Wednesday proved to be great for the defense sector. The shares of Cochin Shipyard, which have faced a decline of about 60% in the last seven months, saw a tremendous bounce today. In the stock market, the company’s stocks rose by more than 9% to an intra-day high of Rs 1349.
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Other defense companies also boom
Apart from Cochin Shipyard, shares of Hindustan Aeronautics Limited (HAL), Bharat Dynamics Limited (BDL), Bharat Electronics Limited (BEL) and Garden Reach Shipbuilders also saw a great rise.
- India Dynamics Limited (BDL) – 9% lead
- Hindustan Aeronautics Limited (HAL) – 2% rise
- Garden Reach Shipbuilders – 15% jump
Brokerage firm’s positive rating
According to CNBC TV18 report, brokerage firm Elar Securities has upgraded HAL, BDL, BEL and Garden Reach. The brokerage house believes that these companies will benefit from the increasing order flow and investors are likely to get good returns.
Market experts are bullish on defense stocks
- 15 out of 16 brokers covering HAL have been given bye ratings, while only one has advised to sell.
- 24 out of 27 experts for BDL advised to buy, while 3 have given a sale rating.
Due to the increasing investment and strong order book of the government in the defense sector, the shares of these companies can be strengthened further.
