Shares of defense companies have become rocket on Friday. Shares of defense companies have jumped by up to 20% on Friday. On June 4, the day of election results, shares of companies fell by 21%. Shares of Paras Defense and Space Technologies, Bharat Electronics Limited (BEL), Mazagon Dock Shipbuilders, Cochin Shipyard, Bharat Dynamics and Bharat Forge Limited have jumped up to 20 percent. Defense companies have got a big boost from the export target of the defense sector.
Target of Rs 50000 crore
Defense Minister Rajnath Singh had announced on Thursday that the government wants to increase defense sector exports to the tune of Rs 50,000 crore in the next 5 years. Rajnath Singh said, ‘PM Modi has once again given me the responsibility of Defense Ministry. We want to create a strong and self-reliant India. We also want to become self-reliant in defense manufacturing. We have exported defense equipment worth more than Rs 21000 crore. Our target is to take it to Rs 50,000 crore in the next five years.
There is loot regarding penny stock, price is less than Rs 5, price increased by 55% in 1 month
Paras Defense shares rose 20%
Shares of Paras Defense and Space Technologies Limited reached Rs 1157.25 on Friday with an upper circuit of 20 percent. In the last one month, shares of Paras Defense have jumped by more than 60 percent. Shares of BEML Limited (BEML) rose by more than 17 percent on Friday to reach Rs 4722.20. Shares of Mazagon Dock Shipbuilders have jumped by more than 14% to Rs 3874.65. Shares of Bharat Dynamics have reached Rs 1582.35 with a rise of more than 6 percent. Shares of Bharat Forge have jumped by about 5% and shares of Cochin Shipyard have jumped by more than 5%.
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Market can reach above 23 billion dollars
According to Mordor Intelligence, India’s defense market size is estimated to reach $17.40 billion in the year 2024. By the year 2029 it can reach 23.05 billion dollars. The defense market will grow at a CAGR of 5.79 percent between 2024-29. This has been said in a report of Business Standard.
