Defence Stocks Rally Ahead Of DAC Meet; Midhani, Mazagon Dock, BDL Jump Up To 11%

Defence  Stocks Surge: Shares of defence companies rallied on December 29 ahead of the Defence Acquisition Council (DAC) meeting scheduled later in the day.

The buying momentum lifted the Nifty India Defence index nearly 1 percent to 7,838.90 by 10:45 am on Monday, with the index advancing in five of the past six sessions.

According to a CNBC-TV18 report, the DAC is expected to deliberate on and clear defence procurement proposals worth about Rs 80,000 crore. The meeting, to be chaired by Union Defence Minister Rajnath Singh, is likely to take up emergency purchases of critical weapons and military equipment, which could accelerate fresh order inflows for defence companies.

The agenda is also expected to include proposals related to Embraer-based

Airborne Early Warning and Control (AEW&C) systems and the integration of the indigenous NETRA AEW system. News18.com could not independently verify the report.

Defence stocks today:
Mishra Dhatu Nigam (Midhani) led the gains, jumping around 11 per cent to Rs 353.50. Mazagon Dock Shipbuilders rose about 3 per cent, while Garden Reach Shipbuilders & Engineers (GRSE) advanced over 2 per cent.

Bharat Dynamics (BDL) gained nearly 2 per cent, with Astra Microwave Products and BEML up more than 1 per cent each. Cochin Shipyard and Hindustan Aeronautics (HAL) climbed around 1 per cent apiece. Bharat Electronics (BEL), Zen Technologies, Data Patterns (India) and Solar Industries India were also trading in the green with marginal gains.

In contrast, Paras Defence and Bharat Forge bucked the broader trend and were trading slightly lower.