Defence stocks such as Hindustan Aeronautics, Bharat Electronics, Bharat Dynamics and Mazagon Dock Shipbuilders were rising on Monday.

What Happened: Though there was no clear trigger for a surge for most of them, the stocks could be shrugging off the weakness they had fallen victim too since finding no mention in last week’s Budget. 

BEL's stock surged after the company announced a 47% jump in net profit to ₹791 crore. 

Data Patterns gained 10%, HAL 6.5%, BEL more than 11%, Mazagon Dock Shipbuilders gained 6% and Bharat Dynamics more than 2% since the budget's lows. 

Garden Reach Shipbuilder has been the only exception, still down 3% since the budget session.

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Defence stocks fell on budget day's session after Finance Minister Nirmala Sitharaman made no major announcements that would directly impact the defence sector. 

The government has allocated ₹6.22 lakh crore to the defence ministry in the Budget, an increase of 4.79% from the previous year.

ICICI Securities in a note said the increase in budget spending would benefit HAL, BEL, BDL and Astra Microwave but picked Solar Industries, Azad Engineering and Zen Technologies as their key picks. 

Price Action: Share price of HAL was up 2.23% to ₹5,014.60.

Share price of BEL was up 3.55% to ₹320.90.

Share price of BDL was up 3.72% to ₹1,465.

Share price of Mazagon Dock Shipbuilders was up 9.79% to ₹5,333.85.

Share price of Cochin Shipyard was up 5% to ₹2,590.95.

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