New Delhi: Defence PSU stocks – Hindustan Aeronautics Limited (HAL), Bharat Electronics Ltd (BEL), Bharat Dynamics, Mazagon Dock Shipbuilders and Cochin Shipyard have fallen in last five days raising fears of profit booking among retail investors. Infact, all these stocks made a crash landing on the bourses on Thursday, July 18, 2024.
With the Narendra Modi-led NDA government set to present Budget 2024 on July 23, 2024, let’s see what stock market expert Ravi Singh has to comment on the PSU Defence sector. The expert told Money9 that the defence stocks have given year-to-date returns of 70 per cent. He reiterated that the growth story of defence sector represents India’s growth story. Its not going to stop here. This is just a mild correction.
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On fears of profit booking, Singh said, “The stocks are marginally down. There is no need to panic. Infact, such corrections are healthy. I expect defence stocks to bounce back with higher margin than by what these have fallen down.”
HAL share price
Defence PSU stock, HAL share price has dipped 8 per cent in the last five days. The stock of the Navratna company is still up 70 per cent in the past six months. While, the scrip is still up around 160 per cent in the last one year. HAL share price was trading almost five per cent lower at 13:30 pm on the BSE today as compared to the opening price at Rs 5074 apiece .
BEL share price
Another Defence PSU stock, BEL share price too was under pressure on Thursday. The stock has actually fallen six per cent in the past five days. Albeit, it is still up 67 per cent and 148 per cent in last six months and one year, respectively. On Thursday, BEL share price traded three per cent lower at Rs 315 on the BSE.
Bharat Dynamics share price
Another Defence PSU stock, Bharat Dynamics has shown signs of correction in past few days. The stock has plummeted almost six per cent in last five days. On Thursday, Bharat Dynamics share price tumbled three per cent on the BSE and traded around Rs 1,550 apiece on the BSE at 13:30 pm.
Mazagon Dock share price
Mazagon Dock share price has jumped whopping 200 per cent in the last one year. The stock has appreciated around 125 per cent in the last six months. Mazagon Dock share price was at Rs 5,224 at 13:30 pm on July 18 on the bourse.
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Cochin Shipyard share price
Miniratna company, Cochin Shipyard share price too has showed signs of correction in the past five days. The stock is down six per cent in as many days. Cochin Shipyard share price has given year to date return of huge 288 per cent. While, in last one year, the scrip is up massive 700 per cent. Albeit, on Thursday, its stock too came under pressue and fell three per cent to Rs 2,642 on the BSE.
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On falling Defence PSU stocks like HAL, BEL, Bharat Dynamics, Mazagon Dock, Cochin Shipyard: Stock market expert Ravi Singh said, “I expect defence stocks to bounce back with higher margin than by what these have fallen down.” Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
