India's BEL, L&T, Bharat Forge gain on India's defence manufacturing push

Bharat Electronics

24/03/2025 05:22

** Bharat Electronics Ltd (BEL) BAJE.NS up 3%, while L&T LART.NS and Bharat Forge BFRG.NS up ~2%

** Brokerages list the trio as likely beneficiaries on approval of India's $6 billion defence purchases

** Macquarie says companies across the value chain should benefit; sees BEL and L&T as top picks in sector

** Bharat Forge, says Morgan Stanley, should get $535 mln rev from 307 advanced towed artillery gun systems (ATAGS) purchases

** BEL shares up 3.5% YTD, while Nifty 50's .NSEI is off 0.3%; Bharat Forge has dropped 7.3%, exchange data shows

** L&T's days gains helped by Qatar Energy project win; still stock is down ~4% YTD

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))