MIDHANI, Data Patterns, Paras, Apollo Micro, HAL: Why defence stocks are rising today
Defence stocks: MIDHANI led gainers Nifty India Defence index, rising 12.93 per cent to hit a high of Rs 474.90 apiece. At 11.43 am, Data Patterns shares were up 6.19 per cent.
- Sep 8, 2026,
- Updated Sep 8, 2026 12:20 PM IST
Shares of Mistra Dhantu Nigam Ltd (MIDHANI), Data Patterns India Ltd, Apollo Micro Systems Ltd and Hindustan Aeronautics Ltd (HAL) soared up to 13 per cent in Tuesday's trade amid a broader rally in defence stocks, thanks to Defence Acquisition Council (DAC) approval to Rs 1.1 lakh crore worth acquisitions and Jefferies initiation of coverage on select defence stocks.
MIDHANI led gainers Nifty India Defence index, rising 12.93 per cent to hit a high of Rs 474.90 apiece. At 11.43 am, Data Patterns shares were up 6.19 per cent. It was followed by HAL (4 per cent), Apollo Micro Systems (3.89 per cent), Paras Defence (3.38 per cent), Zen Tech (3.36 per cent) and MTAR Tech (3.34 per cent). BEL, BEML, Solar Industries, Astra Microwave, Garden Reach gained 1-3 per cent.
"HAL, BEL and BEML are among the key potential beneficiaries, while private-sector players including Bharat Forge, Godrej Precision Engineering and L&T could also benefit depending on programme allocation and localisation content. We remain constructive on the defence sector, supported by the expanding pipeline of acquisition programmes, increasing domestic sourcing and the government’s continued focus on strengthening indigenous defence capabilities," said Antique Stock Broking.
It said faster conversion of AoNs into contracts remains critical for translating the sizeable procurement pipeline into sustained revenue and order-book growth. Its top picks include Mazagon Dock Shipbuilders Ltd, HAL, BEL, and Astra Microwave.
JM Financial said DAC approvals included clearance for Advanced Light Helicopters (ALH) for the Indian Army, which is an order potential for HAL.
It said the AoNs granted for proposals to enhance fighter jet capabilities could include overhaul for Su-30MKI, which is also positive for HAL.
Besides, approval for Ground-Based Multi-Purpose Jammers (GBMPJ) is positive for BEL, while that for Arudhra Radars is positive for both BEL and Data Patterns.
Before the final awarding, these projects would undergo various other stages of negotiations/approvals on technical and financial clearances, and eventually Cabinet Commitee on Security (CCS) approvals, JM noted.
Meanwhile, Jefferies has initiated coverage on Solar Industries India Ltd, Astra Microwave Products Ltd with a 'Buy' rating, citing rising domestic defense spending and growing exports. The foreign brokerage has also initiated coverage on Bharat Dynamics Ltd (BDL) with a 'Hold' rating.
Shares of Mistra Dhantu Nigam Ltd (MIDHANI), Data Patterns India Ltd, Apollo Micro Systems Ltd and Hindustan Aeronautics Ltd (HAL) soared up to 13 per cent in Tuesday's trade amid a broader rally in defence stocks, thanks to Defence Acquisition Council (DAC) approval to Rs 1.1 lakh crore worth acquisitions and Jefferies initiation of coverage on select defence stocks.
MIDHANI led gainers Nifty India Defence index, rising 12.93 per cent to hit a high of Rs 474.90 apiece. At 11.43 am, Data Patterns shares were up 6.19 per cent. It was followed by HAL (4 per cent), Apollo Micro Systems (3.89 per cent), Paras Defence (3.38 per cent), Zen Tech (3.36 per cent) and MTAR Tech (3.34 per cent). BEL, BEML, Solar Industries, Astra Microwave, Garden Reach gained 1-3 per cent.
"HAL, BEL and BEML are among the key potential beneficiaries, while private-sector players including Bharat Forge, Godrej Precision Engineering and L&T could also benefit depending on programme allocation and localisation content. We remain constructive on the defence sector, supported by the expanding pipeline of acquisition programmes, increasing domestic sourcing and the government’s continued focus on strengthening indigenous defence capabilities," said Antique Stock Broking.
It said faster conversion of AoNs into contracts remains critical for translating the sizeable procurement pipeline into sustained revenue and order-book growth. Its top picks include Mazagon Dock Shipbuilders Ltd, HAL, BEL, and Astra Microwave.
JM Financial said DAC approvals included clearance for Advanced Light Helicopters (ALH) for the Indian Army, which is an order potential for HAL.
It said the AoNs granted for proposals to enhance fighter jet capabilities could include overhaul for Su-30MKI, which is also positive for HAL.
Besides, approval for Ground-Based Multi-Purpose Jammers (GBMPJ) is positive for BEL, while that for Arudhra Radars is positive for both BEL and Data Patterns.
Before the final awarding, these projects would undergo various other stages of negotiations/approvals on technical and financial clearances, and eventually Cabinet Commitee on Security (CCS) approvals, JM noted.
Meanwhile, Jefferies has initiated coverage on Solar Industries India Ltd, Astra Microwave Products Ltd with a 'Buy' rating, citing rising domestic defense spending and growing exports. The foreign brokerage has also initiated coverage on Bharat Dynamics Ltd (BDL) with a 'Hold' rating.