New Delhi

Shares of leading Indian defense companies surged on Friday following the government’s announcement that annual defense production reached a record high of nearly Rs 1.27 lakh crore in the fiscal year 2023-24, marking a 16.7 percent increase from the previous year. The Ministry of Defence achieved this milestone with the highest-ever growth in indigenous defense production value, driven by initiatives under Prime Minister Narendra Modi’s ‘Aatmanirbharta’ vision.

Stocks like Bharat Earth Movers Limited (BEML) jumped by 9.16 percent, Mazagon Dock gained 1.21 percent, Hindustan Aeronautics Limited (HAL) rose by 0.56 percent, Bharat Dynamics Limited (BDL) climbed 2.80 percent, and Cochin Shipyard rallied 5.41 percent.

In the fiscal year 2023-24, Defense Public Sector Undertakings (DPSUs) and other PSUs contributed 79.2 percent to the total value of production (VoP), while the private sector contributed 20.8 percent. Notably, defense exports also reached a record high of Rs 21,083 crore, growing by 32.5 percent from the previous fiscal’s Rs 15,920 crore.

Over the past five years since 2019-20, the value of defense production has steadily increased, demonstrating growth of over 60 percent.