To put things in perspective, Cochin Shipyard shares have climbed nearly 9% over the past two sessions, while Mazagon Dock Shipbuilders has surged about 18% during the same period. Garden Reach Shipbuilders & Engineers, meanwhile, has gained around 5% in today’s trade.

The rally follows reports that a US submarine fired a torpedo that sank an Iranian warship off the south coast of Sri Lanka. Reports indicated that 87 sailors were killed and 32 others were rescued, while the remaining crew members are still missing. Iran’s Foreign Minister Abbas Araghchi said there were 130 sailors on board the vessel.

The development is significant as such an attack by the US has not taken place in more than 80 years, according to multiple media reports. In recent times, warfare has largely shifted toward aerial capabilities such as drones and missiles. While naval attacks are not entirely unexpected, such an incident is considered unconventional in the current context.

Naval combat incidents, such as the sinking of a warship, often prompt countries in the region to strengthen their maritime defence capabilities. Governments typically accelerate spending on assets such as warships, submarines, surveillance vessels and unmanned naval systems, which in turn improves the order outlook for defence shipbuilders.

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IIndia closely monitors developments in the Indian Ocean region, and any conflict near Sri Lanka underscores the strategic importance of key sea lanes. Such developments could prompt the government to accelerate naval fleet expansion and modernisation, benefiting domestic shipyards involved in building naval platforms.India has also been increasingly focused on the indigenisation of defence platforms, including naval vessels. As a result, any push to strengthen maritime capabilities is likely to translate into higher domestic orders for Indian shipyards rather than reliance on imports.
Ever since the war broke out, benchmark index Nifty has shed 2.50% while the 30-share Sensex has declined 2%.Also read: Reliance Industries shares rise over 2% after US allows Indian refiners to buy Russian crude under a 30-day waiver

Indian stock markets declined on Friday, with the Sensex falling around 500 points and the Nifty 50 hovering near the 24,600-mark in the morning. Escalating war between Iran and the US-Israel was among the key factors behind the market drop. The war entered its 7th day and continued to worsen, with the leaders of the countries threatening more escalations ahead. US Defence Secretary Pete Hegseth has said that the conflict has “only just begun”. US President Donald Trump said yesterday that he has “no time limits” on how long the war can go on.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Future of Matford offices site at County Hall in Exeter has sparked debate

The future of a controversial site on a Devon council’s land could take a significant step forward with the potential for affordable housing to be located there.

The Matford offices site at County Hall, on Exeter’s Topsham Road, has previously been declared as surplus land, but residents have been opposed to its potential development for housing.

But now the site will be discussed at Devon County Council’s cabinet meeting next week, which will be asked to agree a recommendation to “consider the opportunity for the provision of affordable homes, care leaver housing and key worker housing”.

There had also been fears about the removal of well-established trees, and concerns that the sale of the site would mean existing walking routes through it would be shut off.

But the cabinet paper appears to put those fears at rest, stating that there would be no significant tree removal and that any land disposal would “allow for the retention of routes frequently used by walkers and dog walkers”.

The council’s land and property committee agreed in January this year that the land was surplus to requirements, but at that meeting, officers were asked to look at the potential for any development to bolster some of the council’s strategic objectives.

As such, the cabinet will decide whether to “prioritise an innovative approach for the site development that contributes to the council’s strategic plan ambitions and considers the opportunity for the provision of affordable homes, care leaver housing and key worker housing”.

Officers had previously stated that targeting the development for such uses could be tricky, but that requiring a certain proportion to be affordable was more realistic.

Although the land is owned by Devon County Council, any potential developer would need to submit their plans to Exeter City Council, which is the planning authority for the city.

Furthermore, the matter is also coming back to cabinet because officers had stated that the parcel of land represented less than 5 per cent of the existing public open space on the County Hall site, but it actually equates to a larger 7.4 per cent, which, the cabinet report states “requires correction”.

A total of 10 complaints were made after the decision by the land and property committee in January, but the decision to discuss the site further at cabinet had been made before those queries were lodged.

The cabinet will discuss the future of the site on Wednesday (11 March).

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