Summary of this article
The Nifty India Defence index surged as much as 1.35 per cent amid Modi-Macron meeting
Gains came on hopes that India may advance talks to buy more Rafale jets from France
Cochin Shipyard led gains, after winning Rs 5000-crore order from Indian Navy
Defence stocks gained in trade on February 17 ahead of French President Emmanuel Macron and Prime Minister Narendra Modi’s meeting later in the day, on expectations that India and France could advance discussions on acquiring additional Rafale fighter jets.
The Nifty India Defence index surged as much as 1.35 per cent in early trade, with all 18 constituents trading in the green. Leading the gains, Cochin Shipyard jumped as much as 7.15 per cent, followed by Unimech Aerospace and Manufacturing, which rose up to 5 per cent.
Astra Microwave Products, Cyient DLM, and Dynamatic Technologies gained between 2 per cent and 3 per cent each. Index heavyweights Bharat Electronics Limited (BEL) and Hindustan Aeronautics Limited (HAL) also advanced between 1 per cent and 2 per cent.
Modi-Macron Mumbai Meeting: What To Expect
Macron is in Mumbai for a three-day visit, during which he is scheduled to meet PM Modi and attend an artificial intelligence (AI) summit. France is seeking to expand its military partnership with New Delhi, and the talks are expected to revolve around defence cooperation, AI, and a potential multibillion-dollar fighter jet deal.
According to the Ministry of External Affairs’ official press note, the leaders will discuss regional and global issues of mutual interest, including cooperation in the Indo-Pacific.
Later in the day, the two leaders will also jointly inaugurate the India-France Year of Innovation, which will be celebrated throughout 2026 in both countries. On February 19, Macron will participate in the AI Impact Summit in New Delhi.
The French President’s visit comes after the Defence Acquisition Council (DAC) cleared a proposal to procure 114 Rafale fighter jets from France, with 90 of them planned to be manufactured in India. The approval is a part of a larger defence package of Rs 3.60 lakh crore to boost the capabilities of the armed forces.
Cochin Shipyard Wins Rs 5000 Crore Order From Indian Navy
The shares of Cochin Shipyard Limited, a miniratna public sector undertaking, surged after it won an order worth Rs 5000 crore from Indian Navi. In an exchange filing dated February 16, the PSU said that it has emerged as the lowest bidder (L1) for a tender floated by the Ministry of Defence for the construction of five Next Generation Survey Vessels (NGSV) for the Indian Navy.
The company added that the estimated total value of the order is around Rs 5,000 crore.
