
India, Russia discussed supply of missile systems, upgrades to fighter jets, New Delhi says
India and Russia discussed the supply of S-400 missile systems, upgrades to Su-30 MKI fighter jets, and the procurement of critical military hardware, the Indian government said on Friday.
JF-17 Thunder taking off to destroy Indian S-400 defence system
The defence ministers of both countries met on Thursday on the sidelines of the SCO meet in China.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
3 hours ago
- Business Recorder
JSW strengthens India paints push with $1.6 billion Akzo Nobel unit deal
BENGALURU: JSW Paints will buy Dutch paint maker Akzo Nobel's Indian arm for about $1.6 billion, in what will be the country's biggest deal yet in the sector as competition intensifies between established players and new entrants. The deal comes as challenges for Indian paint makers mount, including volatile raw material costs and heightened competition, with billionaire Kumar Mangalam Birla's entry into the sector last year eating into Asian Paints' market share. Dulux Paint-owner Akzo Nobel had announced a review of its South Asia operations last year to rein in costs and boost its core coatings business. Shares of Akzo Nobel India jumped more than 11% after the deal was announced, and were trading 7.6% higher in Mumbai at around 0830 GMT. India's paint and coatings market is expected to reach $16.37 billion in size by 2030, Mordor Intelligence estimates, from $10.46 billion in 2025, driven by a boom in infrastructure and real estate development. The deal, which includes debt, will be the Indian paint sector's biggest deal on record, Dealogic data showed. JSW Paints, launched in 2019 and part of the $23 billion JSW Group, will buy a 74.76% stake in Akzo Nobel India for $1.05 billion and launch an open offer for the roughly 25% held by public shareholders. JSW Steel files review petition before India's top court on Bhushan Power deal collapse Parent Akzo Nobel, the fourth-largest paint maker in the world by market capitalisation behind PPG, Nippon Paint and Sherwin-Williams, will continue to retain its research and development centre and powder coatings business in India. Growing competition Once completed, the deal will propel JSW Paints to fourth place by market share in a sector dominated by Asian Paints , Berger Paints and Kansai Nerolac, according to Geojit Financial Services analyst Antu Thomas. Birla-owned Grasim launched Birla Opus in 2024, crowding the already-competitive market. Birla has since filed an antitrust complaint against Asian Paints for allegedly abusing its market position, Reuters has reported. In 2022, the competition regulator closed a case filed by JSW Paints against Asian Paints for abusing its market position, saying it found no breach of competition laws. 'While this acquisition offers JSW Paints a significant scale-up opportunity, near-term integration challenges could provide an opportunity for incumbent players to strengthen their market position in the luxury segment,' Amit Purohit, vice president at Elara Capital said. Akzo Nobel is likely to rake in 900 million euros in net proceeds and plans to launch a 400 million euro share buyback program after the deal's closing, which is expected in the fourth quarter of 2025.


Business Recorder
5 hours ago
- Business Recorder
Australian shares wipe out early gains as banks drag
Australian shares gave up early gains to close lower on Friday, as losses in heavyweight financials offset a rise in mining stocks, but the benchmark still posted a weekly gain. The S&P/ASX 200 index ended 0.4% lower to finish the session at 8,514.2 points after rising as much as 0.6% in the early hours of trade. The benchmark gained 0.1% for the week and was poised to log its third consecutive monthly gain. Banking stocks fell 1.5% after hitting a fresh peak for the fourth straight session, with the 'big four' banks losing between 1.6% and 2.8%. However, the sub-index marked its strongest week in nearly a month. 'Financials have taken a breather after a strong run. This looks like a classic case of profit-taking rather than a shift in fundamentals — banks remain well-supported by stable credit conditions and a resilient domestic economy,' said Hebe Chen, market analyst at Vantage Markets. Healthcare stocks also fell 1.4%, with biotech firm CSL losing 2%. The sub-index lost 1.5% for the week, its weakest since early May. Australian shares close lower as tech stocks weigh 'As appetite for defensives fades and investors rotate into more cyclical names, CSL's lackluster performance continues to deter any meaningful dip-buying,' Chen said. Real estate stocks fell 1.2%, while the industrial sector was down 0.7%. Bucking the trend, heavyweight mining stocks rose 2.5% and posted their strongest session since April 10. The sub-index rose 0.3% for the week, its best weekly performance in more than a month. Dalian iron ore futures rose and were poised for a weekly gain on falling iron ore and steel inventories. Sector giant BHP rose 3.9%, closing at its highest level since June 12. Rio Tinto and Fortescue added 4.6% and 3.6%, respectively, on the day. New Zealand's benchmark S&P/NZX 50 index closed the session 0.8% higher at 12,583.59 points, extending gains for the week.


Business Recorder
5 hours ago
- Business Recorder
Japan's Nikkei ends at 6-month high, tracking Wall Street rally
TOKYO: Japan's Nikkei share average closed at a six-month high on Friday, as technology stocks tracked Wall Street's robust finish overnight. The Nikkei jumped 1.43% to 40,150.79, its highest closing level since December 27. The index rose 4.6% for the week, its sharpest weekly gain since the week of September 23, 2024. The broader Topix rose 1.28% to 2,840.54, gaining 2.5% for the week. 'Investors finally became willing to make long positions on U.S. stocks, underpinned by positive news around easing tensions in the Middle East and expectations for the interest rate cut,' said Takamasa Ikeda, senior portfolio manager at GCI Asset Management. 'Japanese equities mirrored the U.S. trend, led by stocks which are popular among foreign investors.' Overnight, Wall Street finished higher, with the S&P 500 and the Nasdaq just shy of record closing highs as the Israel-Iran ceasefire continued to hold and a raft of economic indicators appeared to support the case for the Federal Reserve lowering borrowing costs this year. In Japan, technology stocks rose, with chip-making equipment maker Tokyo Electron jumping 4.3% to boost the Nikkei the most. Tech start-up investor SoftBank Group rose 2.54%. Japan's Nikkei ends at over 4-month high Defence-related stocks Kawasaki Heavy Industries and Mitsubishi Heavy Industries rose 6.15% and 2.71%, respectively, on expectations of increased defence spending in Japan. Bucking the trend, chip-testing equipment maker Advantest lost 1.07%, weighing the most on the index, as investors booked profits from its more than 40% rise this month. 'Still, the rally on overall IT-related shares will continue. The market is just relocating their targets,' Ikeda said. Of the more than 1,600 stocks trading on the Tokyo Stock Exchange's prime market, 72% rose, 24% fell and 2% traded flat.