In recent weeks, Indian defense companies have become more valuable, gaining over $5 billion. This increase happened after tensions rose between India and Pakistan, especially after a terrible attack on tourists in Kashmir that left 26 people dead.
Since the attack on April 22, a special group of 10 Indian defense companies saw their stocks rise by about 5%, as people believe these companies will do well because of the current situation. This group includes Hindustan Aeronautics Ltd., which makes aircraft, and Solar Industries India Ltd., known for missiles.
Earlier this week, India responded to the attack with targeted military strikes against Pakistan. In turn, Pakistan claimed they shot down five Indian jets.
In early trading on Wednesday, many defense company stocks were up. For example, shares of Mazagon Dock Shipbuilders Ltd. went up by 4.6%, and Hindustan Aeronautics saw a nearly 2% increase.
Indian Defense Stocks Surge Following Kashmir Attack: Here’s Why!”
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