Indian defense storage increase following Pakistan escalation
(MENAFN) Indian defense stocks have surged by over $5 billion in value following heightened tensions with Pakistan, Bloomberg reported. This follows accusations from New Delhi that Islamabad is harboring terrorists responsible for a deadly mass shooting in Kashmir last month, which claimed 26 civilian lives. On Wednesday, India reported carrying out strikes on nine "terrorist infrastructure" sites across the border in Pakistan overnight.
A custom market index tracking ten Indian defense companies has shown a 5% increase since the terrorist attack on April 22, driven by expectations that these firms will benefit from the growing geopolitical tensions. Companies like Hindustan Aeronautics Ltd., specializing in aerospace, and Solar Industries India Ltd., a missile manufacturer, are among those seeing growth.
As of Wednesday, Mumbai-based Mazagon Dock Shipbuilders Ltd. gained as much as 4.6%, while Hindustan Aeronautics saw nearly a 2% increase. In response to the situation with Pakistan, Indian Prime Minister Narendra Modi has postponed his planned visits to Croatia, the Netherlands, and Norway, as well as his attendance at the Moscow celebrations marking the 80th anniversary of the World War II victory. Instead, India will be represented by a high-level alternate delegation.
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