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Defense Stocks: This week, once again there has been a spectacular boom in the defense stocks of the public sector. Prime Minister Narendra Modi This boom has been seen in defense stocks regarding defense deals during the tour of France. And on the basis of the expectation in the market, the shares of these companies were seeing a boom, it was also stamped. The Defense Acquisition Council (DAC), chaired by Defense Minister Rajnath Singh, has approved the purchase of three additional Scorpion submarines besides 26 Rafale fighter jets equipped with weapons for the Navy from France.
Prime Minister Modi has reached Paris and during his visit a deal will be signed between the two countries. But the enthusiasm in the stock market regarding these defense deals was already seen this week. In particular, the stock of Mazagon Dock Shipbuilders Limited has seen a jump of 34 per cent in just four trading sessions this week. On the last trading day of last week, Manjhgaon Dock had kilos at Rs 1322, which reached Rs 1766 on Thursday. The stock has seen a jump of Rs 444 in only four trading sessions.
The agreement that is going to be made with France to make three edition Scorpion submarines for the Indian Navy will be made by Mazagon Dock Shipbuilders only, in which maximum indigenous equipment will be used. Not only will the strength of this navy increase, employment opportunities will also be created in the defense sector. Along with this, there will be an increase in the capacity and expertise of Mazagon Dock.
Not only Mazagon Dock but also the stock of Bharat Dynamics Limited (BDL) has seen a great rally this week. The stock has seen a jump of more than 15 per cent from this week’s low. Earlier in the month of June also, during the Prime Minister’s visit to America, a big defense deal was signed between the two countries, then there was a big boom in defense stocks.
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