Synopsis
On Friday, when the market was reeling, one set of stocks was trading in the green: Defence stocks. Now, Indian defence companies supply neither Israel nor Iran. So, that conflict should not have pushed these stocks up. Perhaps the Middle East conflict was taken as another indication that, going forward, more conflicts are inevitable and hence the overall spending on defence will go up globally, with India being no exception. Now, the question: Should you sell, buy, or hold defence stocks? The answer is not simple, but it holds many clues to many things that are important from an investment perspective.
The reality is that if India is to become an economic super power, it needs much better defence capabilities. And these should not be dependent on other countries. Now, defence capabilities cannot be built overnight. So, don’t go buying defence stock because of the recent conflict between India and Pakistan or because tensions have flared up in the Middle East. These are short-term events. You need to look at increased defence spending as a
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