Shipping stocks surge after report says India, US to cooperate on maritime defence sector

US Secretary of Defence Lloyd James Austin III, who arrived in New Delhi for a three-day visit to India earlier on Friday, met with National Security Advisor Ajit Doval.

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Shares of shipbuilders rose after the media reports said that the National Security Advisor of India and the US Secretary of Defence met to discuss cooperation in the maritime defence sector.

Shares of Shipping Corporation of India jumped 7 percent, Great Eastern Shipping Company 3 percent, and Cochin Shipyard climbed over 11 percent on Juen 5.

US Secretary of Defence Lloyd James Austin III, who arrived in New Delhi for a three-day visit to India earlier on Friday, met with National Security Advisor Ajit Doval. Austin had called on Prime Minister Narendra Modi, as well.

Strengthening bilateral ties

The agenda of the meeting included cooperation in specific niche technologies in maritime, military, and aerospace domains to boost capabilities and greater transfer of technology, co-production, and building indigenous capacities in line with India’s Make in India and Aatmanirbhar Bharat initiatives.

Austin said the US government was committed to strengthening the bilateral defence relations between the two countries, and expressed US’ strong desire to further enhance the strategic partnership for peace, stability, and prosperity in the Indo-Pacific region and beyond.

Meanwhile, Union Minister of Ports, Shipping & Waterways Sarbananda Sonowal said that Prime Minister Narendra Modi’s Government remains deeply committed to the development in the eastern region of India as well as India’s neighbouring countries like Bhutan, Bangladesh, Myanmar and Nepal.

Sarbananda Sonowal attended a crucial meeting of stakeholders of maritime development in the Bay of Bengal area in Kolkata on Sunday.