'War-proof' stocks: Not defence but these shares led rally despite US-Iran war
Defence stocks such as Zen Technologies, Mazagon Dock, Data Patterns (India) Ltd, Bharat Dynamics Ltd and Hindustan Aeronautics Ltd did gain but 3-12 per cent.
- Apr 10, 2026,
- Updated Apr 10, 2026 11:48 AM IST
Defence and upstream oil companies were expected to be the biggest beneficiaries of the West Asia crisis. Instead, renewable energy, electric vehicle and metals stocks emerged as “war-proof” plays during the US-Iran war, leading gainers across broader indices.
Even as the US-Iran situation moved into a two-week ceasefire phase, the market remained uneasy about whether a prolonged peace deal would be reached. Amid the uncertainty, solar panel maker Premier Energies soared 30.45 per cent since February 27, while larger peer Waaree Energies advanced 19 per cent during the same period. Acme Solar Holdings Ltd also gained 15 per cent over this period. These stocks were among top 10 BSE500 gainers during the US and Israel joint strikes on Iran from February 28 to April 7.
Brokerages largely expect solar module manufacturers such as Waaree Energies and Premier Energies to report a solid set of March quarter results.
EV two-wheeler maker Ola Electric Mobility Ltd surged 44 per cent to Rs 36.34 on Thursday from Rs 25.22 on February 27. However, most of this rally was recent, following the announcement of Bhavish Aggarwal-led company's in-house developed Lithium Iron Phosphate (LFP) cell, which is currently awaiting regulatory approvals.
Adani Power Ltd advanced 22.76 per cent during the period to Rs 172 level. JM Financial has Adani Power as its top power sector pick. Zydus Wellness Ltd climbed 27 per cent since February 27.
Lloyds Metals & Energy Ltd advanced 21 per cent. The company has acquired a 49 per cent stake in Virtus Lloyds Minerals Holding (VLMH) for $ 30 million. VLMH holds 100 per cent of CHEMAF, which owns 50+ copper and cobalt mining permits in the DRC.
"This marks LMEL’s second DRC acquisition; at peak, combined assets could scale to 100ktpa copper and 20ktpa cobalt, alongside ~50mtpa mining volumes by Thriveni. Maintain LONG with an unchanged SOTP-based Mar’27 TP of Rs 2,100," Equirus said on April 1.
Angel One Ltd gained 20 per cent each. Aether Industries Ltd, National Aluminium Company Ltd and HFCL Ltd added over 15 per cent each. Defence stocks such as Zen Technologies, Mazagon Dock, Data Patterns (India) Ltd, Bharat Dynamics Ltd and Hindustan Aeronautics Ltd did gain but 3-12 per cent. Bharat Electronics Ltd fell 1.2 per cent.
Reliance Industries, which owns world's largest and most complex single-site refinery, fell 4.65 per cent to Rs 1,329.40. ONGC was up 3 per cent during the period mentioned.
Defence and upstream oil companies were expected to be the biggest beneficiaries of the West Asia crisis. Instead, renewable energy, electric vehicle and metals stocks emerged as “war-proof” plays during the US-Iran war, leading gainers across broader indices.
Even as the US-Iran situation moved into a two-week ceasefire phase, the market remained uneasy about whether a prolonged peace deal would be reached. Amid the uncertainty, solar panel maker Premier Energies soared 30.45 per cent since February 27, while larger peer Waaree Energies advanced 19 per cent during the same period. Acme Solar Holdings Ltd also gained 15 per cent over this period. These stocks were among top 10 BSE500 gainers during the US and Israel joint strikes on Iran from February 28 to April 7.
Brokerages largely expect solar module manufacturers such as Waaree Energies and Premier Energies to report a solid set of March quarter results.
EV two-wheeler maker Ola Electric Mobility Ltd surged 44 per cent to Rs 36.34 on Thursday from Rs 25.22 on February 27. However, most of this rally was recent, following the announcement of Bhavish Aggarwal-led company's in-house developed Lithium Iron Phosphate (LFP) cell, which is currently awaiting regulatory approvals.
Adani Power Ltd advanced 22.76 per cent during the period to Rs 172 level. JM Financial has Adani Power as its top power sector pick. Zydus Wellness Ltd climbed 27 per cent since February 27.
Lloyds Metals & Energy Ltd advanced 21 per cent. The company has acquired a 49 per cent stake in Virtus Lloyds Minerals Holding (VLMH) for $ 30 million. VLMH holds 100 per cent of CHEMAF, which owns 50+ copper and cobalt mining permits in the DRC.
"This marks LMEL’s second DRC acquisition; at peak, combined assets could scale to 100ktpa copper and 20ktpa cobalt, alongside ~50mtpa mining volumes by Thriveni. Maintain LONG with an unchanged SOTP-based Mar’27 TP of Rs 2,100," Equirus said on April 1.
Angel One Ltd gained 20 per cent each. Aether Industries Ltd, National Aluminium Company Ltd and HFCL Ltd added over 15 per cent each. Defence stocks such as Zen Technologies, Mazagon Dock, Data Patterns (India) Ltd, Bharat Dynamics Ltd and Hindustan Aeronautics Ltd did gain but 3-12 per cent. Bharat Electronics Ltd fell 1.2 per cent.
Reliance Industries, which owns world's largest and most complex single-site refinery, fell 4.65 per cent to Rs 1,329.40. ONGC was up 3 per cent during the period mentioned.