7 DEFENCE FIRMS
Zen Technologies launches AI-powered robot for global defense market
Zen Technologies and its subsidiary AI Turing Technologies have introduced advanced defense solutions including Prahasta, an AI-driven quadruped robot for real-time 3D mapping. Other innovations include Hawkeye, an anti-drone camera, Barbarik-URCWS, the world's lightest remote weapon station, and Sthir Stab 640, a stabilized sight for armored vehicles. These products aim to enhance mission planning, navigation, and combat effectiveness while reducing personnel risk. Zen Technologies' Chairman highlighted their commitment to integrating cutting-edge robotics into defense operations, reflecting in a 5% rise in their BSE share price.
North Korean hackers sent stolen crypto to wallet used by Asian payment firm
A major Cambodian payments firm received crypto worth over $150,000 from a digital wallet used by North Korean hacking outfit Lazarus. The firm was unaware of the source of the funds. Investigations ongoing into the laundering of stolen crypto from multiple companies.
Why Nirmala Sitharaman should not go for any big-bang changes in Budget
We were already in a secular, long-term bull market much before the elections were announced due to a variety of factors. Uncertainty ahead of the election has been overcome and people are expressing their expectations to the government about what it should do in its forthcoming budget.
Explosive growth: How defence sector became a darling of investors
Motilal Oswal Nifty India Defence Index Fund breaks records by collecting Rs 1,676 crores during its NFO period. India's defence sector experiences growth through indigenisation efforts and increased investments. The country aims to enhance its defence production capabilities and boost exports in the coming years.
Indian defence firms need to invest more in innovations and R&D to keep pace with global standards: Report
According to India Infoline Finance Limited (IIFL) report, these firms allocate only 1.2 per cent of their revenue to R&D, markedly lower than the global average of 3.4 per cent. This gap highlights a need for increased investment in innovation to keep pace with global standards.
GRSE secures export order worth $54 mn from German co for commercial vessels
Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd has signed a $54 million contract with Germany-based shipping company Carsten Rehder Schiffsmakler und Reederei GmbH and Co. KG for the construction and delivery of four multi-purpose cargo vessels. The vessels, each 120 meters in length and 17 meters in width, will carry 7,500 metric tonnes of cargo.
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HAL to consider final dividend payout for FY23-24 on June 26
On Wednesday, Hindustan Aeronautics (HAL), a defense PSU, disclosed its plan to discuss the payment of the final dividend for the fiscal year 2023-24 during its board meeting scheduled for June 26th.
PM Modi meets US NSA, says India committed to boost strategic partnership with US
Prime Minister Narendra Modi emphasized India's commitment to strengthening its comprehensive global strategic partnership with the United States, following his meeting with US National Security Advisor Jake Sullivan. The discussions focused on advancing the India-US Initiative on Critical and Emerging Technologies (iCET), covering areas such as semiconductors, artificial intelligence, telecom, defence, critical minerals, and space.
Defence stocks rally up to 19%, Paras Defence and GRSE among top gainers
Paras Defence shares advanced 19% to hit a fresh 52-week high of Rs 1,373.80 on BSE amid a block deal of 3.29 lakh shares, while PSU defence stock GRSE was also trading around 12% higher. Mazagon Dock, Cochin Shipyard, and Astra Microwave were also trading around 5-8% higher.
View: Four years since Galwan Valley clash, India’s template to deal with China holds
The G7, in a recent meeting in Italy, shifted its focus towards China, urging Beijing to stop transferring dual-use materials to Russia for its defense sector. This move marks a significant shift in the conversation surrounding the Indo-Pacific and Ukraine. Xi Jinping's firm stance and China's role as a common link in global affairs have come under scrutiny. The article highlights India's response to Chinese aggression in Ladakh post-Galwan clash, leading to a strategic shift in its policies.
India-US advance talks on joint production of Stryker armoured combat vehicles
India and the US are in advanced negotiations to co-produce the latest generation of Stryker armoured infantry combat vehicles (ICVs). This three-phase project includes initial purchases, joint production in India, and co-development of future versions, supporting India's "Atmanirbhar Bharat" mission. Customization for Indian terrain, high-altitude areas, and significant technology transfer are key aspects. This collaboration, promoted by the US as part of their strategic defence partnership, aims to modernize India's mechanized infantry, replacing over 2,000 outdated BMP-II vehicles. The Stryker offers advanced capabilities, enhancing India's defence industry and military readiness.
G7 Summit commits to promoting India-Middle East-Europe Economic Corridor
At the G7 Summit, the Group of Seven industrialized nations committed to promoting infrastructure projects such as the India-Middle East-Europe Economic Corridor (IMEC), reaffirming a commitment to a "free and open Indo-Pacific." Prime Minister Narendra Modi attended the summit at the invitation of Italian Prime Minister Giorgia Meloni.
Modi, Meloni review progress of India-Italy strategic partnership on the sidelines of G7 Summit
Prime Minister Narendra Modi met with Italian Prime Minister Giorgia Meloni on Friday at the end of his day-long visit to Apulia in southern Italy. During the meeting, he expressed his gratitude to Meloni for inviting him to the G7 Summit.
Jefferies recommends Buy on Hindustan Aeronautics amid defence indigenisation and export focus, sees 12% upside
Jefferies, citing upbeat sentiment towards defense indigenization and export focus, recommends buying HAL with a target price of Rs 5,725, indicating a 12% upside potential from the previous day's closing price of Rs 5,103 per share. The firm anticipates HAL to maintain double-digit growth over the next 3-5 years, supported by positive sentiments around defense indigenization and exports.
Cognizant to acquire US digital engineering firm Belcan for $1.3 billion
Cognizant Technologies to acquire Belcan for $1.3 billion, expanding into aerospace, defense, space, and automotive sectors.
If PM Narendra Modi wins election, buy these 7 industrial stocks: Jefferies
Jefferies has listed HAL, L&T and ABB India among top 7 stocks that can rally up to 33% if Narendra Modi-led NDA retains power in the general elections.
BEL shares up 7.14% as Nifty gains
A total of 2,749,646 shares changed hands on the counter till 10:10AM (IST).
Modi magic! PSU stocks create Rs 7 lakh crore wealth this election season
During the election season, PSU stocks, also known as 'Modi stocks', surged in value by Rs 7 lakh crore as investors showed confidence in PM Narendra Modi's policies and leadership, especially in defence PSUs like Cochin Shipyard and Bharat Dynamics.
Hamas representative denies new negotiations with Israel amid Gaza truce talks
Hamas has rejected the idea of new negotiations with Israel, emphasizing the need for Israel to withdraw from Gaza and end hostilities. Despite reports suggesting a potential revival of talks for a Gaza truce, Hamas maintains that it had already accepted a ceasefire proposal, which Israel had rejected. The group remains skeptical of Israel's intentions and insists on a permanent cessation of hostilities, highlighting the challenges Israel faces amid mounting international pressure and diplomatic isolation.
Taiwan president pledges to stand with military, safeguard nation despite Chinese 'external threats'
China's military drills near Taiwan prompted President Lai Ching-te to pledge to stand with the military and protect Taiwan's freedom and democracy. He visited a Marine base, emphasizing the need to defend against external threats and ensure national security. While not directly addressing China's exercises, Lai expressed confidence in the military's ability to maintain security. The Chinese PLA's drills included fighter jets conducting mock strikes, with a focus on deterring Taiwan independence and external interference.
GIFT Nifty down 60 points; here's the trading setup for today's session
"We expect this Positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros. Sectors like Defence, Banking, and Railways are expected to remain in focus," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.
Identify themes ahead of the curve; current year could belong to telecom: Niket Shah, Motilal Oswal MF
Niket Shah of Motilal Oswal MF discusses investment themes like AI in Indian IT, re-rating opportunities in EV and medical devices, and triggers in the telecom sector such as 5G adoption and pricing strategies.
Coromandel to acquire additional 7 pc stake in Dhaksha, invest Rs 150 crore
Coromandel International Ltd invested Rs 150 crore to acquire 7% stake in Dhaksha Unmanned Systems, enhancing research and technology adoption. Dhaksha offers UAS technology solutions, remote pilot training services, with a Rs 265 crore order book.
Nomura initiates coverage on 2 PSU defence stocks with upside potential of up to 30%
Nomura initiates coverage on HAL and BEL with 'buy' ratings, setting target prices at Rs 4,750 and Rs 300 respectively. HAL favored for aircraft expertise, while BEL for order visibility and margin potential.
China firms go 'underground' on Russia payments as banks pull back
Chinese appliance maker struggles with Russia payments due to U.S. sanctions. Banking restrictions prompt unconventional payment methods. State-owned banks wary, impacting Chinese exports. Security concerns prevail, urging financial vigilance against potential threats.
Cyient DLM shares zoom 13% on solid Q4 results led by defence & aerospace deals
The company's Q4 revenue stood at Rs 362 crores, with quarter-on-quarter (QoQ) growth of 12.7% and YoY growth of 30.5%.
Private sector's share in defence production reaches highest in eight years
Private sector companies in India have played a significant role in the country's defence production, contributing Rs 16,411 crore in fiscal year 2023-24, marking the highest share since 2016-17. Despite a decrease from the previous year, this contribution accounted for 22 per cent of the total defence production of Rs 74,739 crore. The government's push for local defence production, record high defence exports, and investments in defence corridors in Uttar Pradesh and Tamil Nadu aim to boost domestic manufacturing and reduce reliance on imports.
Defense sector poised to experience CAGR of 13 per cent from FY23 to FY30: Jefferies
India's domestic defence expenditure is expected to double from FY24E-30E, shaping the sector significantly. Jefferies forecasts a 13% industry CAGR from FY23 to FY30, with an estimated domestic defence opportunity of USD 100-120 billion. The focus on indigenization and export defence opportunities suggests robust growth potential. Leading players like Data Patterns and HAL are poised for significant revenue growth, endorsed with Buy ratings.
Ongoing Gaza war helps Israeli defence firm Elbit System's revenue, but Q4 profit still sees a dip
Israeli defense electronics company Elbit Systems reported a boost in fourth-quarter revenue, driven by higher ammunition sales to Israel for its conflict against Hamas. Despite a 8% decline in quarterly earnings due to one-off charges, revenue increased to $1.6 billion. Elbit expects further sales gains in 2024, focusing on supporting the Israel Defense Forces (IDF). The company, which makes 80% of its sales outside Israel, plans to hire 2,000 more employees in 2024. It anticipates revenue growth from Israel following a government-approved budget increase for defense spending.
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