BDL, BEL, HAL, other defence stocks soar up to 11% after PM Modi calls for 'Made in India' defence equipment

The shares of defence companies surged on May 13 after Prime Minister Narendra Modi called for more self-reliance in military needs through the usage of 'Made in India' equipment. The sharp rise in the share prices pushed the Nifty India Defence index up nearly 4 percent to end the session at 7,432.

During his first address to the nation on Operation Sindoor, Prime Minister Narendra Modi on May 12 said the military mission has displayed the capabilities of Indian armed forces in the deserts and mountains and also proved "our superiority in new age warfare". He added, "During this operation the authenticity of our Made in India weapons were also proven. Today, the world is witnessing that in 21st century warfare, the time has come for Made in India defence equipment."

Bharat Dynamics (BDL) shares were the top gainer on the index, jumping nearly 11.5 percent to close at Rs 1,750 apiece. This marks the biggest single day gain for the defence stock in one year.

Notably, during a joint briefing by the DGMOs on May 12, Air Marshal AK Bharti said, "Our battle-proven systems stood the test of time and take them head on. Another highlight has been the stellar performance of the indigenous air defence system, the Akash system. Putting together and operationalising the potent AD environment has been possible only because of budgetary and policy support from the government of India in the last decade."