The Defence Acquisition Council (DAC) has recently approved procurement proposals worth Rs 79,000 crore across three services and it has cleared AoN (Acceptance of Necessity) of Rs 3.3 trillion in financial year 2026 (FY26).
This is seen as the first concrete opportunity to break HAL's monopoly in combat aircraft manufacturing, potentially opening the door to a private-sector fighter jet producer.
The defence minister, without naming anyone, said some people are not liking the rapid development of India and are unable to digest it.
A host of macroeconomic data announcements, the last batch of September quarter earnings, global trends, and trading activity of foreign investors will be the major driving factors for the equity market this week, according to analysts. Equity markets would remain closed on Friday for Guru Nanak Jayanti. "India is set to release CPI and IIP data on November 12, with WPI data expected on November 14.
The coach will undergo rigorous trials and tests in 10 days before rolling it out on the track for further testing, Vaishnaw told reporters.
The Central Bureau of Investigation is likely to confront suspended BEML Chairman V R S Natarajan and Vectra Chairman Ravinder Rishi in its probe related to alleged irregularities in the procurement and supply of Tatra all-terrain vehicles.
BEML Chief V R S Natarajan was on Monday suspended by the defence ministry in connection with the Tatra case on a Central Bureau of Investigation recommendation after former army chief General V K Singh levelled allegations that he was offered Rs 14 crore bribe to clear a deal for 600 trucks.
A day after V R S Natarajan was suspended, BEML on Tuesday said its senior-most director P Dwarakanath has been given the additional charge as its chairman and managing director. Informing the Bombay Stock Exchange of the decision, it said Dwarakanath, BEML director of Metro and Rail Business, was given additional charge as the Chairman and MD, after the government suspended Natarajan following a CBI recommendation against him in the Tatra truck purchase deal case.
Dismissing Army Chief Gen V K Singh's comments on Tatra trucks as "not true", state-owned BEML ON Friday said that it had never received any single complaint from the force in its over two decades association.
RBI interest rate decision, macroeconomic data and global trends would guide markets' movement this week, analysts said. Besides, trading activity of foreign investors and the last batch of Q1 earnings announcements would also guide trends in equities. HSBC PMI (Purchasing Managers' Index) for the services sector is scheduled to be announced on Monday.
From highways connecting once-remote regions to aviation networks carrying millions, India's infrastructure story is one of transformation.
A day after Gen V K Singh retired as the army chief, public sector BEML on Friday slapped a legal notice on him demanding an apology for his "false and motivated" allegations against it on the Tatra truck issue.
Total order book set to cross Rs 5,000 crore or Rs 50 billion with new orders from BMRC and DMRC.
Bharat Earth Movers Ltd has bagged Rs 800 crore (Rs 8 billion) orders from Ministry of Defence for various ground support high-mobility vehicles.
Under attack over alleged inaction on corruption charges, government on Friday said Defence Minister A K Antony has ordered a Central Bureau of Investigation probe into a case relating to public sector undertaking BEML even as inquiry was on into a complaint about an alleged scam in purchase of Tatra trucks.
The defence ministry on Wednesday sought an explanation from BEML chief V R S Natarajan for serving a legal notice on former Army Chief Gen V K Singh demanding an apology for his alleged defamatory statements against the defence PSU on the Tatra truck issue.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
The Centre could further moderate its divestment target for 2024-25 (FY25), as it does not expect large receipts from asset sales - except some ongoing strategic ones, including IDBI Bank, which could spill over into next financial year. Also, it may drastically reduce its FY24 divestment target of Rs 51,000 crore. "We are still evaluating the Budget estimates for FY25. "New big-ticket asset sales are unlikely.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
Ahead of the Budget, the government has achieved almost half the divestment target of Rs 65,000 crore. FY23 divestment receipts are unlikely to be anywhere close to the budgeted target.
Earlier, proceeds from disinvestment were shown separately as part of the miscellaneous receipts in the Capital Receipts Budget.
The 2022-23 Budget has projected a disinvestment target of Rs 65,000 crore for next financial year. This is significantly lower than the estimated Rs 1.75 lakh crore budgeted for 2021-22. In the revised estimates, the target for 2021-22 has been cut to Rs 78,000 crore.
It was touted as a game changer but big-ticket privatisation has been a mixed bag as the government faces unanticipated challenges of lukewarm investor response, employee union agitation and legal hurdles. Prime Minister Narendra Modi's often-repeated statement 'the government has no business to be in business' guided the drawing up of an ambitious privatisation pipeline. While Air India sale succeeded, Bharat Petroleum Corporation Ltd (BPCL) divestment failed.
Over half, or 269 NSE 500 stocks, have given over 10-fold (10x) returns in the last two decades, finds a recent report by Goldman Sachs that analysed 10 major markets across emerging and developed markets (EM/DM) that covered 6,700 stocks. The report examined '10-baggers' - stocks that have generated at least 10x total returns within a rolling 5-year period over the past two decades. Some of the prominent ones that comprise these 269 stocks in the Indian context stocks that delivered over 10x total returns over a 5-year rolling period since 2000 as per Goldman Sachs includes Westlife Foodworld, Bharti Airtel, Adani Total Gas, Patanjali Foods, Larsen & Toubro, BEML, Blue Star, Shree Cement, Lupin, Godrej Industries, Astral, Adani Enterprises, Hindustan Petroleum and Deepak Fertilisers.
Bharat Earth Movers Ltd said it signed a memorandum of understanding with Bumar Ltd, Poland, for manufacture and supply of defense products with provision for transfer of technology.
Modi made the comments in his address after inaugurating the 14th edition of Aero India at the Yalahanka Air Force station complex on the outskirts of Bengaluru.
Bharat Earth Movers Ltd and Konkan Railway Corporation Ltd signed a pact to manufacture sky-buses for the metro rail project in Goa.
The government is set to divest its shareholdings in defence PSUs, Garden Reach Shipbuilders & Engineers Ltd and Mishra Dhatu Nigam Ltd (MIDHANI). It will also divest its shareholding in BEML Limited, said Shripad Naik. Minister of State for Defence, on Monday. The government has invited preliminary bids to sell its 26 per cent stake in BEML along with transfer of management control.
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 five-day event will include aerial displays by aircraft and helicopters along with a large exhibition and trade fair of aerospace and defence companies.
The government is not in a "crazy rush" to sell everything and it will continue to have a presence in four strategic sectors, including telecom, Finance Minister Nirmala Sitharaman said on Saturday. In strategic sectors, a bare minimum presence of the existing public sector commercial enterprises at the holding company level will be retained under government control. The remaining enterprises in a strategic sector will be considered for privatisation or merger with another PSE or for closure.
'In equities, it has diversified portfolios.' 'So the short-term movement of individual stocks does not impact them.'
Bharat Earth Movers Limited Chairman and Managing Director V R S Natarajan on Tuesday appeared before the CBI as the agency had asked him to come for giving clarifications pertaining to procurement and supply of Tatra all-terrain trucks to the Indian Army.
BEL closed a good quarter but is getting expensive
Singh made the remarks while addressing a "CEOs' Roundtable" at the 14th edition of Aero India at the Yelahanka Air Force station complex on the outskirts of Bengaluru.
The six Pinaka Regiments comprise of 114 Launchers with automated gun aiming and positioning system and 45 command posts to be procured from M/s TPCL and M/s L&T, and 330 vehicles to be procured from M/s BEML.
It is estimating that this would help monetise assets worth Rs 10,000 crore.
Bharat Earth Movers has posted a 4% increase in net profit to Rs 18.07 crore for the fourth quarter ended March 31, 2003 when compared with Rs 17.36 crore for the corresponding quarter last fiscal.
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
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