Bharat Dynamics, HAL, BEML to Cochin Shipyard: Defence stocks surge on govt's ₹1.05 lakh crore procurement drive
Paras Defence and Space Technologies emerged as the top gainer among index constituents, surging 8%. Other gainers included Mishra Dhatu Nigam, Astra Microwave Products, BEML, Unimech Aerospace and Manufacturing, Cochin Shipyard, Bharat Dynamics, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders and BEL, all of which rose between 1-2% each.
The Ministry of Defence's Defence Acquisition Council (DAC) on Thursday cleared capital acquisition proposals worth nearly ₹ 1.05 lakh crore. The 10 capital acquisition proposals are set to be carried out through indigenous sourcing from Indian companies.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
39 minutes ago
- Hindustan Times
Delhi court declares arms middleman Sanjay Bhandari a fugitive economic offender
New Delhi: London-based arms middleman Sanjay Bhandari, wanted in multiple cases by the Indian agencies, was declared a 'fugitive economic offender' (FEO) by a Delhi court on Saturday based on a request by the Enforcement Directorate (ED), a development which officials said will allow the federal agency to confiscate his properties anywhere in the world and bar him from filing or defending any civil proceedings in India. Sanjay Bhandari. (File Photo) The court ruled that extradition attempt of Indian agencies (for Bhandari) may have failed (a UK court earlier this year discharged him from extradition proceedings) but it doesn't make him 'angel or immune from the prosecution for the violation of Indian laws' and that FEO tag is another way of 'making one come back to India to face trial by coercing him to return by attachment, confiscation of the properties' and 'dis-entitling such fugitive economic offenders from putting forward or defending any civil claim.' Brought in by the government in 2018 to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts, the FEO act empowers authorities to confiscate and attach proceeds of crimes and assets when the amount involved in the case is higher than ₹100 crore. Such attachment is not linked to conviction. Deciding ED's request under FEO, filed in 2019, special judge - Sanjeev Aggarwal - at the Tis Hazari court said in his judgement on Saturday - 'this court is satisfied that Sanjay Bhandari is a fugitive economic offender under section 12(1) of Fugitive Economic Offenders Act, 2018 and is declared as such under the above provision(s) of Fugitive Economic Offenders Act, 2018.' Asserting that Bhandari wilfully refuses to come to India to face criminal prosecution, the judge noted - 'this court is satisfied that the total value of the schedule offence is 100 crores or more i.e. the schedule to the present FEO Act which is Section 51 of the Black Money Act', which it added is a requisite condition for declaring an individual a FEO. With this order, a total of 16 people, including liquor baron Vijay Mallya and diamond trader Nirav Modi, have been declared fugitive economic offenders by different courts. Rejecting an argument of Bhandari that UK high court order makes him eligible to stay in London and therefore FEO won't apply to him, the judge Sanjeev Aggarwal said in his order on Saturday - 'The said argument is without any substance, as the extradition failure will not make any difference, as the extradition of the accused was one of the means to bring the accused to India to face trial in the said offence under Section 51 of the Black Money Act.' 'Extradition attempt may have failed, but it will not make accused angel or immune from the prosecution for the violation of Indian laws. The FEO proceedings are another way of making one come back to India to face trial by coercing him to return by attachment, confiscation of the properties of such fugitive economic offender and proceeds of crime and by dis-entitling such fugitive economic offender from putting forward or defending any civil claim. This is applicable to an individual, who has committed schedule offence or offence(s) involving an amount of ₹100 crores or more and who has absconded or refuses to come back to India to avoid criminal prosecution in India,' the court ruled, while adding that proceeds of crime in Bhandari's case are more than ₹100 crore. Bhandari's lawyer - senior advocate Maninder Singh - had argued that declaring him as fugitive economic offender entails very serious consequences including confiscation of his property and barring him from defending any civil claims, effectively amounting to economic death penalty. Dismissing this argument, the court said - 'Bhandari always has an option to return to India to get the termination of proceedings under FEO Act and to avoid adverse consequences of Section 14 of the FEO Act. Therefore, when he chooses not to return to India, he cannot take the plea of avoiding all the legal consequences including that of Section 14 of the FEO Act. In any case those who play with fire should be aware of its consequences.' According to ED and the Income Tax department, during the extradition proceedings, Bhandari had undisclosed foreign income worth ₹655 crore on which he evaded tax worth ₹196 crore. The middleman in defence deals deposited huge amounts of money in bank accounts of overseas shell companies and also invested in properties in the UAE and the UK (between 2009 and 2016). He has also been under investigation since 2019 by the Central Bureau of Investigation (CBI) on charges of corruption in a ₹2,985-crore deal in 2009 to procure 75 PC-7 trainer aircraft from Swiss plane maker Pilatus Aircraft and for allegedly laundering money for properties allegedly linked to former Congress president Sonia Gandhi's son-in-law Robert Vadra in London, in which NRI businessman C C Thampi was arrested by ED in January 2020. It has also been probing Bhandari's links with Robert Vadra, the businessman husband of Congress MP Priyanka Gandhi Vadra. He fled from India in 2016 via Nepal and an Interpol red notice was issued against him in October 2017. The Indian government sent two extradition requests against the fugitive businessman under money laundering and black money act which were certified by the then UK home secretary Priti Patel in June 2020, after which, British authorities arrested him on July 15, 2020. A court, however, released him on bail pending extradition proceedings. A Westminster court subsequently ordered his extradition to India in November 2022 but he challenged this in the high court. The UK high court, on February 28 this year, discharged him in the extradition request and an appeal filed by Indian government against it was rejected on April 4.
Hindustan Times
44 minutes ago
- Hindustan Times
India techie's F-1 visa ‘Refused' for a this very reason, Redditor weighs in
Indian students applying for F-1 visas are facing a new and confusing hurdle: a sudden 'Refused' status on the CEAC (Consular Electronic Application Center) portal, even when the visa officer keeps the passport and no formal rejection notice is given. (Representational image) Indian students face confusion over 'Refused' F-1 visa status amid social media screenings. One applicant at the U.S. consulate in Mumbai recently shared their experience on Reddit. 'F1 Visa Interview - 'Refused' Status [Mumbai] Had my F1 visa interview on July 1 at the Mumbai consulate. The officer kept my passport and said they need to do social media screening. CEAC status now shows 'Refused,' but I wasn't given a 221(g) slip. Anyone faced this before? What should I expect next? Do I still have a chance?' the Redditor wrote. ALSO READ| One honest answer cost him his US visa, claims Indian, Reddit weighs in has not independently verified the authenticity of this information. No 221(g), no clarity, US student visa applicants left in limbo Multiple students have reported the same sequence: a seemingly normal interview, passports retained by consular staff, and then, suddenly, a 'Refused' status with no 221(g) slip and no clear explanation. For many, the only hint comes from the consular officer saying something vague about 'social media screening.' 'Anyone who had an interview on or before 27th June and is yet to receive an update on their F1 visa application after receiving the 221(g) social media vetting form? Please update so that we can get to know about the timelines,' another Redditor urged. This appears to be a consequence of recently intensified screening procedures, reportedly driven by updated U.S. visa rules under the Trump-era policies that still linger in practice. These policies call for enhanced scrutiny of applicants' social media profiles. Another Redditor shared, 'I'm 31 years old with 7 years of experience in IT infrastructure and cloud support engineering. I'm from India with 3 years of experience here on OPT,' now left in a 'breadcrumbing' situation in a never ending loop of rejection. ALSO READ| One family emergency away from losing your H-1B Visa? Indian techie's hidden fear To be clear, a 'Refused' status on CEAC doesn't always mean the visa is denied outright. Often, it just means the application is undergoing further review.
Time of India
an hour ago
- Time of India
Mumbai's iconic Filmistan Studios, founded by Kajol and Rani Mukerji's grandfather, sold for Rs 183 crore; to be redeveloped into luxury towers by 2026
Filmistan Studios, one of Mumbai's earliest and most storied film studios, has officially been acquired by Arkade Developers for Rs 183 crore. The deal was registered on July 3 and marks the end of an era for a property that played a foundational role in shaping the landscape of Indian cinema since the 1940s. Filmistan was founded in 1943 by Sasadhar Mukherjee, grandfather of actors Kajol and Rani Mukerji, alongside actor Ashok Kumar, Gyan Mukherjee, and Rai Bahadur Chunilal. The studio was born out of a break from Bombay Talkies, and quickly became a hub for Hindi film production. Back then, studios weren't just rental spaces, they were full-fledged production houses employing actors on monthly salaries. A legacy of Indian cinema to be replaced by luxury living Known for its sound stages, accessible outdoor sets, and central location in Goregaon West, Filmistan served as the backdrop for countless Bollywood films, TV shows, and advertisements over several decades. However, with newer, tech-savvy studios mushrooming across the city, Filmistan gradually lost its sheen. Now, the four-acre parcel on SV Road is set to transform. Arkade Developers plans to launch an ultra-luxury residential project with a projected gross development value of Rs 3,000 crore. The high-rise development, slated for a tentative launch in 2026, will reportedly include 3, 4, and 5 BHK residences and penthouses across two 50-storey towers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upto 15% Discount for Salaried Individuals ICICI Pru Life Insurance Plan Get Quote Undo 'Thrilled to shape the next chapter' Confirming the news on LinkedIn, Arkade Developers' Chairman and Managing Director Amit Jain wrote, 'Thrilled to share that Arkade Developers has successfully acquired the iconic 4-acre Filmistan Pvt. Ltd. land parcel on SV Road, Goregaon West, for a total consideration of Rs 183 crore.' He added that the location will now house an 'ultra-luxury residential project on one of Mumbai's most storied addresses—popularly known as 'Filmistan Studios'.' Dharmesh Yelande Spotted At Filmistan Studio In a statement to Hindustan Times, Jain emphasised the emotional weight of the site: 'Filmistan Studios holds immense emotional and legacy significance for Mumbai, and we are privileged to be entrusted with shaping its next chapter. This development will go beyond being a premium address, and it will offer a thoughtfully curated lifestyle experience for a discerning few.' He also said that the company's aim is not just to construct homes, but to build a legacy reflective of Mumbai's evolving aspirations.
