MUMBAI -- India's drone making companies have seen surges in their share prices as anticipation rises for increased business following New Delhi's deployment of unmanned vehicles in the recent fighting with Pakistan.
Shares of suppliers of drones and related technologies -- such as Solar Industries, Bharat Dynamics Limited (BDL), Bharat Electronics Limited (BEL), IdeaForge and Astra Microwave -- were up between 5% and 46% as of Thursday's close compared with May 6, the night of which India first launched its military action.
That fighting -- launched by India over allegations that Pakistan supported terror attacks in Kashmir two weeks prior, which Islamabad has denied -- saw the large-scale deployment of unmanned vehicles for surveillance, logistics and strikes. The two long-standing rivals slipped into a cycle of tit-for-tat retaliation until a ceasefire was announced on May 10.
Indian armed forces deployed a number of Israeli-made drones such as the Harop and the Heron, while Pakistan used Turkish Songar drones, said Aishwaria Sonavane, research analyst for Pakistan studies at the Takshashila Institution think tank.
"We can safely call this the first drone war between India and Pakistan," Sonavane said. "This was unprecedented because unmanned vehicles were not just acting as support vehicles or as support munitions, but were the primary mode of strikes from both sides."
Though there were local media reports of the use of indigenous drones, Sonavane said more data was required to ascertain which local drones were used, and in what roles.
That hasn't dinted enthusiasm for India's drone makers, however. Solar Industries and IdeaForge build drones, while state-owned BDL and BEL make a range of anti-drone and antimissile systems. Astra Microwave specializes in building related electronics and communication systems.
The increase in demand will also benefit the unlisted defense manufacturing subsidiaries of the Tata and Adani conglomerates, which supply drones to the Indian armed forces, analysts said. Adani Defence Systems and Technologies also collaborates with Israel's Elbit Systems to build Hermes 900 drones in India.
