Shares of drone manufacturer ideaForge jumped as much as 8% to INR 599.60 during the early trading hours on the BSE today.
This comes amid Israel-Iran conflict driving investor interest in defence-linked companies.
The stock opened at INR 550.10, lower than its previous close of INR 554.60, but quickly gained momentum.
By 12:01 PM, the shares had trimmed some gains and were trading 5.75% higher at INR 586.65 on the BSE.
At the time, ideaForge’s market capitalisation stood at INR 2,541.27 Cr, with a trading volume of 14 Lakh shares.
Despite weakness in the broader market (Nifty 50 and Sensex were both down 0.7%), the Nifty India Defence Index was up 2.27%, making it one of the few sectoral gainers.
Defence stocks such as Hindustan Aeronautics (HAL), Bharat Dynamics (BDL), and Bharat Electronics (BEL) have jumped by 1% to 3% in today’s session.
A combination of heightening geopolitical tensions (Israel-Iran conflict), expectations of increased defence spending, and a strong government policy push for indigenisation is believed to have driven the defence stock today.
Adding to investor optimism, Defence Secretary Rajesh Kumar Singh recently stated that contracts worth around INR 2 Tn are expected to be signed in FY26, compared to INR 2.09 Tn in FY25.
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