Defence stocks fire up! Paras Defence, GRSE, other stocks jump up to 10% as govt notifies 6th indigenisation list
Defence stocks surged up to 10% after the Defence Ministry unveiled its sixth Positive Indigenisation List covering 405 items with Rs 3,070 crore business potential. The move aims to boost domestic manufacturing, innovation and investment while reducing India’s dependence on defence imports.
Defence stocks experienced a significant surge on Tuesday, with several companies in the sector jumping up to 10% following the Defence Ministry's notification of the sixth indigenisation list. The list, which contains 405 items, is expected to be sourced only from Indian suppliers. Paras Defence shares surged 10% to hit a fresh 52-week high of Rs 1,527.30, while Zen Technologies shares soared over 7%.
Dynamatic Technologies, Aequs, Data Patterns and Garden Reach Shipbuilders & Engineers (GRSE) also saw gains of 3-5%. The Nifty India Defence index also rose over 1% to 9,964 on Tuesday afternoon. The Defence Ministry's Department of Defence Production (DDP) launched the list, comprising line replaceable units, sub-systems, sub-assemblies, spares, components and raw materials, including 16 items for the Indian Coast Guard and 389 items for Defence Public Sector Undertakings.
The Ministry stated that this sixth PIL marks another step in the Government's efforts to promote self-reliance in defence manufacturing under the Aatmanirbhar Bharat initiative.
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