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India's defence sector a $138bn opportunity; HAL, BEL top buys: Nomura

The research and broking house sees an upside potential of 28 per cent and 32 per cent, respectively in these two stocks from the current levels

defence manufacturing, defence sector
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Ministry bureaucrats are loath to create monopolistic policies that would benefit selected private firms.

Puneet Wadhwa New Delhi
India’s defence sector presents an ordering opportunity worth $138 billion between fiscal years 2023-24 (FY24) and FY32, said a latest note by Nomura, which has initiated coverage on two defence-related players – Hindustan Aeronautics (HAL) and Bharat Electronics (BEL) – with a ‘buy’ rating.

The research and broking house sees an upside potential of 28 per cent and 32 per cent, respectively in these two stocks from the current levels.

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India's defence sector, Nomura said, is witnessing significant growth driven by increasing defence budgets,

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First Published: May 09 2024 | 11:47 AM IST

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