INDIGENISATION
Lt Gen Upendra Dwivedi to take over as Indian Army Chief on June 30
Lieutenant General Upendra Dwivedi will become the 30th Chief of the Indian Army, succeeding Gen Manoj Pande, who completed his 26-month tenure. Dwivedi has served as the Northern Army Commander, gaining experience in the military standoff on the Ladakh Frontier. Born on July 1, 1964, he has served in various commands, staff, and foreign appointments.
350th iDEX contract: MoD, SpacePixxel to work on design, development of miniaturised satellite
iDEX has significantly impacted the defence ecosystem by fostering start-ups, creating job opportunities, and facilitating procurement worth over Rs 2,000 crore, showcasing a commitment to innovation and technology advancement.
HAL receives RFP from Defence Ministry for procurement of 156 Light Combat Helicopters worth Rs 45,000 crore
Hindustan Aeronautics Limited (HAL) announced on Monday that the Defence Ministry has issued a request for proposal to procure 156 Light Combat Helicopters from the company, in line with the 'Make in India' initiative. According to HAL's statement, 90 of these helicopters are earmarked for the Indian Army (IA), with the remaining 66 intended for the Indian Air Force (IAF).
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US as part of their strategic defence partnership, aims to modernize India's mechanized infantry, replacing over 2,000 outdated BMP-II vehicles.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.
India to hold trials in Spain for P-75 India submarine project by June-end
The Indian Navy is set to conduct trials in Spain for critical equipment under Project 75 India, aiming to acquire six advanced submarines with Air Independent Propulsion (AIP) systems. Spanish shipyard Navantia's Chairman, Ricardo Dominguez Garcia-Baquero, highlighted Spain's commitment to the project, including swift export clearance and technological transfer. Navantia, partnered with L&T, offers the S80 submarine design, meeting most P75(I) requirements without redesign. The trials will showcase Navantia's AIP technology, essential for India's strategic self-reliance in submarine capabilities.
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.
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First among equals: 5 PSU stocks which have benefited the most due to government policy push, spending & may continue their journey
Right from perennial under-performers like oil marketing and refining companies to PSU banks. Literally every stock which has the tag of “PSU” stock has seen a re-rating in the last two years. Now that the exit polls are predicting what the street has been looking for, that is continuity in the policy making framework, there is a high probability that there will be another round of re-rating of PSU stocks. So, continued policy and continued re-rating. Like the earlier re-rating, this time also, some sectors and stocks in the PSU space will outperform others. A company which is going to be providing finance for the expansion of the solar energy network which is the next focus area of the government. The overall demand runway for some of the sectors is longer. This essentially means that while every PSU is likely to see a push, there are a select few which are likely to see more tailwinds of business growth and valuation expansion.
Defence stocks: Long runway, hedge a bit to avoid narrative-based decisions; 8 PSU & Pvt sector stocks, 4 with upside potential of upto 44%
In an election season, there are bound to be times when one or the other narrative may make one question about whether one should sell the stocks. The underlying reason would be fear of losing the gains on which one is sitting. Especially when it comes to sectors like defence, railways and others which have seen a strong re-rating and siting with big gains and already there has been skepticism about their stock price moving ahead of time. Now let's look at the issue in two ways, first is whether the fundamentals of the sector are on a strong foot and business is fine or not. Second, how to hedge the exposure so that one is not forced to sell due to narrative, because the fact is that a continuation in policy push means that the companies have just started their journey. While defence PSUs are well known, there are other private sector players, whose lifeline is dependent on defence expenditure and in the last few years they have also done well, both on the street and in terms of real business. So, it is better that one should hedge and stay with them and not get jittery because of one or the other narrative which will keep hitting the street till 4th June.
India's Make-in-India defence projects, include K-9 Vajra Howitzers and fighter jet engines, await post-election approval
India's defence agenda post-elections includes crucial projects like acquiring K-9 Vajra howitzers and Su-30 MKI fighter aircraft engines. These projects, initially scheduled for approval in March, were postponed. Hindustan Aeronautics Limited (HAL) will produce the engines, worth approximately Rs 20,000 crore, aiding in indigenisation efforts. Additionally, the proposal to purchase 100 more K-9 Vajra SP howitzers is under consideration, reflecting the Indian Army's evolving needs. Various defence research and development programs await government clearance, signaling significant advancements in indigenous defence capabilities.
Candidates of strong directional move on 4th June: 5 PSU stocks which have benefited the most due to government policy push and spending
In the last two years, it is a well known fact that every PSU stock has been re-rated by the street, right from perennial under-performers like oil marketing and refining oil companies to PSU banks. But if one looks a bit deeper there are some which have been re-rated more than others. The reason, these are PSUs which are from the sectors where the government has clearly decided are its priority areas and there has been a policy push for these sectors. A company which is going to be providing finance for the expansion of the solar energy network which is the next focus of the government. The overall demand runway for these sectors is longer which means overall growth will be higher when confirmation of policy continuity comes. Also they are in business where it would be difficult for the private sector to compete. Now because it is the policy push which matters, the continuity of tailwinds of higher government spending, will push them for another round of re-rating on the result day.
Project Udbhav: Indian Army to learn war tactics from vedas, puranas, and Mahabharata
The Indian Army's Project Udbhav is exploring the epic battles of the Mahabharata and the strategic brilliance of past Indian dynasties, shaping India's rich military heritage. Launched last year, this initiative aims to integrate ancient strategic wisdom into contemporary military practices, making the force "future-ready" by drawing insights from India's historical military wisdom.
MoS Ajay Bhatt hails Project Udbhav, says it focuses on making Army 'future-ready'
Union Minister Ajay Bhatt emphasized Project Udbhav, integrating ancient Indian strategic acumen in the Army. He lauded the philosophy of 'Vasudhaiva Kutumbakam' for its international impact.
Indian Army reduces ammunition imports, boosts indigenous production under 'Make in India' policy
The Indian Army has significantly reduced its dependency on imported ammunition thanks to the 'Make in India' policy. By leveraging private sector capabilities and public sector firms, the Army aims to cease most ammunition imports within a few years. This shift not only cuts import costs but also enhances export potential. Key industry players, including Munitions India Limited and Solar Industries Limited, play crucial roles in this transition, ensuring readiness for emergencies.
Indian Air Force's first LCA Mark 1A fighter aircraft set for July delivery, HAL accelerates indigenous aircraft program
Hindustan Aeronautics Limited (HAL) is set to deliver the first LCA Mark 1A fighter aircraft to the Indian Air Force (IAF) by July, after a brief delay. The aircraft's delivery, initially planned for February-March, was postponed due to technical reasons. HAL conducted the first successful flight of the indigenous fighter last month and is currently undergoing integration trials. The induction of the LCA Mark 1A marks a milestone in India's military self-reliance, with an order for 83 planes already placed and another order for 97 planes expected by the end of the fiscal year.
Shot by shot, Indian military is getting atmanirbhar
The government aims to increase India's annual defense production to nearly three times its current level, reaching Rs 3 lakh crore by 2028-29. Additionally, the target for defense exports is set to more than double, reaching Rs 50,000 crore compared to the current Rs 21,083 crore. For the fiscal year 2024-25, the goal is to achieve a total annual defense production worth Rs 1,75,000 crore, including exports valued at Rs 35,000 crore.
Indian Army, IAF to jointly deploy Predator drones in Gorakhpur, Sarsawa air bases
Indian Army and Air Force to deploy MQ-9B Predator drones at Sarsawa and Gorakhpur air bases in Uttar Pradesh, enhancing surveillance capabilities along the Line of Actual Control with China from Ladakh to Arunachal Pradesh.
Dept of defence production issues notification for reorganisation of DGQA
The ministry said in a major reform towards "ease of doing business and to achieve 'Aatmanirbharta' in defence", the Department of Defence Production, under the Ministry of Defence, has issued notification for reorganisation of DGQA which is aimed at speeding up quality assurance processes and trials, and reducing layers of decision-making.
Indian Navy will be completely 'atmanirbhar' force by 2047: Chief of Naval Staff
Indian Navy aims to become 'atmanirbhar' force by 2047. Achieved indigenisation, manufacturing submarines and ships. Brahmos missile being inducted. Agniveer recruitment program. Exploring Vizhinjam port. Considering reordering INS Vikrant type carrier. Making changes to ranking systems. Becoming gender neutral. Implementing administrative reforms.
India moving fast in defence production; 2,920 items indigenised so far: Amit Satija
India is making progress in defence production, indigenising a significant number of defence items. The Department of Defence Production has taken multiple initiatives, with 2,920 out of 4,666 listed items already indigenised. The Ministry of Defence has introduced industry-friendly provisions in the Make-1 and Make-2 categories, including relaxation in eligibility criteria and minimal documentation.
IAF indigenised more than 60,000 components in last two to three years: Air Chief Marshal
When asked about the indigenisation of Base Repair Depots (BRDs), the IAF chief said, "All our BRDs have been opened up to all the industries to come and take a look as to where industries can pitch in into the work that has been done, not only in BRDs but all the Air Force units".
Hero Electric taps GII, credit funds for Rs 550 crore
According to sources in the know, the company is attempting to raise Rs 300 crore from existing backer GII and tie up the remaining funding of about Rs. 250 crore in form of debt for which it has tapped the credit fund arms of Edelweiss and Kotak. Hero Electric has offered to provide a land parcel in Gurugram as security to potential financiers.
India needs to buff up its military-industrial complex to punch its weight
As India moves towards becoming the third-largest economy in the next decade, it will need a robust defence-industrial complex to fulfil defence requirements at scale and quality. Its rise to a great power status must be accompanied by a significant decline in military imports and the rise of national defence champions.
CSIR-NIIST, HAL sign MoU to strengthen indigenisation in aerospace, defence sectors
The CSIR-National Institute for Interdisciplinary Science and Technology (CSIR-NIIST), based in Kerala, has signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Ltd (HAL) in Bengaluru to collaborate in India's aerospace and defense sectors.
India's leap towards self-reliance: Defence Minister unveils new cutting-edge innovations at 'Swavlamban 2.0
India's Defence Minister, Rajnath Singh, announced a series of measures to enhance self-reliance in the defense sector at the 'Swavlamban 2.0' event. The fifth Positive Indigenisation List, comprising 98 critical items, was unveiled, focusing on import substitution and domestic development. Additionally, challenges were launched to foster innovation, and a dual-chip debit card called the 'SBI NAVeCash Card' was introduced.
India announces fresh 'positive indigenisation list' to boost domestic defence manufacturing
The new "positive indigenisation list" is in continuation of the first four such lists, which contained a total of 411 military items. Separately, the Department of Defence Production notified four positive indigenisation lists consisting of 4,666 items, including line replacement units, sub-systems, spares and components for Defence Public Sector Undertakings (DPSUs), according to the defence ministry.
Air Force firmly on indigenisation track to boost domestic economy: IAF Chief Marshal VR Chaudhari
The Indian Air Force's focus on indigenisation has resulted in a boost of Rs 70,000 crore to the domestic economy, according to Air Chief Marshal VR Chaudhari. The Air Force has been promoting the 'Make in India' initiative, with plans to induct over 200 locally designed and developed light combat aircraft (LCA) and a range of helicopters. Chaudhari also highlighted the growth of defence exports, which have increased significantly in recent years and are projected to reach Rs 20,000 crore in the current fiscal year.
Indian Navy to release updated roadmap for indigenisation next week
The roadmap will be released at the second edition of the annual 'Swavlamban' seminar to be held on October 4 and 5, Navy officials said on Wednesday adding Prime Minister Narendra Modi is scheduled to attend the conclave. At a media briefing, Vice Chief of the Naval Staff Vice Admiral Sanjay Jasjit Singh said the Navy resolved to develop 75 technologies at the Swavlamban seminar last year and the aim has been achieved.
164 'positive indigenisation list' items indigenised: Defence ministry
A total of 164 equipment and items identified under the import restrictions as part of the 'positive indigenisation list' has been indigenised by December 2022, the defence ministry said on Tuesday. It put the annual import substitution values of the items at Rs 814 crore.
Defence Ministry releases list of 928 items to be indigenised
The fourth in the series, the current one focuses on 928 strategically important line replacement units, spares and components that will not be imported as per specified timelines over the next five years.
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