$BDL

The Nifty India Defence index hit a new high of 9,912.75 on the NSE, up about 1% intraday and extending gains for a fourth straight session. MIDHANI rose ~5% to ₹437.40 after S400 approval from GE Aerospace, while HAL and BEML were up around 2%. ICICI Securities cites Reliance and Rolls-Royce’s AMCA engine partnership as a positive for India’s aerospace supply chain, expecting HAL toward ₹5,400 and raising BDL’s target to ₹1,530.

Kotak’s July report on India’s aerospace and defence says Acceptance of Necessity (AoN) approvals rose to about Rs 9.28 lakh crore in FY26, up from Rs 2.49 lakh crore in FY25. Kotak estimates the pipeline could yield Rs 6.5-7 lakh crore of defence orders in FY27-29, but notes FY26 is inflated by import-heavy programmes. Key beneficiaries cited include HAL, BEL, BDL, GRSE and private firms.

Tuesday’s BSE market saw 1,597 stocks advance vs 2,632 decline, with a negative advance/decline ratio of 0.60. On NSE, 103 stocks hit 52-week highs and 28 hit 52-week lows. Company-specific items included NCLT approval for Torrent Pharma’s merger with J.B. Chemicals, and RITES’ USD 35.82m South Africa locomotive contract.

India’s Defence Acquisition Council (chaired by Defence Minister Rajnath Singh) approved about ₹52,000 crore in capital acquisition proposals, granting Acceptance of Necessity for Army, Navy and Air Force procurements. Defence stocks rose on the NSE, including Paras Defence (+4.85%) and Zen Technologies (+4.78%). The MoD also expanded fast-track procurement for deals above ₹1.3 lakh crore.

ElaraCapital said Bharat Dynamics Ltd’s SAM project execution delays, tied to post-testing observations, hurt FY26 sales and margins, though it expects issues to be transient with full recovery in FY27. It noted an orderbook of ~Rs 26,000 crore. Elara cut its target price to Rs 1,315 (from Rs 1,580) but kept “Accumulate.” Motilal Oswal and Nuvama downgraded to “Neutral” and “Reduce.”

Sensex fell 0.19% to 75,867.80 and Nifty 50 slipped 0.03% to 23,907.15 on May 27, with HDFC Bank and ICICI Bank weighing while mid/small caps outperformed. Stocks in focus on May 28 include Asian Paints, IndiGo, Glenmark Pharma, NMDC and IREDA for Q4 results. Reliance’s AGM is June 19; Zydus Lifesciences revised its buyback; Oil India’s OGEL JV; Ashok Leyland’s FY26 record; Patanjali Foods received a ₹1,352.9 crore tax demand; GMR Airports net profit ₹302.5 crore; PhysicsWallah reduced FY26 Q4 l

BDL reports strong second-quarter fiscal 2025 earnings with revenue and profit growth fueled by higher menu prices, increased store traffic and a new restaurant opening.