Israel-Iran war buzz: Defence stocks rally despite weak market sentiments; Ideaforge up 8%
Israel-Iran war buzz: The Indian defence companies saw a significant rally in Friday's trading session despite stock market crash, following a wave of military strikes by Israel on Iran, concerns about a wider conflict have resurfaced, prompting increased investor interest in defense-related companies.
Shares of Ideaforge Technology surged by up to 8.1 per cent on the BSE, reaching ₹ 599.60, emerging as the top gainer among Indian defence stocks. Meanwhile, Bharat Dynamics share price rallied 4.6 per cent to ₹ 1930.40 on July 13.
Shares of Garden Reach Shipbuilders rose by 6%, while Zen Technologies and Cochin Shipyard are up by 4% to 5%.
Other defence stocks like Paras Defence, Hindustan Aeronautics (HAL), Bharat Electronics (BEL) shares were also up between 1-3 per cent.
As of 09:30 AM, the Nifty India Defence index was the only sectoral index in the green, rising 0.6 per cent, while the Nifty 50 dropped 1.1 per cent.
Earlier today, Israel carried out targeted attacks on Iran's nuclear facilities, resulting in several casualties. In response, Iran has pledged to retaliate, with reports suggesting that it has launched as many as 100 drones toward Israel.
In the early hours of Friday, Israel carried out a "preemptive strike" on Iran's capital, Tehran, according to Defence Minister Israel Katz. Loud explosions were reported across the city that morning.
'Moments ago, Israel launched Operation Rising Lion, a targeted military operation to roll back the Iranian threat to Israel's very survival. This operation will continue for as many days as it takes to remove this threat," Israel's Prime Minister Benjamin Netanyahu was quoted as saying in a video message.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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