 "defence")
Stocks of defence-related companies have been firing on all cylinders at the bourses in calendar year 2023 (CY23). Shares of Hindustan Aeronautics (HAL), Bharat Electronics (BEL), Bharat Dynamics (BDL), Data Patterns, MTAR Tech, Cochin Shipyard and GRSE have rallied 21-96 per cent so far this year.
The gains have been sustained on the back of robust export opportunities, a healthy project pipeline and the government’s continued push for local manufacturing and indigenisation of defence equipment.
However, the rally, which has been accompanied by high valuations, could stagnate in the near term as companies may not meet investors’ expectations of sustained
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