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Defence

TREND | 09 Dec 2023

Sector Update | Defence

Defence

Edelweiss

We hosted the management of two defence companies in our Nuvama Emerging Ideas Conference 2023,' namely Zen Technologies (ZEN) and Krishna Defence & Allied Industries (KRISHNDF).

Defence

TREND | 09 Dec 2023

Sector Update | Marine

Defence

Edelweiss

We hosted the management of two marine companies in our Nuvama Emerging Ideas Conference 2023,' namely SEAMEC (SEAM) and Knowledge Marine & Engineering Works (KMEW).

Defence

TREND | 17 Sep 2023

HAL to benefit the most from the recently issued AoNs; order inflow for BEL continues

Defence

ICICI Securities Limited

The Defence Acquisition Council (DAC) has accorded the Acceptance of Necessity (AoN) to nine capital acquisition proposals worth INR 450bn covering all the three armed forces. We believe proposals such as Dhruvastra are likely to be fast tracked through emergency procurement, resulting in orders towards the end of the year.

Defence

TREND | 05 Sep 2023

Digest #5/24: Aspiring for more

Defence

ICICI Securities Limited

Aug’23 was an eventful month for the defence sector. Key points: 1) An order worth INR 190bn for 5 fleet support ships was awarded to Hindustan Shipyard; 2) Acceptance of Necessity (AoN) worth INR 78bn was accorded for various platforms; 3) progress is being made on development and acquisition of fighter aircraft along with a visit by Air Chief Marshal to HAL; 4) successful firing of Astra BVR missile from Tejas; and 5) progress on P75I and P76 submarine programmes; and 6) guided Pinaka Rocket System is likely to enter final user trials in next 1-2 months.

Defence

TREND | 25 Aug 2023

DAC approves proposals worth INR 78bn: Benefit for BEL and Astra

Defence

ICICI Securities Limited

The Defence Acquisition Council (DAC) has provided Acceptance of Necessity (AoN) to various proposals envisaging investment of INR 78bn across the Armed Forces (Link). These encompass all the three services and are aimed at improving survivability, manoeuvrability and combat effectiveness. Among the companies under our coverage, we believe BEL and Astra Microwave could benefit from installation of electronic warfare (EW) suite on MI-17 V5 helicopters.

Defence

TREND | 03 Aug 2023

Digest #4/24: Focus on submarines and missiles

Defence

ICICI Securities Limited

The month of Jul’23 was eventful for the defence sector with developments around submarines, export opportunities for HAL and completion of trials of a few missile platforms. Key points: 1) Acceptance of Necessity (AoN) was granted for 3 Scorpene-class submarines and 26 Rafale-M aircrafts; 2) completion of development trials for HELINA and Dhruvastra ATGMs and Rudram-II ASM.

Defence

TREND | 18 Jul 2023

Enhanced Indo-French cooperation: Positive for HAL

Defence

ICICI Securities Limited

The joint statement issued by PM Narendra Modi and French President Emmanuel Macron during former’s visit to France (on July 13-14) for the Bastille Day parade seeks to intensify the co-operation between the two countries.

Defence

TREND | 12 Jul 2023

Rumble of the sea: Potential submarine orders in focus

Defence

ICICI Securities Limited

We have recently seen considerable interest in shipbuilders, particularly Mazagon Dock Shipbuilders (MDSL), as the bidding for P75I project comes closer and the possibility of the order for three additional Scorpene submarines being finalised during PM Modi’s visit to France for the Bastille day parade.

Defence

TREND | 05 Jul 2023

June Digest: Agreements with US and P-75I hog the limelight

Defence

ICICI Securities Limited

The defence sector in Jun’23 was abuzz with twin events: 1) MoU between ThyssenKrupp Marine System (TKMS) of Germany and Mazagon Dock Shipbuilders (MDSL) to jointly bid for P-75I project; and 2) MoU between GE and HAL to produce F-414 fighter jet engines for Tejas Mk2, including transfer of technology (ToT) to the extent of 80%.

Defence

TREND | 06 Jun 2023

May Digest: ToT for engines, P-75I and exports in focus

Defence

ICICI Securities Limited

Our analysis of defence sector for May’23 indicates: 1) RFI has been issued for procurement of 5,000 ATGMs and 8x8 HMVs; ii) second export order of Pinaka rocket launcher is likely to be finalised soon; 3) efforts afoot to export LCH- Prachand to Nigeria; 5) development trails of Pralay SRBM are complete while QRSAM is set to undergo its final trails next month.

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