India's Garden Reach Shipbuilders set for steepest rise ever amid defence rally

ideaForge Technology

19/03/2025 09:12

** Shares of India's Garden Reach Shipbuilders & Engineers GRSE.NS soar 20%, on course for their steepest-ever daily percentage rise

** Other defence stocks rise as well; Nifty India Defence .NIFTYINDDEFENCE up 5%

** Bargain-hunting and Germany's massive defence spending boost sentiment

** "Street is expecting some benefits to flow through for domestic defence players especially in shipping sector," says Sunny Agrawal, head of fundamental equity research at SBICAPS Securities, on Germany's defence spending boost

** Adds, recent correction offers some valuation comfort in defence stocks

** Ideaforge Technology IDEF.NS and Mazagon Dock Shipbuilders MAZG.NS jump 16% and 10%, respectively, while Cochin Shipyard COCH.NS is up 9%

** Hindustan Aeronautics HIAE.NS and Bharat Dynamics BARA.NS jump 4.5% and 6%, respectively, while Paras Defense and Space Technologies PRAF.NS gains 5%

** YTD, GRSE, BARA, and MAZG turn positive, while COCH, PRAF, HIAE, and IDEF are still in the red

** Defence index up 19% so far in March, on course to snap a three-month losing streak

 (Reporting by Vivek Kumar M)

 ((VivekKumar.M@thomsonreuters.com;))