A day after the Indian Ministry of Defense cleared proposals worth $13 billion, shares of local arms manufacturers rose as much as 8.6 per cent Monday.
According to the Economic Times, BEML was up 5.65 per cent, Pipavav Defense & Offshore Engineering gained 4.76 per cent, BEL moved 5.62 per cent higher, L&T rose 0.74 per cent and BHEL was 3.44 per cent higher.
These companies stand to benefit from major projects that were cleared by the Defense Acquisition Council’s on Saturday including proposals to build six submarines equipped with an air-independent propulsion and a land-attack missile, buy BMP-2 fighting vehicles, anti-tank guided missile systems for the Army and 12 upgraded Dornier surveillance aircraft for the Navy.
The DAC plans to boost the domestic manufacturing industry with the latest projects. India currently imports up to 70 per cent of its military hardware from Russia, Israel, US and other European countries.
The Indian Defence Acquisition Council (DAC) Saturday approved the purchase of 362 BMP-2 “Sarath” infantry combat vehicles worth $293 million. The Indian Army has more than 1500 BMP-2 vehicles currently operational in various roles, such as armored ambulance, armored vehicle tracked light repair, armored amphibious dozer (AAD), armoured engineer reconnaissance vehicle (AERV), NBC reconnaissance vehicle (NBCRV), carrier mortar tracked, and unmanned reconnaissance vehicle
Partnerships between Indian and foreign arms manufacturers have shown a distinct upward trend in the past few months. Perhaps enthused by the hike in foreign investment limit from 26% to 49% and the Modi governments thrust to domestic manufacture of defence equipment, an increasing number of international firms are scouting for local partners
India Today decided to buy an Israeli anti-tank missile, ‘Spike for INR 3200 crore (US$520 million approx) while rejecting the offer of the Raytheon-Lockheed Martin ‘Javelin missile. The defence acquisition council (DAC) of the Indian MOD approved the purchase of the Israeli missile made by Rafael which has offered to co-produce the missile in India along with transfer of technology
Indias defence acquisition council (DAC) has approved the procurement of six submarines from local shipyards worth INR 5000 crore (US$8.3 billion)
India has decided to ground its fleet of over 200 Su-30 aircraft, following a crash in Pune last week, until an investigation into the problem of automatically ejecting pilot seats has been concluded. In 2013, Hindustan Aeronautics Limited (HAL) wrote to IRKUT Corp and Rosoboronexport about having problems with the aircraft's ejection seats on multiple occasions
The victory of Republican Party in the US presidential election has soared the defense stocks all around the world. The US firms - Northrop Grumman, Lockheed Martin and Raytheon have gained about 5
Chinas smartphone-maker Xiaomi plans to launch a data center in India to (and store data) Indian users after the Indian Air Force expressed security concerns over the phone automatically sending user data to its servers in China. In an official press release, the company stated: “We believe the advisory circular issued by IAF is based on events about 3 months back
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