The escalation of tension between India and China on Ladakh broder boosted the Defence sector stocks such as Hindustan Aeronatics, Bharat Dynamics, Astra Microwave Products, Taneja Aerospace Aviation and Apollo Microsystems, especially in the afternoon deals after the news broke of casualties .
Shares of Bharat Dynamics gained 11.46 per cent at ₹262.55 on the BSE while Astra Microwave jumped 14 per cent at ₹91.3; Hindustan Aeronautics sizzled 7.5 per cent at ₹706.85 and Taneja Aerospace moved up 1.80 per cent at ₹28.25. Walchandnagar jumped 10 per cent at ₹46.85.
Around 2 pm, Indian Army issued a statement saying in a huge development at the LAC, a violent stand-off occurred on Monday night between Indian and Chinese troops, in which 3 Indian Army personnel were killed.
Later a revised statement the Indian Army said ‘casualties on both sides’. The statement declared, “Senior military officials of the two sides are currently meeting at the venue to defuse the situation.”
According to analysts, though today’s gain is mainly on account of sentiment. Investors should not get trapped into this kinds of sudden movement on account of single event.
However, the Defence sector has been on investors’ radar following the Centre’s recent move to raise foreign direct investment (FDI) limit to 74 per cent from 49 per cent under the automatic route. Though no one was expecting the FDI flow to happen immediately, stand-off like this may speed up the process, analysts opined.
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Published on
June 16, 2020
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