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Defence stocks rally up to 3% after Modi's announcement

Modi said India entered its name as an elite space power.

ETMarkets.com|
Mar 27, 2019, 12.51 PM IST
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BSE Sensex traded 192 points higher at 38,426, after giving up some morning gains prior to Modi’s address to the nation.
NEW DELHI: Most defence sector stocks rallied in afternoon trade on Wednesday after Prime Minister Narendra Modi announced India’s acquisition of space capability to shoot down spy satellites.

Modi said India entered its name as an elite space power after an anti-satellite missile destroyed a live satellite in 3 minutes. The anti-satellite weapon, A-SAT, successfully targeted a live satellite on a low earth orbit, he said.

Shares of Hindustan Aeronautics rallied 3.43 per cent, while those of Bharat Dynamics gained 2.73 per cent, Walchandnagar Industries 2.30 per cent, BEL 1.52 per cent and BEML 0.64 per cent.

BSE Sensex traded 192 points higher at 38,426, after giving up some morning gains prior to Modi’s address to the nation.

'Mission Shakti' is an important step towards securing India's safety, economic growth and technological advancement," Modi said in his address.

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