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Shares of defence-related companies rallied on Wednesday, with Garden Reach Shipbuilders & Engineers (GRSE) leading gains among defence players, surging as much as 14.9% to Rs 1,404.50 on the BSE. The sharp rally came after the Defence Secretary said the relaxation in foreign direct investment (FDI) policies and streamlining the industrial licensing procedure will propel growth in the defence industry.Stocks across the defence sector saw strong gains, with Data Patterns climbing 14.4% to Rs 1,631, Bharat Dynamics rising 9.1% to Rs 1,102.25, and Zen Technologies advancing 10% to Rs 1,068.65. Other key players, including DCX Systems and Mazagon Dock Shipbuilders, also saw double-digit gains in intra-day trade.Defence Secretary Rajesh Kumar Singh announced that the current defence budget of Rs 6.21 trillion is projected to rise by 9.5% to Rs 6.81 trillion in FY26. Singh emphasized the need for an annual capital expenditure of $30 billion over the next decade to modernize India's military, with 75% of the procurement budget dedicated to domestic manufacturers and the remainder directed toward the private sector.The rally provided relief to many defence stocks, which had corrected sharply in recent months due to concerns over order inflow slowdowns and delays in tender finalizations. GRSE, which had tumbled 57% from its 52-week high of Rs 2,834.60 in July 2024, rebounded strongly. Data Patterns also saw renewed buying interest, bouncing 14%. The company remains optimistic about growth, anticipating a ramp-up in the fourth quarter and targeting a 20-25% revenue increase in FY25 while maintaining EBITDA margins of 35-40%. It also has a robust order pipeline, with plans to secure between Rs 2,000 crore and Rs 3,000 crore in new contracts over the next 18 months, driven by rising export demand.Market experts noted that the government's commitment to increasing defence capital expenditure aligns with its push for military modernization. The defence capital outlay for FY26 is set at Rs 1.8 trillion, reflecting a 13% increase from the previous year. Also read | Explained: Why banks are flying gold worth billions from London to New York amid Trump tariff fears(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

American electric carmaker Tesla is looking to enter India this year and may start selling electric vehicles as soon as April, according to a report by CNBC-TV18.As per the report, Tesla plans to sell imported vehicles from its Berlin plant in India starting in April this year. The channel claimed that the EV maker is planning to offer cheaper EV models priced around USD 25,000 (approximately ?21 lakh).Furthermore, the channel reported that Tesla intends to begin sales operations in India in the first phase.Quoting sources, CNBC-TV18 further claimed that the EV maker has shortlisted BKC and AeroCity Mumbai as potential locations to launch its sales in India.Tesla has opened recruitments for various roles in India, including business operations analyst and customer support specialist. As per the job postings on the company's website, the posts are for the 'Mumbai Suburban' area.These roles include service advisor, parts advisor, service technician, service manager, sales & customer support, store manager, sales & customer support, business operations analyst, customer support supervisor, customer support specialist, delivery operations specialist, order operations specialist, inside sales advisor, and consumer engagement manager.The hiring by Tesla in India comes close after the recent meeting of company founder and American tech billionaire Elon Musk with India's Prime Minister Narendra Modi during the latter's recent US visit.Last April, company founder and American tech billionaire Elon Musk had postponed his proposed visit to India at the last minute citing "very heavy Tesla obligations" but the proposed visit had raised expectations of Musk announcing plans for the way forward for selling Tesla electric cars in India at the earliest.His planned visit to India came weeks after the government announced a new electric vehicle policy under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like Tesla.An advisor representing Tesla -- The Asia Group (TAG) had even attended a stakeholders' meeting on the new EV policy along with those from Vietnam's EV maker VinFast and all the major manufacturers in India, including Maruti Suzuki, Hyundai, Tata, Mahindra, Kia, Skoda Auto Volkswagen India, Renault, Mercedes-Benz, BMW and Audi.Musk had said in 2022 that Tesla, which was earlier seeking a reduction in import duties to sell its vehicles in India, would not manufacture its products unless it is allowed to first sell and service its cars in the country.In August 2021, Musk had said that Tesla may set up a manufacturing unit in India if it first succeeds with imported vehicles in the country. He had said Tesla wanted to launch its vehicles in India "but import duties are the highest in the world by far of any large country!"At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70 per cent to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value.