Business
Astra missile order a big step in India’s Atmanirbhar Bharat drive
The Defence Ministry’s announcement of signing a contract with Bharat Dynamics Limited (BDL) for supply of ASTRA MK-I Beyond Visual Range (BVR) Air to Air Missile (AAM) and associated equipment for the Indian Air Force (IAF) and the Indian Navy at a cost of Rs 2,971 crore is yet another major move towards manufacturing and maintenance of defence equipment to achieve the vision of ‘Make in India, Make for the World’.
ASTRA MK-I BVR AAM has been indigenously designed and developed by Defence Research and Development Organisation (DRDO) based on the staff requirements issued by the IAF catering for Beyond Visual Range as well as Close Combat Engagement reducing the dependency on foreign sources.
Until now, the technology to manufacture missiles of this class indigenously was not available.
Air-to-air missile with BVR capability provides large standoff ranges to fighter aircraft which can neutralise the adversary aircraft without exposing itself to enemy’s air defence measures, thereby gaining and sustaining superiority of the air space. This missile is technologically and economically superior to many such imported missile systems.
ASTRA MK-I missile and all associated systems for its launch, ground handling and testing has been developed by DRDO in coordination with the IAF. The missile, for which successful trials have already been undertaken by the IAF, is fully integrated on the Su 30 MK-I fighter aircraft and will be integrated with other fighter aircraft in a phased manner, including the Light Combat Aircraft (Tejas). The Indian Navy will integrate the missile on the MiG 29K fighter aircraft as well.
The project, which will act as a catalyst for development of infrastructure and testing facilities, essentially embodies the spirit of ‘Aatmanirbhar Bharat’ and will help facilitate realising the country’s journey towards self-reliance in this sector. It will also create opportunities for several MSMEs in aerospace technology for a period of at least 25 years.
In continuous pursuit to achieve self-reliance in defence manufacturing and minimise imports under ‘Aatmanirbhar Bharat’, the ministry’s Department of Defence Production (DDP) has already intensified the drive for indigenisation of defence items by its DPSUs. The progress is being reviewed on a weekly basis by Defence Secretary Ajay Kumar.
A comprehensive user-friendly dashboard on its SRIJAN Portal has also been developed to monitor the status of progress of indigenisation. This dashboard enables real-time end-to-end updates of various activities being taken up by the respective DPSUs during the process of indigenisation. It provides transparent information, analytics and various customised reports to assess the performance of the DPSUs.
Relevant information like details of items to be indigenised, tentative order quantity, concerned DPSU, route of indigenisation to be adopted, details of in-charge Nodal Officer, details of expression of Interests, Requests for Proposal, project sanction order, etc. have been kept in public domain to make it accessible to the industry.
The ministry believes that the move can become a game changer in intensifying the indigenisation process.
While addressing the three-day 39th Commanders’ Conference of the Indian Coast Guard (ICG) in New Delhi on Monday, Defence Minister Rajnath Singh had highlighted his ministry sanctioning a large number of projects, including acquisition of Pollution Control Vessels and mid-term Life Upgradation of Dornier Fleet, to modernise the ICG.
Flight test of indigenously developed helicopter launched anti-tank guided Missile ‘Helina’ being carried out from Advanced Light Helicopter at high-altitude ranges
“Today, the manufacturing and servicing/repairing of ships and aircraft of ICG is being done indigenously. The ICG is spending almost 90% of its capital budget on the development of indigenous assets,” Singh had said while appreciating the ICG’s efforts towards achieving ‘Aatmanirbhar Bharat’.
On May 27, the Defence Minister undertook a sea sortie on stealth submarine ‘INS Khanderi’ and witnessed a wide range of operational drills at Karwar strengthening the resolve of achieving ‘Aatmanirbhar Bharat’ as envisioned by Prime Minister Narendra Modi.
Singh had described ‘INS Khanderi’ as a shining example of the ‘Make in India’ capabilities of the country and appreciated the fact that 39 of the 41 ships/submarines ordered by the Indian Navy are being built in Indian shipyards.
Business
‘Innocent Unless And Until Proven Guilty’: Adani Group Issues Statement In The US Bribery Indictment; Denies Charges, Calls Them Baseless
The Adani Group, which has been at the eye of the storm since the beginning of the new day, has issued a statement in the US Indictment matter.
Adani Denies Charges
The company, in a statement procured by the conglomerate-owned IANS, said, “The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied.”
Furthermore, the statement asserted its stance and added, “As stated by the US Department of Justice itself, “the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty.” All possible legal recourse will be sought.”
Committed to Highest Standards
The Adani Group further added that it has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations.
US Court Indicts Adani and Co.
The company, in an attempt to assuage stakeholders, partners and employees, said that the company is a law-abiding organisation, fully compliant with all laws.
The storm was kicked off by a post from short-seller group Hindenburg, which shared the news of the US Federal Court’s indictment of Gautam Adani and seven others associated with the company.
Billionaire Gautam Adani has been charged by US prosecutors for allegedly being part of a scheme to pay over USD 250 million (about Rs 2,100 crore) bribe to Indian officials in exchange of favourable terms for solar power contracts.
The press release from the US court elaborated on the allegations and claimed that the company and its leadership had indulged in mass bribery activity, in which the company bribed Indian officials to bag a contract for its Adani Green Energy company.
This in turn led to misleading American investors and global financial investors.
The court reportedly also issued an arrest warrant against Gautam Adani and seven others.
Adani Shares Tank
In the aftermath of the report, Adani Group company shares tanked at Dalal Street. With Adani Enterprises shares hitting the lower circuit, losing 20 per cent of their value. The situation was the same with the other Adani stocks, including Adani Green Energy, which is in the middle of the new storm.
Business
Bharat NCAP Awards 5-Star Crash Test Rating to Mahindra Thar Roxx
The Mahindra Thar Roxx has earned a prestigious 5-star rating in Bharat NCAP’s latest crash tests, reflecting its commitment to safety. Recently evaluated under stringent testing, the SUV excelled with a 31.09 out of 32 score for adult occupant protection and 45 out of 49 for child safety.
Tested in its AX5L and MX3 variants, the Mahindra Thar Roxx delivered notable results, scoring 15.09 out of 16 in the Frontal Offset test and a perfect 16 out of 16 in the Side Impact test. The assessment revealed strong protection for most areas, with adequate ratings for the driver’s chest and lower legs.
The Mahindra Thar Roxx has received high marks for child occupant safety, scoring 24 points in Bharat NCAP tests, along with 12 points for CRS (Child Restraint System) installation and a Vehicle Assessment Score of 9. This top-tier safety rating applies to all Thar Roxx units produced from November 2024 onward, underscoring Mahindra’s dedication to enhancing safety features across its SUV range. Additionally, Mahindra’s XUV400 and 3XO models have also achieved 5-star safety ratings, further emphasizing the automaker’s commitment to robust safety standards.
The Mahindra Thar Roxx offers two interior themes – Classic Ivory and a new Dark Mocha Brown. Comfort and convenience are prioritizing with ventilated seats, leatherette upholstery, a digital driver display, a larger 10.25-inch touchscreen, a high-quality Harmon Kardon sound system, a panoramic sunroof, rear AC vents, wireless connectivity for Apple CarPlay and Android Auto, and a six-way adjustable driver’s seat, combining practicality with luxury.
Mahindra Thar 5-door comes packed with safety and interior upgrades to enhance its appeal. On the safety side, it includes essentials like six airbags, three-point seatbelts for all occupants, hill control features, electronic stability control, and a seatbelt reminder. Advanced driver-assist features, such as autonomous emergency braking, adaptive cruise control, lane-keeping support, lane departure alerts, and a 360-degree camera system with blind spot monitoring, add an extra layer of protection.
Mahindra Thar Roxx offers two engine choices: a 2.0-litre turbo-petrol and a 2.2-litre diesel. The petrol engine comes in two setups—150 bhp and 330 Nm of torque for the manual, and 174 bhp with 380 Nm for the automatic. The diesel option is available only with four-wheel drive.
Business
Why The Indian Stock Market Struggled: Inflation, FPI Outflows, And Currency Pressure; Everything You Need To Know
The Indian stock market on Wednesday (November 13) wrapped the another challenging day, marking the fifth consecutive session of losses.
The Sensex and Nifty, the two benchmark indices, both ended lower amid concerns over inflation and a broad selloff in metal stocks.
Market Snapshot
By the close of the trading session, Sensex was down by 984.23 points, or 1.25 per cent, ending at 77,690.95. Nifty 50 followed suit, shedding 324.40 points, or 1.36 per cent, to settle at 23,559.05.
The day saw a sea of red on both the Sensex and Nifty, with the majority of stocks ending lower. Among the few gainers were NTPC, Tata Motors, and Infosys, which saw minor upticks on BSE.
However, the broader market was dominated by heavy losses, especially in stocks such as JSW Steel, State Bank of India (SBI), Adani Ports, Mahindra & Mahindra (M&M), and Tata Steel, all of which posted declines.
Reasons behind the sharp decline
One of the major factor contributing to the market’s downward trajectory is the growing concern related to inflation.
As per the data which released by the Ministry of statistics and Programme Implementation regarding the India’ retail inflation, it showed that for the month of October, it surged to 6.21 per cent, breaching the Reserve Bank of India’s (RBI) upper tolerance limit of 6 per cent for the first time in over a year. The primary factors that contributed to surge include rise food prices, driven by the extended monsoon season and crop damage.
Adding to the pressure is the continued outflow of foreign portfolio investments (FPIs). On November 12, FPIs sold shares worth Rs 364.35 crore, bringing the total outflows for November to Rs 23,911 crore
The Indian rupee also struggled on November 13, weakening by 1 paisa to close at 84.38 against the US dollar.
The rise of the US dollar, which surged 1.8 per cent in November, has been exacerbated by the US presidential election result and higher bond yields. The US 10-year bond yield spiked to 4.42 per cent, further diverting capital away from emerging markets like India.
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