There was a strong rise in the shares of defense companies on 20 February. Shares of Bharat Dynamics and Data Patterns rose up to 6 per cent. The reason for this is the increasing cooperation between India and France in the defense sector. French President Emmanuel Macron said on February 19 that India and France will jointly produce Rafale jets and helicopters. Its effect was seen on the shares of Indian defense companies on 20 February.
Rise in Nifty India Defense Index
Nifty India Defense Index At one time it had gone up to 1.3 percent. Later the pace slowed down a bit. At 1:09 pm it was at 8,114 points with a rise of 0.97 percent. Most of the stocks included in the index were in the green. Data Patterns (India) At one time the share had risen by 6 percent. Around 1 o’clock its speed had reduced to 3.35 percent. Bharat Dynamics Its shares had risen by about 3 percent. Around 1 o’clock its price was rising by 2.82 percent.
Shares of these defense companies also rose
Paras Defense And Bharat Electronics Shares also saw a rise of up to 2.5 percent. HAL And GRSE Shares also showed a rise of up to 1.5 percent. A new era of cooperation in the defense sector is about to begin between India and France. India is going to buy 114 more Rafale jets from France. Both the countries are ready to work together in the field of submarines also. Macron had told the media about this at the end of his three-day visit to India.
French President made a big announcement
Macron said, “In the case of Rafale, we want to expand cooperation. India has confirmed a few days ago that it wants to buy another 114 Rafale jets… It wants to jointly produce them in India.” Last week, the Defense Acquisition Council approved the proposal to purchase 114 more Rafales for the Air Force. Apart from this, both the countries also want to increase cooperation in the field of other ships and missiles.
Tremendous recovery in stock market on 20th February
On February 20, a tremendous recovery was seen in the stock market. Trading started with weakness in the morning. But, later the major indices came into the green. At 1:24 pm, Nifty was up 0.35 percent or 92 points at 25,550 points. The Sensex was at 82,732 points with a rise of 029 percent or 224 points. A jump of 8.73 percent, Siemens 5.4 percent, Canara Bank 3 percent were seen.