Anil Ambani will take over as the chairman of Pipavav Defence
Clearly, he is in the right place, at the right time.
According to market sources, Jhunjhunwala will acquire a significant minority stake in Pipavav.
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
The 30-share Sensex ended up 142 points at 29,462 and the 50-share Nifty gained 26 points to end at 8,895.
Sensex rises, Nifty holds 8,900; FMCG, Pharma shares lead.
Govt wants domestic production so as to save foreign currency.
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Barring one, three are debt-free and sitting on large cash reserves.
Anil said the company is in the process of signing a contract with the Indian Coast Guard for the first defence order for 14 fast patrol vessels
Stocks to watch: Pipavav Defence, ABG Shipyard, Bharati Shipyard
There is a lot of optimism as regards the defence, railway and manufacturing sectors.
The prospects of India becoming a credible manufacturer of defence platforms or major weapon systems for export are remote, says Vice Admiral Premvir Das (retd).
While such buying could indicate confidence in the business, investors should do a comprehensive evaluation before getting into the stock.
Promoters of 517 companies have pledged nearly 46.35 per cent of their shares, the highest since the 2008 global financial crisis.
The 30-share Sensex gained 271 points to end at 28,805 and the 50-share Nifty ended up 84 points at 8,712.
Stocks might hit new highs even before B-Day.
The Sensex ended up 380 points at 27,888 and the Nifty advanced 111 points to end five points shy of 8,400.
India Inc is ready to diversify into unchartered areas.
The Indian rupee also trimmed most of its early gains and was trading at Rs 61.28 compared to its Wednesday's close of Rs 61.31 to the US dollar.
The success of Anil Ambani's ambitious defence plan will depend partly on whether he can persuade government officials and international partners that he can build sophisticated equipment and partly on whether the PM can get India's notoriously slow procurement process to work, say Paritosh Bansal, Sanjeev Miglani and Promit Mukherjee.
The RBI should provide readily accessible summary information on its website about all corporate debt defaulters and the amounts involved.
Defence ministry incompetence hobbles development of battle-taxis for the Indian Army.
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