India’s defence sector presents an ordering opportunity worth $138 billion between fiscal years 2023-24 (FY24) and FY32, said a latest note by Nomura, which has initiated coverage on two defence-related players – Hindustan Aeronautics (HAL) and Bharat Electronics (BEL) – with a ‘buy’ rating. The research and broking house sees an upside potential of 28 per cent and 32 per cent, respectively in these two stocks from the current levels.
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