Shares of Cochin Shipyard Ltd., Mazagon Dock Shipbuilders Ltd., and Garden Reach Shipbuilders & Engineers Ltd. rose over 4% ahead of noon. Garden Reach Shipbuilders & Engineers Ltd. announced partnerships for the development of composite doors and hatches, a counter UAV solution, advanced surveillance, composite masts, and hydrogen fuel cells-based power generation. Defence Minister Rajnath Singh stated that the government will continue to modernize the armed forces. The value of defence production in India rose to a record Rs 1.26 lakh crore in fiscal 2024, reflecting a 16.7% increase over the previous financial year. Defence exports reached a record-high of Rs 21,083 crore in 2023-24, reflecting a growth of 32.5% over the last fiscal. The value of defence production has been increasing steadily, growing by over 60% in the last five years. Fund managers have created products like the HDFC Defence Fund and the Motilal Oswal Nifty India Defence Index Fund. Cochin Shipyard won a Rs 1,100-crore contract from a Nordic shipping company, and its shares hit a fresh record high after profit jumps sixfold. [6491b0df]