Defence stocks are sizzling, but there's no firepower

Defence stocks have gone ballistic in the past month. As geopolitical tensions flared between India and Pakistan following Operation Sindoor, investors, anticipating a ramp-up in government spending on military modernisation, rushed to grab shares of defence manufacturers. Paras Defence is up 32 per cent, Ideaforge 31 per cent, and Data Patterns 27 per cent in just one month.