Defence stocks extend gains for fourth day, GRSE, Zen Tech, Data Patterns lead; Nifty Defence index up 2%
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Indian defence stocks continued their rally for the fourth consecutive session, with the Nifty India Defence rising by 2.16% today. The Defence index rose by 8.3% in the past week. Garden Reach Shipbuilders and Engineers (GRSE), Zen Technology, and Data Patterns led the charge of the defence index.
GRSE soared above 7%, hitting an intraday high of Rs 2,625. It was followed by Zen Technology, which rose by 4.86%, and Data Patterns, by 4.22%. Even Bharat Electronics, Cochin Shipyard, and Paras Defence and Technology advanced between 2% and 2.5% in today’s trade. All the defence stocks in the Nifty India Defence were trading in green.
This surge and extended gains are due to the Ministry of Defence having approved the Defence Procurement Manual (DPM) 2025. As per the statement, the new manual will streamline, simplify, enable & rationalise the revenue procurement processes, while supporting domestic enterprise.
The requirement of obtaining a No Objection Certificate from some DPSUs for private players before going for open bidding has been scrapped, and tenders would be awarded purely on a competitive basis.
A provision has been made to provide an assured guarantee of orders in terms of quantity, up to five years and beyond that, up to another five years in special circumstances. The updated document also addresses the concerns of individuals/industry who want to venture into this sector by relaxing many provisions of development contracts.
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Meanwhile, as per news reports, the Defence Ministry also has received the proposal from the Indian Air Force to acquire 114 “Made-in-India” Rafale Jets, in collaboration with French company Dassault Aviation and Indian Aerospace firms.
The proposal is expected to be worth Rs 2 lakh crore, which would include 60% of indigenous content, and will be taken for consideration by the Defence Procurement Board, chaired by the Defence Secretary, in the coming weeks, as per the ANI report.