Defence stocks soared as India’s prime minister said the country will triple its defence spending in the coming years.
Narendra Modi yesterday announced plans to more than triple annual defence exports to £4.1billion over the next two years.
Weapons firms flocked to a major air show – Aero India – hoping to secure a cut of the nation’s massive import budget.
Shares boost: Swedish manufacturer Saab, which makes the Next-generation Light Anti-tank Weapon (pictured), enjoyed a 7.3% jump in Stockholm
The country is looking to sign defence deals worth £7.5billion at the biennial five-day event.
In a speech at the show, Modi said: ‘India is not just a market for defence companies, it is also a potential defence partner.
‘I call on India’s private sector to invest more and more in the country’s defence sector.’
Swedish manufacturer Saab, which makes the Gripen fighter jet, enjoyed a 7.3 per cent jump in Stockholm.
The aerospace and defence giant also makes the Next-generation Light Anti-tank Weapon, a shoulder-launched missile system that attacks tanks from above – dubbed the ultimate tank killer.
Saab has said it expects to continue benefiting from increased defence spending for the rest of the decade.
Others gaining included the UK’s biggest defence and security firm BAE Systems, which makes sub-marines for the Royal Navy.
The FTSE 100 firm’s shares rose 1.6 per cent, or 13.8p, to 863.6p.
QinetiQ, which is developing top-secret laser weapons technology, rose 2.2 per cent, or 7.4p, to 344.6p.
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