Garden Reach Shipbuilders shares up 20%, Defence stocks also soar!|

On Wednesday, March 19, shares of Garden Reach Shipbuilders & Engineers Ltd. saw a gain of up to 20%, making this stock the top gainer of the Nifty 500 index. Along with this, other defence stocks also reached their day’s high levels. This movement has come after the announcement of Germany’s defence spending package.

Stock Market Update: Top Gainer
Company Value (₹) Change (₹) % Change
Garden Reach Shipbuilders 1641.35 273.55 20.00%
Vibhor Steel Tubes 155.83 25.97 20.00%
KSolves India 410.55 68.40 19.99%
Asian Energy Services 287.41 46.67 19.39%
Sindhu Trade Links 19.08 3.09 19.32%

Germany’s Defense Spending Package

German lawmakers on Tuesday passed a big defense spending package, which delinked the defense budget from the debt ceiling. Now, Germany’s defense spending, which is more than 1% of GDP, will be free from constitutional borrowing restrictions.

Germany’s Chancellor Friedrich Merz said that this step is a “first great step”, whose aim is to create a broad European defense community by joining non EU countries like UK and Norway.

Europe’s countries are now working on the “Rearm Europe” program, so that they can protect themselves from any potential Russian aggression.

India’s Defense Exports Increased

India’s defense exports reached Rs 21,000 crore in the financial year 2024, which is a growth of 32.5% from last year. India is now exporting defense equipment to more than 100 countries, in which the top 3 destinations are:

1 United States (US)

2 France

3 Armenia