Paras Defence, Ideaforge, Zen Tech among defence stocks rising up to 11% today; here's why

Drone‑related stocks such as Paras Defence and Space Technologies Limited, Ideaforge Technology Ltd, and ZEN Technologies Ltd rallied up to 11 per cent on Wednesday, tracking a broader global upswing in drone shares as escalating conflict in the Middle East boosted optimism about rising demand for unmanned aerial systems amid their successful use in recent Iran‑Israel‑US hostilities.

Paras Defence, a maker of military and tactical drones, soared 10.90 per cent to hit a high of Rs 750 apiece. With this, the stock is up 19 per cent in four sessions. The defence maker also offers drone management services.

Ideaforge Technology Ltd climbed 4.56 per cent to Rs 463.50. The company in its Q3 earnings presentation in January said the December quarter brought much-needed momentum to India’s drone ecosystem. With the conclusion of Emergency Procurement Cycle 6 (EP6) and contract awards, the industry is set up for an upward trajectory, Ankit Mehta CEO & Whole-time noted.

Zen Tech climbed 4.76 per cent to Rs 1,409.30. Drones are now central to counter-insurgency and counter-terrorism, and recent global conflicts have accelerated the need for strong domestic capabilities. In India, procurement has visibly accelerated via EP6 and decentralised command-level purchases.

In the ongoing Middle East war, Iran launched drones and missiles not only at Israeli targets, but also at US bases in multiple Gulf states. They included high-value targets, with Qatar Energy halting LNG production after Iran attacks, and Saudi Arabia Saudi's Aramco temporarily closing its  refinery. The refinery, among the largest in Saudi Arabia, can process 550,000 barrels of crude oil per day. This implied removal of nearly 16 per cent of the kingdom's refining capacity from the global market.