Exposing Pakistan’s chest-thumping claims of “victory” against India in the four-day aerial combat with India, stock tickers in Shenzhen and Mumbai are painting a far more revealing picture of who actually came out on top.
Pakistan may have claimed a cinematic victory, boasting it downed five Indian fighter jets including three Rafales. But a sharp selloff in Chinese defence stocks and a rally in Indian defence stocks makes it clear who got shot out of the sky.
The Shenzhen-listed Avic Chengdu Aircraft Co., makers of the J-10C fighter jets deployed by Pakistan, nosedived over 9% in previous three trading sessions. Equally scorched was Zhuzhou Hongda Electronics Corp, the maker of PL-15 air-to-air missiles, which wiped off 10% of its value.
And it didn’t stop there. Shares of China Aerospace Times Electronics are down 7% in 2 days while those of Bright Laser Technologies, North Industries Group, China Spacesat and AVIC Aircraft have lost anywhere between 5-10% of their value ever since satellite images punctured Pakistani claims of having damaged Indian airbases and supported Indian Air Force’s assertion of destruction in Pakistani airbases with pinpoint accuracy.
Also read | Chinese defence stocks tumble after PM Modi dismantles fake narrative of fighter jets blowing up Adampur airbase
Rockets and returns in India
On the other hand, investors have been making a beeline to buy Indian defence stocks with analysts saying that India’s Operation Sindoor demonstrated the massive might of the Indian military powered by home-grown weapons and cutting-edge domestic technologies.
The Nifty India Defence Index surged a sizzling 10% in three days, with IdeaForge, GRSE, Cochin Shipyard, and Bharat Dynamics clocking gains up to 38% in just a week.
“With India achieving all its avowed strategic objectives, Operation Sindoor was an unequivocal success… a success powered by home-grown weapons and cutting-edge domestic technologies,” said Dr. Manoranjan Sharma, Chief Economist at Infomerics Valuation and Ratings Ltd. “The rally in defence stocks is on.”
While Pakistan’s military claimed it destroyed multiple Indian fighter jets, radar systems, and even the prized Sudarshan S-400 air defence battery, India quickly responded—visually.
Prime Minister Narendra Modi posed for the cameras right in front of the “destroyed” S-400 at the Adampur air base, which was allegedly turned to dust by a Pakistani hypersonic missile.
That base was one of the epicentre of Operation Sindoor, India’s calculated, high-precision strike operation. In a brisk 23-minute run, Indian jets not only jammed Pakistan’s Chinese-supplied air defence network but also destroyed strategic Pakistani airbases—Noor Khan and Rahimyar Khan—using loitering munitions, or “suicide drones.”
From the debris, Indian forces recovered parts of PL-15 missiles, Turkish-origin UAVs named “Yiha” or “Yeehaw,” quadcopters and long-range rockets. Evidence of a cocktail of imported tech—and evidence that none of it worked against India’s superior indigenous air defence and electronic warfare networks.
“Claiming victory is an old habit for Pakistan,” said Randhir Jaiswal, MEA Spokesperson. “They did the same in 1971 and Kargil. Parast ho jaye lekin dhol bajao.”
Also read | Defence stocks now expensive; time to be selective: Dipan Mehta
The government now aims to increase India's defence exports, which crossed the record figure of about Rs 24,000 crore in FY25, to Rs 50,000 crore by 2029.
"The target is to make India a developed nation and the world's largest defence exporter by 2047. To achieve the goal, we must develop global trust regarding the quality of our defence equipment," Defence Minister Rajnath Singh said earlier in the week.
And Operation Sindoor did just that.
“The great success of Indigenous defence systems such Akash SAM and electronic warfare have shown the reliability and effectiveness and has further strengthened the demand outlook. The need to fortify our borders and enhance our preparedness has established a continuous demand for defence equipment and is hugely positive for the defence companies from a strong growth in their order books and top line,” OmniScience Capital’s Ashwini Shami said.
“The performance of Made in India defence systems against Chinese and other defence systems in Pakistan is likely to magnify global demand. The modern style of remote warfare, showcasing India’s ability to integrate disparate technologies, has highlighted not just India’s production prowess but its systems thinking,” he said.
As the dust settles, the scoreboard on Dalal Street and Shenzhen offers a clear, data-backed verdict on who gained ground and who lost altitude in the latest round of India-Pakistan tensions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Pakistan may have claimed a cinematic victory, boasting it downed five Indian fighter jets including three Rafales. But a sharp selloff in Chinese defence stocks and a rally in Indian defence stocks makes it clear who got shot out of the sky.
The Shenzhen-listed Avic Chengdu Aircraft Co., makers of the J-10C fighter jets deployed by Pakistan, nosedived over 9% in previous three trading sessions. Equally scorched was Zhuzhou Hongda Electronics Corp, the maker of PL-15 air-to-air missiles, which wiped off 10% of its value.
And it didn’t stop there. Shares of China Aerospace Times Electronics are down 7% in 2 days while those of Bright Laser Technologies, North Industries Group, China Spacesat and AVIC Aircraft have lost anywhere between 5-10% of their value ever since satellite images punctured Pakistani claims of having damaged Indian airbases and supported Indian Air Force’s assertion of destruction in Pakistani airbases with pinpoint accuracy.
Also read | Chinese defence stocks tumble after PM Modi dismantles fake narrative of fighter jets blowing up Adampur airbase
Rockets and returns in India
On the other hand, investors have been making a beeline to buy Indian defence stocks with analysts saying that India’s Operation Sindoor demonstrated the massive might of the Indian military powered by home-grown weapons and cutting-edge domestic technologies.
The Nifty India Defence Index surged a sizzling 10% in three days, with IdeaForge, GRSE, Cochin Shipyard, and Bharat Dynamics clocking gains up to 38% in just a week.
“With India achieving all its avowed strategic objectives, Operation Sindoor was an unequivocal success… a success powered by home-grown weapons and cutting-edge domestic technologies,” said Dr. Manoranjan Sharma, Chief Economist at Infomerics Valuation and Ratings Ltd. “The rally in defence stocks is on.”
While Pakistan’s military claimed it destroyed multiple Indian fighter jets, radar systems, and even the prized Sudarshan S-400 air defence battery, India quickly responded—visually.
Prime Minister Narendra Modi posed for the cameras right in front of the “destroyed” S-400 at the Adampur air base, which was allegedly turned to dust by a Pakistani hypersonic missile.
That base was one of the epicentre of Operation Sindoor, India’s calculated, high-precision strike operation. In a brisk 23-minute run, Indian jets not only jammed Pakistan’s Chinese-supplied air defence network but also destroyed strategic Pakistani airbases—Noor Khan and Rahimyar Khan—using loitering munitions, or “suicide drones.”
From the debris, Indian forces recovered parts of PL-15 missiles, Turkish-origin UAVs named “Yiha” or “Yeehaw,” quadcopters and long-range rockets. Evidence of a cocktail of imported tech—and evidence that none of it worked against India’s superior indigenous air defence and electronic warfare networks.
“Claiming victory is an old habit for Pakistan,” said Randhir Jaiswal, MEA Spokesperson. “They did the same in 1971 and Kargil. Parast ho jaye lekin dhol bajao.”
Also read | Defence stocks now expensive; time to be selective: Dipan Mehta
The government now aims to increase India's defence exports, which crossed the record figure of about Rs 24,000 crore in FY25, to Rs 50,000 crore by 2029.
"The target is to make India a developed nation and the world's largest defence exporter by 2047. To achieve the goal, we must develop global trust regarding the quality of our defence equipment," Defence Minister Rajnath Singh said earlier in the week.
And Operation Sindoor did just that.
“The great success of Indigenous defence systems such Akash SAM and electronic warfare have shown the reliability and effectiveness and has further strengthened the demand outlook. The need to fortify our borders and enhance our preparedness has established a continuous demand for defence equipment and is hugely positive for the defence companies from a strong growth in their order books and top line,” OmniScience Capital’s Ashwini Shami said.
“The performance of Made in India defence systems against Chinese and other defence systems in Pakistan is likely to magnify global demand. The modern style of remote warfare, showcasing India’s ability to integrate disparate technologies, has highlighted not just India’s production prowess but its systems thinking,” he said.
As the dust settles, the scoreboard on Dalal Street and Shenzhen offers a clear, data-backed verdict on who gained ground and who lost altitude in the latest round of India-Pakistan tensions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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