Defence shares extend their rally after GRSE's ₹32,000 crore Navy order

Garden Reach Shipbuilders & Engineers signed a contract worth about ₹32,000 crore with the Navy on 2 November for new corvettes, small warships used for coastal and anti-submarine work. The order reminded investors how large India's defence pipeline is, and state-owned defence companies rallied on 3 and 4 November. On Wednesday BEL rose 4.71% to ₹398, the biggest gain in the Nifty 50, after September-quarter profit up about 20% and an order book of about ₹68,700 crore. Bharat Dynamics rose 5.7%, HAL 2.4% and Mazagon Dock 2.4%. HAL and Bharat Dynamics both report September-quarter results on 12 November, while Mazagon Dock's recent results showed profit down sharply from a year earlier.