Indian defense stocks rise as government approves $22.3 billion procurement plan

After the Indian federal government approved a defense equipment procurement package worth a total of 2.12 trillion rupees, most Indian defense company stocks rose in early trading. Drone manufacturer IdeaForge rose as much as 7.1%, marking its largest gain since October 12; sector peers Zen and Paras Defence each rose at least 2.8%. Hindustan Aeronautics rose 2.4%, Astra Microwave gained 3.6%, Bharat Electronics rose 2%, and Apollo Micro Systems climbed 7.1%.