Paras Defence, GRSE, HAL, BDL shares rally up to 12% amid India-Pak tensions

Shares of defence stocks such as Paras Defence and Space Technologies Ltd, Garden Reach Shipbuilders & Engineers Ltd (GRSE), Hindustan Aeronautics Ltd (HAL), Bharat Dynamics Ltd (BDL), Bharat Electricals Ltd and Cochin Shipyard Ltd climbed up to 12 per cent in Monday's trade amid flaring up of tensions between India and Pakistan following Pahalgam terror attack.

Defence Minister Rajnath Singh reportedly met the Prime Minister Narendra Modi at 11:30 today for a crucial discussion on the recent attack. The meeting follows Singh's two-hour consultation with the Chief of General Staff. 

In his latest ‘Mann Ki Baat’ address, the Prime Minister Narendra Modi pledged the harshest punishment for the terrorists and their handlers. The PM assured that those behind the attack will not be spared, India Today reported. In an earlier statement, Modi had warned Pakistan that India's patience has run out. 

The gains were led by shipping stocks such after the Indian Navy on Sunday successfully carried out multiple anti-ship missile firings.

Shares of GRSE soared 9.66 per cent to Rs 1,773. Cochin Shipyard spiked 7.21 per cent to Rs 1516.50. Mazagon Dock Shipbuilders Ltd surged 6.55 per cent to Rs 2,813.90. Shipping stocks gained as a media report quoting sources said that the Union Cabinet was looking to approve a Rs 25,000-crore Maritime Development Fund (MDF) for the shipping sector. The Ministry of Shipping has sent the final proposal for Cabinet approval, Moneycontrol noted. 

Paras Defence jumped 11.61 per cent to Rs 1,166.55. BDL climbed 6.69 per cent to Rs 1,507.15. HAL shares gained 5.59 per cent to Rs 4,436.05. BEL added 3.08 per cent to Rs 306.55. BEML Ltd rose 2.45 per cent to Rs 3,124.90.  

India has attributed the recent attack to cross-border terrorism, holding Pakistan accountable for sheltering militant groups operating in the region. In response, New Delhi has suspended the Indus Waters Treaty and downgraded diplomatic relations with its neighbour.

As part of these measures, India has expelled Pakistan’s defence, naval, and air advisors from its diplomatic mission in New Delhi, declaring them persona non grata. Concurrently, India is initiating the withdrawal of its own military advisors stationed in Islamabad.

Additionally, the SAARC Visa Exemption Scheme for Pakistani nationals has been suspended with immediate effect. The Integrated Check Post (ICP) at Attari — the only currently operational land border crossing between the two countries — has also been ordered to close.

Pakistani nationals presently in India on valid documentation have been advised to return before May 1.