India’s state-owned defence shipbuilders—Garden Reach Shipbuilders & Engineers (GRSE) and Cochin Shipyard—surged over 11% on Friday. India’s state-run defence shipbuilders—Garden Reach Shipbuilders & Engineers (GRSE) and Cochin Shipyard—rallied over 11% on Friday after reporting strong March quarter earnings and amid optimism over a potential multi-year order boom in the defence sector.