Indian defense firms have added more than $5 billion in market valuation since tensions escalated between the country and neighboring Pakistan following a brutal attack on tourists in Kashmir two weeks ago.
A custom gauge of 10 Indian defense companies has gained about 5% in market value terms since the April 22 militant attack, amid expectations that these firms stand to benefit from the worsening geopolitical situation. The index includes state-run aircraft maker Hindustan Aeronautics Ltd. and missile firm Solar Industries India Ltd.
Bloomberg
Earlier Wednesday, India conducted targeted military strikes against Pakistan in a move seen as its retaliation of the Kashmir attack that killed 26 people. Pakistan said it shot down five Indian jets.Shares of defense companies were mostly higher in early trading Wednesday, with Mazagon Dock Shipbuilders Ltd. gaining as much as 4.6%, while Hindustan Aeronautics rose nearly 2%.
Bloomberg
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