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New Delhi: The decision of the <keyword id="20330004" type="General" weightage="100" keywordseo="Defence-Acquisition-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Defence Acquisition Council" meta.hostid="261" meta.entityid="Defence Acquisition Council">Defence Acquisition Council</keyword> (DAC) to accept 10 <keyword id="22515789" type="General" weightage="20" keywordseo="capital-acquisition" source="keywords">capital acquisition</keyword> proposals worth Rs 1.4 trn will not only boost <keyword id="23034601" type="General" weightage="20" keywordseo="domestic-defence-manufacturing" source="keywords">domestic defence manufacturing</keyword> but will contribute to the growth of the <keyword id="20362868" type="General" weightage="20" keywordseo="PSU-companies" source="keywords">PSU companies</keyword> in the defence sector, highlighted a report by Antique Stock Broking. The report noted that the growth of domestic defence manufacturing in the country has picked up significantly over the last few years and is expected to grow further in the future. It added that the government's focus on enhancing domestic capabilities is evident from its initiatives in FY24, where Acceptance of Necessity (AoN) was accorded to proposals worth approximately Rs 3.61 trillion under various capital procurement categories. These initiatives are in line with the Defence Acquisition Procedure (DAP) 2020, which strongly promotes domestic manufacturing. "The government, in FY24, accorded Acceptance of Necessity (AoN) to proposals worth approximately INR 3.61 trn under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020" said the report. A significant milestone highlighted in the report is the remarkable increase in the share of domestic procurement in India's defence sector. The share has improved from 54 per cent in FY19 to 75 per cent in FY24. The report noted that this trend is expected to strengthen further, driven by the fact that more than 99 per cent of the announced proposals are to be sourced from the domestic industry under the "Buy (Indian)" and "Buy (Indigenously Designed, Developed, and Manufactured)" categories. "The total share of domestic procurement has seen a phenomenal improvement from 54% in FY19 to 75% in FY24 and is expected to improve further. The report stated that the DAC's (Defence Acquisition Council) approval of proposals worth Rs 1.45 trillion is aimed at enhancing the operational capabilities of the Indian Armed Forces. The report further emphasizes that with Rs 1.45 trillion worth of projects already approved in the year-to-date FY25, the <keyword id="20994345" type="General" weightage="20" keywordseo="defence-PSUs" source="keywords">defence PSUs</keyword> are poised for strong growth in the near to long term. "With approval for Rs 1.45 trn worth of projects in YTDFY25, we believe defence PSUs have strong growth opportunities in the near to long term" the report added. The Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh on Tuesday accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore. Of the total cost of AoNs, 99 per cent is from Indigenous sources under the Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories, the Ministry of Defence stated. For the modernisation of the tank fleet of the Indian Army, the proposal for procurement of Future Ready Combat Vehicles (FRCVs) has been cleared. The FRCV will be a futuristic Main Battle Tank with superior mobility, all-terrain ability, multilayered protections, precision and lethal fires over and real-time situational awareness, the release stated. The AoN was also accorded for procurement of Air Defence Fire Control Radars, which will detect and track aerial targets and provide firing solutions. The proposal has also been approved for Forward Repair Team (Tracked) which has suitable cross-country mobility for carrying out in-situ repair during mechanised operations.

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

As the Indian economy pushes forward to grow at 9 per cent and above over the next few years, a key challenge for the country would be to rebalance its energy needs in favour of renewable sources by 2030 to 50 per cent as per the Paris agreement. This is where the <keyword id="44891" type="General" weightage="80" keywordseo="aluminium" source="Orion">Aluminium</keyword> sector will play a greater than ever before role. Extensive growth in electric vehicles, renewables, modern infrastructure, energy efficient consumer goods and greater dependence on strategic sectors such as aerospace and defence, will drive Aluminium consumption to grow at CAGR of 10 per cent or more. For example, Aluminium usage in EV battery is 40-50 per cent more than a normal ICE. Being 3 times lighter than steel it aids in fuel efficiency making it an efficient choice for EVs. However, the Indian aluminium industry is struggling to revive itself over the last two years following the unprecedented Covid pandemic. The declining domestic producers market share with surging imports coupled with significant cost escalation for primary producers due to a rise in input costs of critical raw materials, escalating ocean freights &amp; logistics costs due to container shortage, current coal crunch situation etc, is restricting the industry's ability to support the future of the country at a time when India cannot rely on import sources alone to fuel this growth. To give relief to the sector, there is a need for urgently looking at the duty structure. The basic custom duty on Aluminium and <keyword id="1865776" type="General" weightage="50" keywordseo="aluminium-scrap" source="Orion">Aluminium scrap</keyword> is not in line with other non-ferrous metals like Zink, lead, nickel and tin which is a huge disadvantage for domestic Aluminium producers. The industry expects increase in tariff rate of basic custom duty or peak custom duty rate from existing 10 per cent to 15 per cent. Currently custom duty on Primary Aluminium is 7.5 per cent, Downstream Aluminium is 7.5 per cent to 10 per cent and Aluminium <keyword id="6374716" type="General" weightage="100" keywordseo="scrap" source="Orion">scrap</keyword> is only 2.5 per cent. This is the reason why despite having significant presence of primary Aluminium capacity and potential to generate sufficient domestic scrap, India's consumption of scrap is 100 per cent import dependent. The way forward is to increase custom duty on Aluminium srap from 2.5 to 10 per cent. Primary aluminium industry is facing severe threat from the increasing import of Aluminium scrap. The share of scrap in total imports increased from 52 per cent in FY-16 to 66 per cent in FY-21. resulting in Forex Outgo of $2 billion (Rs 15,000 crore). What is also affecting the Indian industry is China's renewed measures to restrict Scrap imports through National Sword Policy, which is leading to greater inflow of scrap into India. China imposed 25 per cent duty on Aluminium Scrap imports from USA, and classified Aluminium Scrap in restricted import list from July, 2019, with plan to completely ban all scrap and waste imports. Post that the share of import from the US in China's total Aluminium scrap imports has declined from 53 per cent in 2017 to just 16 per cent in 2019. India has overtaken China as world's largest aluminium scrap importer due to Chinese measures. As a result, entire global scrap chain is shifted to India in absence of any quality or BIS standards for scrap recycling/ usage and imports in the country. A major threat is from US scrap imports, as US is diverting large volume of scrap to India, since EU and other developed countries have stringent standards for scrap. The import from US as share of India's total scrap imports increased from 8 per cent in FY16 to 24 per cent in FY21. This precarious situation can be resolved by safeguarding the domestic industry against these non-essential imports in the upcoming union budget. The industry demands increasing the basic custom duty on Chapter-76 (Aluminium &amp; articles). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-in-higher-standard-deduction-tax-slabs-and-covid-insurance/slidelist/88891751.cms">From higher standard deduction and change in tax slabs to clarity on Covid insurance, here’s what tax experts want from Budget 2022</a> <a href="https://www.businessinsider.in/budget/news/widening-tax-base-should-be-a-focus-area-in-the-union-budget-says-primus-research/articleshow/89093457.cms">Widening tax base should be a focus area in the Union Budget, says Primus Research</a>

Aluminum industry wants custom duty on scrap to be increased to 10% to protect domestic companies

<ul><li>Latent View is scheduled to list on stock exchanges on November 23.</li><li>Investors expect a strong listing considering its rising grey market premium, which is currently at ₹360, and robust outlook for analytics companies.</li><li>Latent View Analytics IPO has been subscribed more than Paras Defence and Technologies, which had received the highest subscription so far.</li></ul>Data analytics services company Latent View Analytics’ initial public offering (IPO) is expected to open on a positive note on November 23 although market sentiment may prevail the listing gains. Despite the downward trend in the market amid fear of increasing inflation and rising COVID-19 cases internationally, investors expect a strong listing. One reason for the euphoria is the increasing grey market premium of the company’s shares which rose to ₹360 from ₹285 earlier, as per IPO Watch. “Strong financials with healthy margin profile, leadership position in data and analytics segments, and established relationship with its blue-chip clients are key factors driving the triple-digit premium. Investors expect the company to get listed at a good premium to the IPO price,” Neha Khanna, director at financial advisory firm ValPro said in an IPO note. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category of investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">150.82 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">881.96 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">123.84 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">338.51 times </td></tr></tbody></table> Latent View’s IPO was the most subscribed domestic IPO at 338 times, breaking the record set by Paras Defence a few weeks ago (304 times). Some analysts believe that the weakness in the market could impact the stock listing. Valuations and fundamentals of the company look good but the current weakness in the market could impact the listing tomorrow,” Kranthi Bathini, director of equity strategy at WealthMills Securities, told Business Insider. Further, he said that investors may book profit on the same day of listing if any after a lesson learnt from the case of Paytm and other IPOs, wherein the damage cost of waiting patiently was huge for investors. "Undoubtedly, the analytics industry holds enormous potential to drive business growth and profitability for the shareholders. When Infosys made its initial public offering, it signified the potential of the IT [information technology] industry. Similarly, this coming-of-age chapter of the analytics industry proves that there is an unstoppable opportunity for the industry. We are optimistic about the future of analytics in India and look forward to riding the wave higher than ever,” said Sunil Mirani, co-founder and chief executive at Ugam, an analytics company, in an IPO note. The 15-year old company provides analytics services such as data and analytics consulting, business analytics and insights, advanced predictive analytics, data engineering, and digital solutions. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-ccd-reliance-power-have-had-the-worst-stock-market-debut/slidelist/87845689.cms">Paytm, Cafe Coffee Day and Reliance Power — here’s are the worst stock market debut ever</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ril-shares-fall-as-saudi-aramco-has-been-called-off-after-27-months-of-negotiations/articleshow/87841945.cms">Reliance Industries’ investors dump shares after Mukesh Ambani's Aramco deal fails after 27 months of negotiations</a>

Latent View IPO that got bigger traction than Paras Defence may list on a positive note despite a weak market

<keyword id="6354785" type="General" weightage="20" keywordseo="france" source="Orion">France</keyword> wants to be <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s "best partner" in boosting its <keyword id="2377476" type="General" weightage="20" keywordseo="defence-manufacturing" source="Orion">defence manufacturing</keyword> and has decided to share the <keyword id="15204665" type="General" weightage="20" keywordseo="best-technologies-and-equipment" source="Orion">best technologies and equipment</keyword> in sync with the growing "trust" between the two sides, French Ambassador Emmanuel Lenain has said. Without divulging specific details, the envoy said French and Indian companies are working together on "equipment of the future", platforms and engines. "I do not think any country provides India with the same level of technology. The progress is also due to the fact that we recognise that India wants to boost its strategic autonomy, wants to build its industrial base and we want to be India's best partner in this move," he told PTI. Indo-French strategic ties have been on a major upswing after India inked an inter-governmental agreement with France in September 2016 for the procurement of 36 Rafale jets at a cost of around Rs 59,000 crore. "Defence has always been a very strong component of our cooperation because there is a lot of trust between our two countries. When you want to work on these issues, you need trust because you commit yourself for 10, 20, 30 years," Lenain said. "This trust is the main asset that we have. Defence cooperation has been developing very well because we are very comfortable with India and we have decided that we could share our best technology, state-of-the-art equipment, best-in-class technology," he said. The two sides are now looking at further bolstering the strategic partnership in view of the evolving global geo-political landscape triggered by the crisis in Ukraine and developments in the Indo-Pacific region. "From the beginning, we were the best partners in the Make-in-India policy. Now that India is switching to the Atma Nirbhar policy, we are also there for India," Lenain said. He said France is ready to co-develop equipment with India and share know-how. "Our companies are working together on the equipment of the future, on engines, on different sorts of equipment. It is very positive for both industries," he said. Lenain chose not to give a direct reply when asked about the possibility of the Indian Air Force procuring additional Rafales and whether France was also looking at supplying the naval version of the jet to the Indian Navy. "We are talking, and again, we are very much willing to provide state-of-the-art equipment. Everything is on the table and we do our best," he said. French aerospace major Safran has already set the ball rolling to set up its biggest maintenance repair and overhaul (MRO) facility in Hyderabad with an investment of around USD 305 million. "It is a partnership of equals and it is a partnership to boost each other's strategic autonomy," Lenain said. Ways to expand defence and security cooperation figured during French Foreign Minister Catherine Colonna's visit to India last month. In December last year, Defence Minister Rajnath Singh said France has agreed to jointly build aircraft engine with India. In 2017, India unveiled the ambitious strategic partnership (SP) model to facilitate joint ventures between select private Indian firms and foreign defence majors to build military platforms like submarines and fighter jets in India. The SP model aims to create a vibrant defence manufacturing ecosystem in the country through joint ventures between Indian corporates and global defence majors. The government has initiated a series of measures in the last few years to boost domestic defence manufacturing. In March, the defence ministry said it plans to procure military equipment worth Rs five lakh crore from the domestic industries in the next five to seven years in line with its policy of promoting indigenous defence manufacturing. India has been one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion (one billion is equal to 100 crores) in capital procurement in the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years, including an export target of USD 5 billion worth of military hardware. SEE ALSO:

France wants to be India's best partner in defence manufacturing: French envoy Lenain

Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Wednesday assured the new generation entrepreneurs in the defence equipment world that the 'Made in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>' products will get priority in defence procurement. Sixty-eight per cent of the defence budget has been earmarked for indigenous products, he added. While inaugurating the defExpo-2022 here, the Prime Minister also launched the Indian Military Airworthiness Procedures (IMAP), HTT-40, Indian Defence Mart and defence <keyword id="15298793" type="General" weightage="80" keywordseo="space-msn" source="Orion">Space Msn</keyword> besides virtually laying the foundation stone for the DEESA Airfield. He said the country was once a net importer of defence equipment, but over the last eight years, defence manufactured in India is in demand across the world, and the exports have grown eight times. It has touched USD 1.59 billion, and the country targets to achieve the USD 5 billion mark in the next five years. Citing the success of the Brahmos missile, Prime Minister <keyword id="6354642" type="General" weightage="80" keywordseo="modi" source="Orion">Modi</keyword> said it is placed in one of the best technology missile categories and many countries have evinced interest in buying it. All three defence wings and indigenous companies' innovations are putting the nation on global armament nation. INS Vikrant aircraft carrier, Lightweight Helicopter 'Prachand' and tanks and indigenous combat guns are the pride of India, he said. "In the coming years, Space Diplomacy is going to take India to a new height as our satellites will be sharing real-time access with 60 developing countries. <keyword id="62000" type="General" weightage="80" keywordseo="maritime-security" source="Orion">Maritime Security</keyword> is a global priority and India has taken initiative in maritime security in the Indian Ocean region, in which 46 friendly countries are working on it," he said. Some 450 Memoranda of Understandings and agreements are going to be signed during these four days of DefExpo-2022. The Prime Minister, without naming the Congress, said, "Earlier pigeons were released, now Cheetah is now released, this is the difference of the government." He added in the past years, "our majority budget was going into importing defence equipment, now the time has changed. All three defence wings have made a list of 411 equipment which will be purchased from domestic manufacturers, only select items will now be imported," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-to-benefit-as-canada-aims-to-grant-citizenship-to-300000-people-in-2022-23/articleshow/94956352.cms">Indians to benefit as Canada aims to grant citizenship to 300,000 people in 2022-23</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/over-50-lakh-vehicles-deregistered-in-delhi-till-oct-17-this-year/articleshow/94956121.cms">Over 50 lakh vehicles deregistered in Delhi till Oct 17 this year</a>

68% of defence budget allocated for procuring indigenous equipment: PM

The country's largest commercial shipbuilder <keyword id="197989" type="ORGANIZATION" weightage="20" keywordseo="Cochin-Shipyard">Cochin Shipyard</keyword> Limited (CSL) on Monday reported a 64.54 per cent dip in standalone profit at Rs 42.64 crore in three months ended June, adversely impacted by the COVID-19 pandemic outbreak and subsequent lockdown. The company had posted a profit of Rs 120.25 crore in Q1FY20, as per a regulatory filing. Income from operations declined 54.87 per cent to Rs 332.47 crore in June quarter of the current fiscal from Rs 736.85 crore in the same period last year. "The company's operations and financial results for the quarter ended June 30, have been adversely impacted by the COVID-19 outbreak. The pandemic had prompted a lockdown resulting in a temporary disruption of operations from March 23 to May 5," CSL said in the regulatory filing. The company continued to work on a reduced time scale for a "significant" period of the quarter which further affected the financials for the current quarter, it added. The company has looked at the possible future uncertainties in economic conditions because of the pandemic from internal and external information such as current contracts, financial strength of supply chains and customers, among others, it said, adding, that it "expects the carrying amount of these assets will be recovered and there is no significant impact on liabilities accrued." CSL has bid and submitted a Resolution Plan for Tebma Shipyard Limited (TSL) under the Corporate Insolvency Resolution Process (CIRP), which has been accepted by the Committee of Creditors (CoC) and NCLT has approved the same, the company said. CSL is engaged in construction and repair of ships for domestic and international clients, and has its facility in Malpe, Karnataka. SEE ALSO: <a href="https://www.businessinsider.in/india/news/former-president-of-india-pranab-mukherjee-tests-positive-for-covid-19/articleshow/77459256.cms">Former President of India Pranab Mukherjee tests positive for COVID-19</a> <a href="https://www.businessinsider.in/defense/news/list-of-weapons-that-india-can-make-at-home-and-the-ones-it-cannot/slidelist/77459796.cms">List of weapons that India can make at home — and the ones it cannot</a> <a href="https://www.businessinsider.in/stock-market/markets/news/share-prices-of-bhel-lt-hal-bharat-forge-bharat-dynamic-and-others-are-rallying-in-the-stock-market-today/articleshow/77455503.cms">HAL’s share price jumps by over 8% as defence stocks rally after India announces import ban</a>

Cochin Shipyard's profit plummets by 65% under pressure from COVID-19 impact

The volume of password attacks has risen to an estimated 921 attacks every second globally -- a 74 per cent increase in just one year, a <keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> report has said. From July 2021 to June 2022, the tech giant's digital defence teams blocked 34.7 billion identity threats and 37 billion email threats. According to the '<keyword id="12280146" type="General" weightage="50" keywordseo="digital-defence-report" source="Orion">Digital Defence Report</keyword> 2022', attackers are adapting and finding new ways to implement their techniques, thereby increasing the complexity of how and where they host campaign operation infrastructure. Attacks against remote management devices are on the rise, with more than 100 million attacks observed in May 2022 -- a five-fold increase in the past year. "To lower their overhead and boost the appearance of legitimacy, attackers are compromising business networks and devices to host phishing campaigns, malware, or even use their computing power to mine cryptocurrency," the findings showed. Human operated ransomware is most prevalent, as one-third of targets are successfully compromised by criminals using these attacks and 5 per cent of those are ransomed. About 93 per cent of Microsoft's ransomware incident response engagements revealed insufficient controls on privilege access and lateral movement. The most effective defence against ransomware includes multi-factor authentication, frequent security patches, and <keyword id="10549538" type="General" weightage="50" keywordseo="zero-trust" source="Orion">Zero Trust</keyword> principles across network architecture, the report noted. Microsoft said it synthesises 43 trillion signals daily, using sophisticated data analytics and AI algorithms to understand and protect against digital threats and criminal cyber activity. "Nation state actors are launching increasingly sophisticated cyberattacks designed to evade detection and further their strategic priorities. Cybercriminals have begun using advancements in automation, cloud infrastructure, and remote access technologies to attack a wider set of targets," said the company. To date, Microsoft removed more than 10,000 domains used by cybercriminals and 600 used by nation state actors. "Foreign actors are using highly effective techniques -- often mirroring cyberattacks to enable propaganda influence to erode trust, impact public opinion, and increase polarisation -- domestically and internationally," the report cautioned. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/myositis-the-condition-affecting-actress-samantha-prabhu-is-more-common-among-adult-women-say-doctors/articleshow/95304784.cms">Myositis – the condition affecting actress Samantha Prabhu – is more common among adult women, say doctors</a> <a href="https://www.businessinsider.in/india/news/delhi-pollution-air-quality-severe-for-3rd-straight-day-noida-records-529-aqi-gurugram-at-478/articleshow/95313876.cms">Delhi pollution: Air quality 'severe' for 3rd straight day; Noida records 529 AQI, Gurugram at 478</a> <a href="https://www.businessinsider.in/business/corporates/news/kv-kamath-appointed-independent-director-of-reliance-industries-jio-financial-services/articleshow/95313728.cms">KV Kamath appointed independent director of Reliance Industries, Jio Financial Services</a>

Password attacks rise to 921 every second globally: Microsoft

<ul class="summary-list"><li>More shipping companies have announced they will suspend journeys through the Red Sea.</li><li>Yemen's Houthi rebels are escalating attacks and have threatened to target ships headed for Israel.</li></ul>Escalating Houthi rebel attacks on merchant ships in the Red Sea are increasing fears that global supply chains could be severely disrupted.The world's largest shipping group, the Mediterranean Shipping Company (MSC), announced they were suspending operations in the Red Sea until further notice due to an increased risk of attacks.The Danish shipping giant <a target="_blank" href="https://www.businessinsider.com/houthi-attacks-red-sea-raise-fears-shipping-supply-chain-disruptions-2023-12">Maersk</a>, German company Hapag-Lloyd, and French company CMA CGM have also suspended Red Sea transits.Fears have mounted as Iran-backed Houthi rebels from Yemen have <a target="_blank" href="https://www.businessinsider.com/houthi-attacks-red-sea-raise-fears-shipping-supply-chain-disruptions-2023-12">stepped up their assaults on ships</a>, targeting foreign-owned vessels with drones and missiles.In waters off the coast of Yemen, Western warships and allies have repeatedly <a target="_blank" rel="" href="https://www.businessinsider.com/houthi-attacks-soaring-not-just-us-navy-shooting-down-weapons-2023-12">shot down</a> Houthi attack drones and missiles launched by the rebels at Israel and ships.<div type="image" title="This handout screen grab captured from a video shows Yemen's Houthi fighters' takeover of the Galaxy Leader Cargo in the Red Sea coast off Hudaydah, on November 20, 2023 in the Red Sea, Yemen. On Monday, the Houthi movement in Yemen released footage and photos of the Houthi-run coastguard taking over the Israeli-linked Galaxy Leader Vessel in the Red Sea, which had 52 people onboard. Galaxy Leader is owned by Galaxy Maritime Ltd in the Isle of Man and is linked to Israeli businessman Abraham Ungar through Ray Car Carriers. (Photo by Houthi Movement via Getty Images)" height="1688" width="3000" msid="106068905" hostid="261" sizebytes="144522"></div>On Saturday, the US and UK <a target="_blank" href="https://apnews.com/article/royal-navy-shot-down-drone-red-sea-38940c6d0f653f7a6a53920c47b19097">said</a> that they had shot down another 15 attack drones from Yemen's Houthis over the Red Sea.Nicholas Brumfield, a Middle East politics researcher who focuses on Yemen and maritime security, wrote in a report for the think tank the <a target="_blank" href="https://www.fpri.org/article/2023/12/why-are-the-houthis-attacking-now/#:~:text=Motivated%20by%20a%20mix%20of,Israeli%20attack%20on%20Gaza%20continues.">Foreign Policy Research Institute</a> that the Houthi rebels were "driven by domestic political calculations in Yemen, regional cooperation with Iran and an ideological disposition against Israel."He added that the "attacks are unlikely to cease, and may in fact escalate further, so long as Israel's campaign continues."UK Defence Secretary Grant Shapps said <a target="_blank" href="https://twitter.com/grantshapps/status/1735979707785748532">in a statement</a> on the increasing attacks that they represented "a direct threat to international commerce and maritime security in the Red Sea.""The UK remains committed to repelling these attacks to protect the free flow of global trade," he added.<div type="image" title="Satellite Imagery of the Bab-el-Mandeb Strait" height="344" width="459" msid="106068906" hostid="261" sizebytes="25170"></div>The Red Sea is one of the world's most important shipping routes for oil and gas.But at its narrow southern end, commercial ships must pass through the Bab el-Mandeb Strait and along the coast of Yemen.The ongoing attacks have led to concerns that shipments of oil, grain, and consumer goods could be delayed by weeks, while shipping companies are also faced with soaring insurance costs.David Osler, an insurance editor for Lloyd's List Intelligence, told <a target="_blank" href="https://apnews.com/article/red-sea-yemen-houthis-attack-ships-f67d941c260528ac40315ecab4c34ca3">The Associated Press</a> that insurance costs had doubled for vessels passing through the Red Sea, and that the most expensive ships could have to pay hundreds of thousands of dollars more per journey.

More big shipping companies suspend Red Sea operations as fears build over global supply chains amid increasing Houthi rebel attacks 

<ul><li>Paras Defence and Space Technologies is looking to raise ₹170 crore through its IPO that opens next week.</li><li>The IPO consists of ₹140.6 crore fresh issue and offer for sale worth ₹30.17 crore by the promoters with a price band of ₹165-175 a share.</li><li>The company is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions.</li></ul>Paras Defence and Space Technologies is all set to open its initial public offering (IPO) next week i.e., from September 21 to September 23. The issue size of the IPO is ₹170 crore including ₹140 crore fresh issue and offer for sale (OFS) worth ₹30 crore by the promoters. The Mumbai-based defence company is primarily engaged in the designing, developing, manufacturing, and testing of a variety of defence and space engineering products and solutions. Bharat Electronics, Bharat Dynamics, and Hindustan Aeronautics are some of the company’s clients on the domestic front along with some customers in Belgium, Israel, and South Korea. Currently, it operates through two manufacturing facilities in Maharashtra — Navi Mumbai and Thane. Here are some of the important details related to the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Issue details </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹165 to ₹175 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 21 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 23 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 28 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 29 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">September 30 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 1 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">85 </td></tr></tbody></table> The company intends to utilise the net proceeds of the issue to purchase machinery and equipment, funding incremental working capital requirements, repaying certain borrowings, and for general corporate purposes. Besides, the financial performance of the company has been depleting in the last three financial years. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹157.16 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹149.05 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹144.61 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹18.97 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹19.65 crore </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹15.78 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sansera-engineering-ipo-last-day-for-subscription-grey-market-indicates-10-premium/articleshow/86255105.cms">Last day to bid for auto components maker Sansera Engineering IPO; grey market indicates ₹10 premium</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">Airtel, Vodafone Idea and Jio welcome telecom relief package, but analysts are divided on whether it is enough</a>

Paras Defence and Space Technologies IPO to open on September 21

India is preparing country-wise profiles of defence products and platforms to promote their exports and the government will stand "side by side" with the domestic industry in this endeavour through diplomatic channels, a senior Defence Ministry official said Monday. Raj Kumar, secretary, Department of Defence Production, said at a webinar that the domestic defence industry will hold web interactions with the representatives of friendly countries to figure out what kind of products and platforms they require. "We are preparing country-wise profiles of products, weapons and platforms which are probably needed by our friendly countries. So we are now planning to start web interaction led by the industry," Kumar said. "That country's defence attache, our DPSUs (defence public sector undertakings), industry, will then figure out what is in the store for us to promote there for exports," he said. Kumar said the government will be standing side by side with the domestic industry through its defence attaches, embassies and diplomatic channels to promote exports. To promote indigenous production, the Defence Ministry on August 9 announced restrictions on import of 101 weapons and military platforms including light combat helicopters, conventional submarines and cruise missiles under a staggered timeline till 2024. Kumar said a second list of import-restricted defence items will be notified soon. "This is the first list we are examining and then a second list will also come. We expect you (industry) to come forward and start investing to meet our requirements," he said at the webinar -- "Army Make Projects 2020" -- organised by FICCI. The senior official said as successful domestic bidders move to the defence equipment production stage, his department will share their details with the UP and Tamil Nadu defence corridor authorities, who "will compete in attracting your units to their respective states". He said since the three services are making efforts to push the "Make II" category of defence production projects, he will interact with project participants to understand their concerns and share best practices among the services. As secretary of the Department of Defence Production, Kumar heads the collegiate committee that approves the "Make II" category of projects. Under the Make II category, no government funding is given to the Indian company for the prototype development process. If a prototype developed by the company meets the standards set by the armed forces, an order is placed for such equipment or platforms. "Everything, whether it is defence industrial corridor, or whether it is defence production and export promotion policy, or whether it is a negative list - everything works in the same direction that we have to be among the top producers of defence items," he said. On August 9, Defence Minister Rajnath Singh said the ministry was now ready for a "big push" to indigenous defence manufacturing in tune with Prime Minister Narendra Modi's call for an "Atmanirbhar Bharat" (Self-Reliant India). India is one of the most lucrative markets for global defence giants. The country has figured among the top three global importers of military hardware for the last eight years. The Indian armed forces are projected to spend around USD 130 billion in capital procurement in the next five years. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-hcl-tech-wipro-and-likes-are-hoping-global-5g-race-resumes-next-year-bringing-some-large-deals-before-that/articleshow/77583638.cms">Tech Mahindra, HCL Tech, Wipro and likes are hoping global 5G race resumes next year⁠ — bringing some large deals before that</a> <a href="https://www.businessinsider.in/international/news/gaza-strips-only-power-plant-may-run-out-fuel-in-the-next-24-hours-following-israel-border-shut-warns-expert/articleshow/77584765.cms">Gaza Strip's only power plant may run out fuel in the next 24 hours following Israel border shut, warns expert</a> <a href="https://www.businessinsider.in/tech/apps/news/the-heat-is-on-mark-zuckerberg-in-india-as-facebook-and-whatsapp-incur-the-ire-of-modis-rivals/articleshow/77575358.cms">The heat is on Mark Zuckerberg in India as Facebook and WhatsApp incur the ire of Modi's rivals</a>

You Searched For "domestic defence companies" and got 11 results

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

ANI

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

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Aluminum industry wants custom duty on scrap to be increased to 10% to protect domestic companies

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Latent View IPO that got bigger traction than Paras Defence may list on a positive note despite a weak market

Bhakti Makwana

France wants to be India's best partner in defence manufacturing: French envoy Lenain

PTI

68% of defence budget allocated for procuring indigenous equipment: PM

IANS

Cochin Shipyard's profit plummets by 65% under pressure from COVID-19 impact

PTI

Password attacks rise to 921 every second globally: Microsoft

IANS

More big shipping companies suspend Red Sea operations as fears build over global supply chains amid increasing Houthi rebel attacks

Polly Thompson

Paras Defence and Space Technologies IPO to open on September 21

Bhakti Makwana

After import embargo, India is creating country profiles for its defence exports

PTI

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