The conflict in the Middle East has disrupted international flights, causing a growing backlog of stranded travelers, especially in Thailand, with over 400 affected flights. Globally, around 20,000 flights have been canceled, impacting 400,000 passengers. Limited airline communication and regional route disruptions may take weeks to resolve, threatening future tourism.

Unintended Extended Stay for Travelers

Sam and Mark initially planned a brief escape from the British winter to Southeast Asia. However, their trip has been thrown into chaos after their flight through Doha was canceled, and no clear date for a new flight has been provided. Their frustrations highlight poor communication and a perceived lack of contingency planning from airlines, complicating their situation as they attempt to return home. Globally, around 20,000 flights have been canceled recently, stranding over 400,000 travelers amid the ongoing war in Iran, which has unexpectedly disrupted travel plans.

Widespread Disruption and Misinformation

Passengers stranded in transit hubs like Bangkok’s Suvarnabhumi Airport turn to social media amid scarce official information. Misinformation circulates quickly, with rumors about departing flights and easing restrictions, but many transit flights remain canceled. Some efforts by the Thai government include financial assistance and visa extensions, yet strict eligibility requirements and limited capacity mean only a few will benefit. Officials warn that clearing the backlog may take up to a month, prolonging travelers’ extended stays.

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The Impact on Tourism and Future Travel

The ongoing cancellations not only frustrate stranded passengers but also threaten Thailand’s tourism industry. As travelers look ahead to summer holidays in Southeast Asia, many may prefer alternative routes, avoiding traveling through the Middle East due to current disruptions. The situation underscores the broader consequences of the geopolitical conflict, affecting both individual travelers and destination economies, with recovery likely to be slow and challenging.

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India’s defence sector is entering a new phase of expansion as geopolitical tensions, government procurement initiatives and a strong push for domestic manufacturing reshape the industry’s growth outlook. Rising global security concerns—particularly in regions such as the Middle East—are prompting nations to increase military spending, which in turn is creating opportunities for defence equipment manufacturers worldwide.

For India, this shift coincides with a policy framework that prioritizes self-reliance in defence production. The government’s continued emphasis on indigenisation, alongside initiatives aimed at strengthening domestic manufacturing capabilities, is expanding the sector’s addressable market. Increasing participation from private industry, start-ups and MSMEs is also improving the depth of the domestic defence ecosystem while encouraging innovation and cost efficiency across projects.

A key driver of sector growth is the steady pipeline of procurement programs and capital acquisition approvals across the armed forces. Recent approvals of large defence acquisition proposals underscore the government’s ongoing commitment to modernizing military capabilities and enhancing operational readiness. Such approvals not only support order inflows but also provide greater revenue visibility for the sector over the medium term.

Export opportunities are emerging as another significant catalyst. With several countries increasing defence spending and seeking diversified supply sources, Indian manufacturers are gradually expanding their presence in global markets. The Middle East already accounts for a significant share of global arms imports, and continued demand for equipment such as missiles, air-defence systems, surveillance technologies and electronic warfare solutions could open new avenues for Indian defence exporters.

At the same time, the sector continues to face certain operational challenges. Supply-chain constraints—particularly for specialized components and imported subsystems—could occasionally affect production schedules or execution timelines for complex defence platforms. Addressing these bottlenecks through greater localization and technology development remains a key priority for policymakers and industry participants alike.

Despite these near-term constraints, the broader outlook for the defence industry remains positive. Increasing budget allocations, emergency procurement programs and technology-focused development roadmaps are likely to sustain order inflows and improve long-term revenue visibility for sector participants.
Taken together, rising defence spending, a robust procurement pipeline and growing export opportunities suggest that India’s defence sector is transitioning into a structurally stronger growth phase. As indigenisation deepens and domestic capabilities expand across platforms—from electronics and missiles to aerospace systems—the sector appears well positioned to benefit from both domestic modernisation and global demand for defence equipment.

Bharat Electronics: Buy| Target Rs 520

Supported by a robust INR730b order book and sustained inflows, Bharat Electronics remains well placed to benefit from large platform programs across the Army, Navy, and Air Force. A strong addressable market underpins expectations of sustained revenue growth exceeding 15% over the coming years.
Strong execution drove revenues and margins above expectations, aided by disciplined cost control and operating leverage. Effective supply-chain management has insulated the company from semiconductor shortages and commodity volatility, while higher indigenisation levels continue to support better-than-expected profitability.

Looking ahead, Bharat Electronics is positioned to capitalise on sizable orders, including QRSAM, Akash-NG, next-generation corvettes, and base programs. Improved margins and healthy execution underpin management’s guidance, with revenue and PAT expected to grow at 18% and 16% CAGR over FY25–28.

Kirloskar Oil Engines: Buy| Target Rs 1600

Kirloskar Oil Engines continues to strengthen its market position across both low and high-horsepower power generation segments, supported by ongoing capability expansion and a consultant-led sales approach.

The company is witnessing improving order visibility driven by increasing opportunities in the nuclear and defence sectors, CPCB 4+ replacement demand, and growing export traction. The transfer of the B2C business enables a sharper focus on the higher-margin B2B portfolio.

In 3QFY26, revenue grew 35% YoY to INR13.8b, led by strong performance in the power generation and industrial segments. EBITDA margin stood at 12.2%, impacted sequentially by higher other expenses, while adjusted profit after tax was INR1,022m.

Over 9MFY26, revenue, EBITDA, and profit after tax recorded steady growth, reflecting healthy demand momentum and improving operating performance.

(The author Siddhartha Khemka, Head of Research – Wealth Management, Motilal Oswal Financial Services)

While traditional energy investors spent the past weekend counting down the minutes until futures markets reopened on Sunday, overseas crypto traders were already placing their bets on the direction of oil prices.

The cryptocurrency exchange Hyperliquid lists perpetual futures, a highly speculative flavor of derivatives, tracking West Texas Intermediate crude—the U.S. benchmark—and other commodities. And like other crypto-native contracts, perpetual futures trade 24/7.

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The shares of Metropolis Healthcare are set to go ex-record date for its 3:1 bonus issue on Friday. Only shareholders holding the stock as of the record date will be eligible for the first-ever bonus issue announced by the diagnostic services provider.

Earlier in February, the company had announced the bonus issue while releasing its October–December quarter results for FY26. The board approved the issue of bonus shares in the ratio of 3:1, meaning three fully paid-up equity shares of face value Rs 2 each for every one fully paid-up equity share of face value Rs 2 each held by shareholders.

Later, on March 10, the company announced that the record date has been fixed as March 20 (Friday).

What does this mean for shareholders?

If a shareholder owns one share of a company worth Rs 100, a 3:1 bonus issue will convert the holding into four shares worth around Rs 25 each. The total value of the holding remains unchanged at Rs 100.Once the stock begins trading ex-bonus, the price appears to fall sharply, but this simply reflects the adjustment following the corporate action.

Only shareholders who owned the stock on the record date are eligible to receive the bonus shares. Bonus issues consist of free shares distributed by a company from its reserves and are often seen as a sign of strong financial health and growth prospects.
While the issue of bonus shares increases the total number of outstanding shares, it does not change the company’s market capitalisation. However, it can improve liquidity and affordability, allowing more investors to invest in the stock.

Metropolis Healthcare share price:

Metropolis Healthcare shares have gained around 4% in the past five days, but declined around 7% in the past one month. The small-cap stock has dropped nearly 11% in the past six months, and around 5% in 2026 so far.The stock currently has a P/E ratio of around 56, and a market capitalisation of Rs 9,382 crore, as per data on NSE.

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