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Defence stocks rallied on August 22 after Russia launched one of its heaviest attacks on Ukraine
Ukrainian President Volodymyr Zelenskyy and Russian President Vladimir Putin | File Image/Reuters
Defence stocks rallied on August 22 after Russia launched one of its heaviest attacks on Ukraine, even as the Donald Trump-led US administration pushed for peace talks.
The surge lifted the Nifty India Defence index nearly 1% to around 7,760.25.
According to Ukrainian President Volodymyr Zelenskyy, Russia unleashed 574 drones and 40 missiles overnight, killing one person and injuring 22. A strike on a US-owned electronics firm, he said, underscored Moscow’s unwillingness to engage in US-brokered peace efforts. “Russia is backing away from dialogue. They don’t want to end the war. They continue massive strikes,” Zelenskyy said in a video address.
The escalation comes just days after Trump announced that a bilateral meeting between Zelenskyy and Russian President Vladimir Putin was on the cards. Reuters reported that Putin is now demanding Ukraine relinquish the eastern Donbas region, renounce NATO ambitions, remain neutral, and keep Western troops out. Trump and Putin had met in Alaska last week — their first summit in over four years — with discussions dominated by the Ukraine conflict.
Defence counters, which had earlier slipped amid rising ceasefire hopes, rebounded strongly. DCX Systems surged 10.5% to Rs 275.50, while Solar Industries and Zen Technologies advanced around 2% each. Astra Microwave Products, Hindustan Aeronautics (HAL), Bharat Electronics (BEL) and Paras Defence gained about 1% apiece, while Garden Reach Shipbuilders & Engineers (GRSE), BEML, and Bharat Dynamics (BDL) traded higher with modest gains.
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Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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