BEL, BDL, GRSE, Mazagon Dock Alert: Which Aerospace & Defence Stocks To Benefit From Rs 79,000 Cr DAC Approval

Majority of aerospace and defence stocks are trading on a positive note during October 24th trading session. The Nifty Defence index gained more than 1% so far. This comes after the Defence Acquisition Council (DAC) approved various proposals worth Rs 79,000 crore to enhance the capability of the Armed Forces. This new deal means more orders to Indian defence companies and that will further boost their earnings growth.

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At the time of writing, large-caps like Hindustan Aeronautics (HAL) and Bharat Electronics (BEL) surged by nearly 1% each. While their leading counterpart, Bharat Dynamics outperformed with over 2% upside on BSE.

Stocks like Cochin Shipyard and Paras Defence & Space Technologies surged nearly 3% each, while Mazagon Dock Shipbuilders, Bharat Forge and Premier Explosives were above 0.5% each. Additionally, Apollo Micro Systems, Astra Micro, Data Patterns, and Garden Reach Shipbuilders & Engineers (GRSE) climbed by 1% to 1.5%. Swan Defence & Heavy Industries hit 5% upper circuit.

In the early trade, Nifty India Defence Index soared by nearly 1.4% to hit an intraday high of 8,271.45. The index is currently trading at 8,255.05, higher by 1.14%.

Which Defence Stocks To Benefit From DAC's Approval Of Rs 79,000 Crore?

According to Elara Capita, key beneficiaries are Bharat Dynamics, Astra, Data Pattern, BHEL, BEL and shipbuilding companies. Here's what the brokerage has highlighted:

Indian Army:

For Indian army, DAC approved the procurement of Nag Missile System (Tracked) Mk-II (NAMIS), Ground Based Mobile ELINT System (GBMES) and High Mobility Vehicles (HMVs) with Material Handling Crane.

1. Bharat Dynamics is expected to be key beneficiary of NAG missile system with estimated size of Rs 2,000 crore.

2. In case of GBMES, Elara believes Bharat Electronics and Astra Microwave to benefit big time.

3. For High Mobility Vehicles (HMVs) with Material Handling Crane, the key beneficiary is expected to be BEML and other auto companies.

As per the Defence Ministry, the procurement of NAMIS (Tracked) will enhance the Indian Army's capability of neutralising enemy's combat vehicles, bunkers & other field fortifications, whereas GBMES will provide round-the-clock Electronic Intelligence of enemy emitters. The induction of HMVs will significantly improve logistic support to the forces in diverse geographical terrains.

Indian Navy:

For Indian navy, approval is granted to procure Landing Platform Docks (LPD), 30mm Naval Surface Gun (NSG), Advanced Light Weight Torpedoes (ALWT), Electro Optical Infra-Red Search and Track System and Smart Ammunition for 76mm Super Rapid Gun Mount.

1. Companies like Mazagon Dock, GRSE, L&T and Cochin Shipyard are expected to be key beneficiaries related to LPGs which is expected to be the size of Rs 60,000 crore.

2. Also, stocks like BHEL and GRSE to benefit from 30mm Naval Surface Gun (NSG).

3. In Advanced Light Weight Torpedoes (ALWT), Bharat Dynamics is expected to benefit with an estimated order size of Rs 500 to Rs 1,000 crore.

4. Companies like BEL, Astra Microwave and Data Patterns to benefit from Electro Optical Infra-Red Search and Track System proposal.

5. BHEL is seen as the biggest beneficiary of Smart Ammunition for 76mm Super Rapid Gun Mount.

Overall, the Defence Ministry believes that the procurement of LPDs will help the Indian Navy to undertake amphibious operations along with Indian Army and Indian Air Force. The induction of ALWT is capable of targeting conventional, nuclear and midget submarines. Meanwhile, the procurement of 30mm NSG will enhance the capability of Indian Navy and Indian Coast Guard to conduct Low Intensity Maritime Operations & anti-piracy roles.

Indian Air Force:

For the Indian Air Force, DAC approved for Collaborative Long Range Target Saturation/Destruction System (CLRTS/DS) and other proposals. The CLRTS/DS has the capability of autonomous take-off, landing, navigating, detecting and delivering payload in the mission area.

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