise in Midcap and a 0.66 up move in Sensex
The sharp rally in defence stocks came after the Defence Acquisition Council (DAC), headed by Defence Minister Rajnath Singh, approved 10 major capital acquisition proposals on Thursday.