20 Feb , 2026 By : Debdeep Gupta
Defence shares rose up to 6% on February 20 with Data Patterns, BDL, leading the gains a day after French President Emmanuel Macron said that France and India are set to jointly produce Rafale jets as well as helicopters.
Nifty India Defence rose over 1.3% on February 20 with most constituents in the sectoral index trading higher. Data Patterns (India) rose over 6% and contributed more to the gains in Nifty India Defence. Data Patterns (India) was among the top gainers in the Nifty 500. Shares of Bharat Dynamics rose nearly 3% and were among the top gainers in the Nifty 200.
Paras Defence and Bharat Electronics shares rose 2.5% and 2%, respectively, with the latter among top five Nifty gainers. Hindustan Aeronautics and GRSE shares climbed 1.5?ch.
France and India are entering a new era of defence cooperation with plans to jointly produce Rafale fighter jets as well as helicopters, French President Emmanuel Macron said on Thursday, adding France also hopes to sell more submarines to India.
India's expected order for another 114 Rafales is a "new step forward" in defence ties between the two countries and France hopes to see this replicated with submarines as well, Macron told reporters at the end of a three-day visit to India.
"On Rafale, what we want to do is expand. India confirmed a few days ago its willingness to command a new bunch of Rafales... 114... and to co-produce in India," Macron said.
The Defence Acquisition Council of defence ministry last week gave initial clearance to acquire 114 more Rafale jets for the air force, besides other planes and missiles, months after the worst fighting in decades between India and Pakistan.
So far, India has purchased 36 Rafales for its air force and ordered another 26 marine versions of the jet for the navy.
Details of the Rafale deal including plans for co-production, expected to be sealed after technical and commercial negotiations, are yet to be made public. Indian media reports have said that the 114 jets manufactured by Dassault Aviation are expected to cost Rs 3.25 lakh crore.
"Rafale is absolutely key," Macron said. "I hope we will do it on submarines. We offered additional capacities."
The Indian navy operates six French Scorpene submarines and local media reports say there are plans to order more.
On Tuesday, Macron and Indian Prime Minister Narendra Modi announced the first H125 helicopter assembly line, made in India by a joint venture between Airbus and Tata Advanced Systems, as well as a plan to jointly produce HAMMER missiles in India, by Safran and India's state-owned Bharat Electronics.
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