Shares of Defence giants such as Bharat Dynamics, Hindustan Aeronautics, Mazagon Dock Shipbuilders, Paras Defence and Garden Reach Shipbuilders and Engineers rose by 1-6% on 10th October.

The Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi, approved two important defence deals for India’s security needs.

According to reports, one cleared deal involves purchasing 31 Predator drones from the USA. India will receive 31 High Altitude Long Endurance (HALE) UAVs (Unmanned Aerial Vehicle), with the Navy getting 15 SeaGuardian drones and the Army and Air Force receiving eight SkyGuardian drones each.

The MQ-9B drone, part of this deal, is a variant of the MQ-9 “Reaper” drone. In July 2022, this model was used to fire a modified Hellfire missile.

The CCS cleared a second defence deal worth Rs 45,000 crore for manufacturing two nuclear-powered attack submarines at Vishakhapatnam’s Ship Building Centre, involving private firms like Larsen & Toubro.

India is procuring MQ-9 B’ hunter killer’ drones from General Atomics for $3.1 billion under a foreign military sales agreement, which must be cleared before 31st October.

The drone deal was first announced during PM Modi’s State Visit to the USA in June 2023 and will be signed soon.

At 11:18 AM, Mazagon Dock was up 7.22% at Rs 4,381.95, Bharat Dynamics’ was up 3.65% at Rs 1,205.55, and HAL was trading 1.73% higher at Rs 4,462.25 on NSE.

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