Defence shares extend rally after NDA alliance victory in Maha; GRSE up 10%

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Defence shares extend rally after NDA alliance victory in Maha; GRSE up 10% - Business Standard

Quick Summary:

GRSE, Cochin Shipyard, BDL, BEML, MDL, MIDHANI, BEL and HAL are up in the range of 3% to 10% on the BSE in Tuesday's intra-day trade in otherwise subdued market.

The brokerage firm believe investors can buy the stock in the Rs 3,777-3,853 band and add more on dips to Rs 3,475-3,545 band (21.75x FY27E EPS) for the base case target of Rs 4,155 (25.75x FY27E EPS) and bull case target of Rs 4,397 (27.25x FY27E EPS) over the next two to three quarters.

Markets have seen a decent correction in the last two months on the back of moderate corporate earnings in H1FY25, relentless foreign institutional investors (FII) selling since October 2024 (~USD 14b), a fragile geopolitical backdrop, and a strengthening dollar index after the victory of Donald Trump in the US election.