Indian defense stocks witnessed a major rally during early trade on Monday following a massive infrastructure push by the central government. Investor sentiment surged after the Defence Acquisition Council (DAC) granted Acceptance of Necessity (AoN) for capital procurement proposals worth approximately ₹52,000 crore. The approvals are aimed at modernizing and bolstering the combat capabilities of the Indian Army, Navy, and Air Force.
The government's Offer for Sale (OFS) in NHPC Limited has opened for retail investors after receiving an overwhelming response from institutional buyers on the first day of bidding. The strong demand prompted the government to exercise the entire green shoe option, doubling the stake sale from 3 percent to 6 percent.
