The shares of defence companies surged on September 12, pushing the Nifty India Defence index up more than 4 percent in the afternoon. This comes amid order wins and heavy trading volumes.
The Nifty India Defence index rose to 8,029.10, as seen as 1.30 pm.
MTAR Technologies shares were the top gainer on the index, rallying nearly 12 percent to trade at Rs 1,712.10 apiece. Earlier this week, the company announced that it has won orders worth $43.87 million (approximately Rs 386 crore) from Bloom Energy Corporation. The stock currently sees volumes three times higher than its 10-day average.
BEML shares rallied more than 8 percent to trade at Rs 4,377 apiece. The stock has extended significant gains, after a report by ET Now claimed that the government may upgrade the company from Miniratna to Navratna, giving it greater financial freedom. The stock currently sees heavy trading volumes.
Garden Reach Shipbuilders & Engineers (GRSE) shares also jumped more than 8 percent. The stock's sees trading volumes nearly double that of the stock's 10-day average volumes. Notably, today is also the record date for determining the eligibility of the shareholders set to receive a dividend of Rs 4.9 per share.
Astra Microwave Products shares jumped around 7 percent. Bharat Dynamics (BDL) shares rallied nearly 6 percent. The record date for Bharat Dynamics' Rs 0.65 per share dividend has been set on September 19.
Paras Defence shares jumped nearly 5 percent after the company announced that it has won incremental orders worth Rs 26.6 crore from Opto Electronics Factory (OLF) for supply of Electronic Control Systems used in Thermal Imaging Fire Control System (TIFCS) for Battle Tank application delivered by OLF to Indian Armed Forces.
Mazagon Dock Shipbuilders shares surged more than 4 percent. Notably, September 19 is the record date for Mazagon Dock Shipbuilders’ Rs 2.71 per share dividend payment.
Solar Industries and Cochin Shipyard shares jumped up to 5 percent. The record date to determine the eligibility of shareholders set to receive Rs 2.25 per share dividend from Cochin Shipyard is today (September 12).
Bharat Electronics (BEL) and Hindustan Aeronautics (HAL) shares gained more than 3 percent.
Also read: Our LIVE blog on stock market updates
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