The 143-metre-long warship, with 6,000-tonne displacement, has "versatile control systems with signature management and radar cross-section reduction features."
Vagir is part of the six Kalvari-class submarines being built in India.
India's largest warship builders -- Mazagon Dock Ltd, Mumbai; and Garden Reach Shipbuilders & Engineers, Kolkata - have prevailed over the Indian Navy's objections. MDL and GRSE will divide between them the entire order for seven improved stealth frigates, code-named Project 17A.The Navy was insisting that the first two frigates of Project 17A be built abroad, so that MDL and GRSE could learn how to build ships using new modular methods that are preferred by European shipyard
The Indian Navy's firepower is going to be significantly boosted with the addition of four heavy warships. The navy's design chief, Rear Admiral MK Badhwar, has confirmed for the first time, to Business Standard, that the Defence Acquisition Council --the top procurement body in the Ministry of Defence --has cleared Project 15-B, the construction of four 6800-tonne destroyers by Mazagon Dock Ltd, Mumbai.
The 6500-ton ship, to be named INS Kochi, is being built by Mazagon Docks Limited in Mumbai.
Though this is part of the divestment drive, government's stake in these companies remains 100 per cent even after the buybacks
India on Thursday approved proposals for purchasing 26 Naval variant of Rafale jets from France and procuring three French-designed Scorpene class submarines, a day ahead of Prime Minister Narendra Modi's wide-ranging talks with French President Emmanuel Macron in Paris.
Unlike conventional subs that must surface every 48 to 72 hours, these subs can stay submerged for up to 14 days.
It will undergo a number of tests by the Indian Navy before it gets commissioned in the defence fleet.
'Those betting against PSUs will likely be punished in this upswing.'
The government has approved the construction of two indigenously designed nuclear attack submarines and is expected to ink contracts next month to procure 26 naval variant of Rafale jets and three Scorpene submarines, Navy Chief Admiral Dinesh Tripathi said on Monday.
The submarines are being constructed at Mazagon Dock Shipbuilders Limited in Mumbai in collaboration with the Naval Group of France.
Investors seem to have fully savoured the Burger King India IPO, with the share sale getting subscribed a massive 156.65 times on the last day of the offer on Friday.
Pakistan military authorities have committed to the release Indian soldier Chandu Chavan, who inadvertently strayed across the border last year, Union Minister of State for Defence Subhash Bhamre said in Mumbai on Thursday.
All the six diesel-electric attack submarines will be equipped with the anti-ship missile, which has a proven record in combat, the defence ministry said.
This firing is a significant step towards achieving self-reliance in niche missile technology. Navy said.
Defence exports grew 33 per cent in the calendar year 2023 (CY23) to around Rs 21,083 crore while domestic defence orders serviced by listed companies were Rs 48,000 crore. The sector is poised for steady growth. Budgeted domestic capex is likely to hit Rs 3 trillion per annum, and exports could reach $6 billion by FY29.
Building 6 conventional submarines is one of the Indian Navy's most important weapon construction programmes.
Equipped with some of the best sensors in the world, its weapons package include sufficient wire guided torpedoes and sub-surface to surface missiles to neutralise a large enemy fleet, the Navy said.
Under-construction warship 'Visakhapatnam' caught fire at 5.44 pm. The blaze erupted on the second deck of the ship.
The warship is packed with a plethora of sophisticated sensors, modern radar and weapons systems such as surface-to-surface missiles and surface-to-air missiles, according to the Indian Navy.
The rally in the equity markets in the second half of 2023 has led to a sharp surge in the cutoff for stocks to qualify as largecaps and midcaps. On the latest list put out by the Association of Mutual Funds in India (Amfi), the smallest largecap stock now has a market capitalisation (m-cap) of Rs 67,000 crore, 35 per cent higher than in July 2023. In the case of midcaps, the cutoff has surged 26 per cent to Rs 22,000 crore.
It is the first warship to have been named after a city from the Northeastern region, the approval for which was accorded by the President in April 2019.
India's total value of defence production breached Rs 1 trillion-mark in the fiscal year 2022-23 (FY23), up 12 per cent year-on-year (YoY). At the bourses, this has been well reflected in related-stocks from the sector as they gained considerable ground during this period. Shares of Hindustan Aeronautics (HAL), Mazagon Dock Shipbuilders, MTAR Technologies, Bharat Electronics (BEL), and Bharat Dynamics (BDL) have skyrocketed up to 160 per cent in a year, as against a 14 per cent jump in the S&P BSE Sensex.
"There is a high-level committee which is inquiring into the Scorpene leak on our side," Admiral Lanba said.
The government has cleared the indigenous construction of seven stealth frigates and six nuclear-powered submarines to bolster naval power.
Stocks of small- and mid-cap companies continued to gain ground in July, notwithstanding analysts sounding caution on these two market segments given the sharp run thus far in calendar year 2023 (CY23). Sanjeev Prasad, co-head of Kotak Institutional Equities, in a note co-authored with Anindya Bhowmik and Sunita Baldawa in June-end, had cautioned against the sharp run in small- and mid-caps. "We do not see any particular reason for the excitement in small- and mid-cap stocks.
The fast interceptor craft delivered can patrol the coastline at a scorching speed of 45 knots.
The Navy commander also said that as many as 39 naval ships and submarines are currently being constructed in various Indian shipyards that are expected to significantly boost India's maritime prowess.
The Mazagon Dock Shipbuilders in Mumbai on Wednesday launched INS Vagsheer, the last of the six submarines under Project 75.
A chunk of divestment till now has come from follow-on offerings in the Centre's two ETFs, Bharat-22 and CPSE. Now, there will be initial public offerings of Mazagon Docks, rail companies RVNL and IRFC and MSTC.
Public-sector enterprise stocks have seen a good run thus far in 2023-24 (FY24), with the S&P BSE PSU Index surging by over 26 per cent during the period, compared to an 11 per cent increase in the benchmark S&P BSE Sensex.
The move towards indigenisation of defence procurement creates new opportunities for India's military industrial sector. The Government of India (GoI) has so far released five lists of items for positive indigenisation - these should be manufactured in India, rather than imported. Each item on these lists represents an opportunity for some local firm.
The leaked documents include details of submarine's underwater sensors, above-water sensors, combat management system, torpedo launch system and specifications, communications system and navigation systems.
While the corporate sector has benefited from massive capital expenditure, leading to sky-rocketing stock prices, investors would do well to keep an eye on the macroeconomic picture and government finances, not just corporate profits, for signs of trouble, alerts Debashis Basu.
With the Indian Navy's requirement of conventional submarines standing at 24, there is critical need to expedite the planned acquisition of six more conventional submarines.
A piece of slightly negative news can cause a serious setback, warns Debashis Basu.
Defence Minister A K Antony has asked the Navy and the DRDO to maintain highest safety standards in the nuclear submarine fleet of the country after the mishap at the site of an under-construction vessel at Vishakhapatnam in which one person was killed.
AIP or Air Independent Propulsion system allows the vessel to stay underwater for a longer duration.
