Synopsis In Part 1 we found that BEL’s profit stopped coming from its bank account and started coming from its factories. Part 2 asks the harder question: India’s defence sector was rebuilt by policy over these 13 years, so how much of BEL’s growth was the company, and how much was the tide? The answer is uncomfortable in one place and reassuring in another. Defence stocks, defence businesses, and the valuation of defence stocks are three different things. Ten years ago, nobody even looked at stocks that were a part of the defence ecosystem. Today, there is hardly anyone who…
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