Defence Stocks Soar Ahead of DAC Meet; Midhani, Mazagon Dock, BDL Jump Up To 11%

• Defence stocks rallied significantly on December 29, anticipating the Defence Acquisition Council (DAC) meeting later in the day.
• The Nifty India Defence index climbed nearly 1 percent to 7,838.90, continuing its upward trend over recent sessions.
• The DAC, chaired by Union Defence Minister Rajnath Singh, is expected to clear defence procurement proposals worth Rs 80,000 crore, including emergency purchases.
• Key proposals include Embraer-based Airborne Early Warning and Control (AEW&C) systems and integration of the indigenous NETRA AEW system.
• Midhani led gains with an 11% jump, followed by Mazagon Dock (3%), GRSE (2%), BDL (2%), and others like HAL, BEL, BEML also seeing gains.

Why It Matters: Defence stocks surged on high hopes for Rs 80,000 crore procurement deals at the upcoming DAC meet.