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Time of India
2 days ago
- Business
- Time of India
Indore joins India's metro map: Madhya Pradesh gets its first urban rail line; key details here
In a major infrastructure milestone for Madhya Pradesh, Indore has officially joined India's growing metro network with the launch of the state's first metro rail service. The inauguration took place on May 31, 2025, with Prime Minister Narendra Modi flagging off the metro virtually from Bhopal during an event marking the 300th birth anniversary of Ahilya Bai Holkar, a revered figure in the region's history. The newly launched metro in Indore begins with a 6.3-km "Super Priority Corridor," connecting Gandhi Nagar Station to Super Corridor-3. This stretch includes five operational stations: Gandhi Nagar, Super Corridor-6, Super Corridor-5, Super Corridor-4, and Super Corridor-3. To encourage citizens to explore the new transit system, the metro is offering free rides for the first seven days. After the promotional week, ticket prices will range from INR 20 to INR 30, depending on the distance traveled. At the moment, the metro has three coach trains that can carry up to 980 passengers each. But when demand increases, the infrastructure is built to handle future six-coach trains, enabling a higher passenger volume. To make commuting easier, the trains are outfitted with contemporary features including real-time tracking, AI-based control systems, and QR code-based ticketing. Read more: Why Indians are turning to the EB-5 Visa for US: What it is and who is eligible One of the standout features of the Indore Metro is the inclusion of Platform Screen Doors (PSDs)—a safety system that prevents passengers from accidentally falling onto the tracks. Indore is the first Indian city to implement PSDs in collaboration with Bharat Electronics Limited (BEL) and the National Capital Region Transport Corporation (NCRTC). The long-term plan for the Indore Metro envisions a total network of 31.32 km covering 28 stations across the city. The entire project, with an estimated cost of INR 7,500.8 crore, aims to significantly reduce traffic congestion, improve air quality, and offer a comfortable, eco-friendly alternative to road transport in a city with a population of over 3.5 million. Read more: 5 places in Rajasthan that aren't desert With this launch, Indore becomes the 24th city in India to operate a metro rail system, highlighting the central government's continued investment in sustainable urban infrastructure. As the network expands, it's anticipated that the metro connectivity will transform daily commutes and redefine public transportation in Madhya Pradesh's commercial capital. One step to a healthier you—join Times Health+ Yoga and feel the change
The Print
5 days ago
- The Print
India used this battlefield hack to keep Soviet-era missile systems firing against Pakistan in Op Sindoor
During Operation Sindoor, the armed forces maintained the operational readiness of Pechora and Osa-AK missile systems through a logistical workaround, 'cannibalisation', wherein functional components from inactive units were transferred to active ones. This enabled the legacy systems to remain combat-ready and engage a range of aerial threats, including UAVs, loitering munitions and missiles. Among the aerial defence systems that stood their ground were the Soviet origin surface-to-air missile systems like the Pechora and Osa-AK. Despite severe spare shortages, their combat readiness was sustained through a battlefield hack — cannibalising parts from inactive units to keep others operational. New Delhi: As Pakistan launched waves of aerial attacks between 7 and 10 May, India's multi-layered air defence network stood firm. A mix of legacy Soviet-era systems and cutting-edge indigenous and imported platforms blunted threats across key fronts, protecting military bases and civilian areas and minimising damage. With conventional supply chains no longer producing spares for these decades-old platforms, this method became essential. By systematically repurposing critical parts, the forces ensured that at least a portion of the SAM batteries stayed deployable throughout the operation. Designed to counter fast-moving aerial targets, the Pechora (S-125 Neva/Pechora), inducted by the Indian Air Force (IAF) in the early 1970s, is a medium-range surface-to-air missile system with a strike envelope of 25 km in range and 18 km in altitude. The Osa-AK (SA-8 Gecko), a short-range, highly mobile SAM system, features all-in-one tracked launchers equipped with onboard radar and six ready-to-fire missiles, making it especially effective in defending forward airbases and command facilities. Sources in the defence and security establishment said that anything detachable and reusable, such as radar transceivers, fire-control processors, command modules and data-link terminals, was identified, tested and reassigned wherever needed. This ensured that at least a portion of the ageing missile batteries remained functional and ready to intercept incoming threats. 'These legacy systems mostly have parts no longer in production. To keep the systems fully operational, the forces repurposed components from one unit to maintain two others in combat-ready condition,' said one of the sources. As far back as 2010–2011, the IAF had issued global tenders to procure spares supporting its ageing Russian-origin surface-to-air missile systems and fighter platforms. While some parts were sourced through international vendors, parallel efforts were also launched to develop indigenous alternatives, including joint ventures with Russian firms and defence public sector undertakings such as Bharat Electronics Limited (BEL). Despite these measures, gaps in availability persisted, particularly for high-end components including radar modules, electronic guidance units and missile interface assemblies. These shortages mainly stemmed as these legacy systems are no longer in production, making cannibalisation the only viable stopgap arrangement. Though considered ageing by the early 2000s, modernisation of the Pechora system began with a Rs 2,000 crore project launched in 2016 in partnership with BEL and Defence Research and Development Organisation (DRDO) to upgrade 60 firing units. This effort enhanced radar performance and replaced obsolete electronics, extending the system's service life. Meanwhile, Osa-AK units have undergone periodic overhauls through similar Indian-Russian collaborations, ensuring that their radars and missiles remain serviceable. These legacy platforms, the sources said, provided coverage across vast stretches of northern and western India, including Punjab, Gujarat, and Jammu & Kashmir, where newer systems were either deployed elsewhere or kept in reserve. 'Even the older and battle-proven air defence weapons like the Pechora, Osa-AK and AD guns performed effectively in countering the Pakistani threat vectors….our wall of air defence was impossible to breach,' Air Marshal A.K. Bharti, Director General Air Operations, said at a press conference. That wall, as it turns out, was built not just with newly acquired cutting-edge platforms like MRSAM, but also with decades-old systems brought back to life through ingenuity and improvisation. (Edited by Tony Rai) Also Read: What's a National Security Strategy & why CDS Gen Chauhan feels India doesn't need one on paper
Mint
26-05-2025
- Business
- Mint
Operation Sindoor: Booming defence stocks carry a message for investors
New Delhi: To paraphrase the ancient Greek statesman and general Pericles, just because you do not take an interest in geopolitics, doesn't mean geopolitics will not take an interest in you. Or your stocks portfolio. If the events of the last few weeks have shown us anything, it is that the real estate guys were right—it really boils down to location, location, location. India may be blessed with numerous natural advantages, but in one aspect, at least, it has been dealt with a particularly harsh hand—its neighbourhood. India's neighbours comprise, in no particular order, a military dictatorship masquerading as a functioning country; the world's largest one-party dictatorship itching to take over the entire globe; an aspiring Islamic theocracy; and a perpetually unstable parliamentary republic which cannot let go of its monarchical past. Bang in the middle sits India, the world's biggest democracy and the fastest-growing major economy. In such a situation, few things are amply clear. Firstly, in a neighbourhood like India, geopolitical flare-ups should be considered the norm, not the exception. And second, shoring up India's defence capabilities is non-negotiable, and will take massive investments spanning years, if not decades. Which brings us to the point of view of investing. For India's growing multitude of retail investors, has the time come to accord the defence sector the same importance given traditionally to banking, information technology (IT), and fast-moving consumer goods (FMCG)? Cyclical to strategic Defence stocks roared back to life in the aftermath of India's Operation Sindoor, which was launched on 7 May, targeting terror camps in Pakistan and Pakistan-occupied Jammu and Kashmir. The operation was to avenge the Pahalgam terror attack on 22 April, which left 26 people dead. Shares of defence companies like Hindustan Aeronautics Limited (HAL), Bharat Electronics Limited (BEL), Bharat Dynamics, Bharat Forge, BEML, Garden Reach Shipbuilders and Mishra Dhatu Nigam surged more than 10% in the week following the start of military hostilities. Many counters are trading with gains of up to 40% since Operation Sindoor. Fad-chasing aside, experts say participants making a beeline to the sector does have an economic rationale. 'Past conflicts, such as Uri, Pulwama, and notably the 1962 war, have historically triggered significant increases in defence spending, with the 1962 war doubling defence expenditure from 2% to 4% of GDP and catalysing India's nuclear programme," Charanjit Singh, fund manager at DSP Mutual Fund, told Mint. India's growing defence expenditure and strong push towards indigenization amid ongoing tensions with Pakistan and strategic challenges from China means the sector can no longer be considered peripheral to the India story. 'We believe the defence sector is evolving from a cyclical industry tied to budget cycles and geopolitical events into a strategic growth sector with sustained, predictable expansion," Singh said. Operation Sindoor might have reignited interest in defence names, but some experts have been bullish on this theme for a long time. 'The reason is simple. India has made a strong pitch to become a permanent member of the UN Security Council. One of the key requirements for being a member of this elite club is that the country should be strong in defence. A powerful defence sector, therefore, is among the key strategic goals for India," Kranthi Bathini, director of equity strategy at WealthMills Securities, said. Mapping the battleground India was the world's biggest arms importer during 2019–23 with a 9.8% share of all arms imports, according to global security think-tank Stockholm International Peace Research Institute (SIPRI). However, Ukraine took the top spot for the period 2020–24, with its imports increasing nearly 100 times compared with 2015–19, thanks to the Russian invasion. With an 8.3% share of global arms imports between 2000 and 2024, India was the second-largest importer. If we consider just 2024 alone, India was the fifth biggest military spender in the world at $86.1 billion—up by 1.6% from 2023 and 42% from 2015. With around 1.5 million active personnel, India also boasts of the second-largest standing army in the world. The government has set out an ambitious vision to transform India from a major arms importer to a homegrown defence powerhouse which will also cater to global demand. At an event in the capital last month, defence minister Rajnath Singh said that India's defence production is expected to exceed ₹1.6 trillion this year, as he reiterated the government's target of reaching ₹3 trillion by 2029. At the same time, the country's defence exports reached a record ₹23,622 crore in 2024–25. The government's aim is to take this number to ₹50,000 crore by 2029. Perhaps nothing exemplifies the speed and scale of transformation of this sector than this simple stat—in 2013-14, India's defence exports stood at a paltry ₹686 crore. This translates to a whopping 34-fold jump in just over a decade. The country now exports a wide array of defence goods, including ammunition, weapons, systems/subsystems, and components, to around 100 countries. The union budget has made a provision of ₹6.8 trillion for the defence sector for 2025-26. This is 9.53% more than the budgetary estimate of 2024-25 and stands at 13.45% of the union budget, which is highest among all the ministries. In tandem with the increasing budgetary allocations, the Modi government's 'Make in India' push and policy overhauls are also giving the sector a much-needed boost. The policy measures include setting up two 'defence corridors' in Uttar Pradesh and Tamil Nadu to drive indigenous manufacturing and promote exports; issuance of indigenisation lists, under which the notified goods are procured only from domestic suppliers; enhancement of the foreign direct investment (FDI) limit to 74% (automatic route) and up to 100% (government route); the Agnipath scheme, which seeks to reduce the pension burden and free up funds for defence capital expenditure. All these efforts have led to the mushrooming of a vibrant domestic ecosystem in the defence sector. They include advanced military platforms like the Dhanush artillery gun system, advanced towed artillery gun system, main battle tank Arjun, light combat aircraft (LCA) Tejas, advanced light helicopter, light utility helicopter, Akash missile system, weapon locating radar, 3D tactical control radar, and software defined radio among others. In the naval sphere, the country has started manufacturing assets like destroyers, indigenous aircraft carriers, submarines, frigates, corvettes, fast patrol vessels, fast attack craft, and offshore patrol vessels. India's defence industrial base includes 16 defence public sector units (DPSUs), more than 430 licensed companies, and approximately 16,000 micro, small, and medium enterprises. The country, which used to import about 65-70% of its defence equipment needs, is now seeing around 65% of defence goods being manufactured within the country. However, there's still a long way to go. India's defence spending, at around 2% of GDP, is lower than global defence majors (3–5% of GDP), according to domestic brokerage house Nuvama. The twin goals of meeting India's huge domestic demand and emerging as a top exporter of defence equipment will entail a massive upgrade of the country's manufacturing value chain. It also means the sector is far too important to be treated as a transient 'ride-the-rally' opportunity by investors. 'The defence sector is becoming a strong long-term theme, not just a short-term trend. The latest Indo-Pak tensions will lead to higher defence spending and a big push for self-reliance. Policies like Make in India and Atmanirbhar Bharat are driving local manufacturing, expanding exports and leading to the adoption of advanced tech like drones and artificial intelligence (AI)," Pranay Aggarwal, director and CEO of Stoxkart, a discount brokerage firm, said. Big guns In a report last month, Nuvama said it expects India's defence capital outlay to grow 7–8% annually over the next five years, translating into procurement of over $130 billion (about ₹11.1 trillion) during this period. 'Air Force and Navy would account for the bulk of it due to the need for modernization drives for their arsenals and larger programmes/systems… This makes up a substantial part of DPSUs' pipeline of ~ ₹8.7 trillion," it stated. It also has a clear preference in the sector. 'We reckon private defence companies' earnings per share (EPS) CAGR of 25–40% shall beat hands down the defence public sector undertakings' EPS CAGR of 15–18%. High-tech defence manufacturing in the country is likely to improve over coming decades as domestic production ramps up (localization efforts) spurred by greater focus on joint ventures/transfer of technology partnerships with foreign original equipment manufacturers for de-bottlenecking supply chains," Nuvama added. Within the sector, it prefers the sub-segment of defence electronics, which it projects will grow 1.5–2x of defence budget outlay over the next five years. This is due to the major modernization efforts underway, especially in the Air Force and Navy. The expansion and modernization of the Indian Navy will give a huge fillip to listed defence shipyards like Mazagon Dock Shipbuilders, Cochin Shipyards and Garden Reach Shipbuilders. The combined order book of these three major defence shipyards has remained stagnant since 2018-19 even though their combined revenue has increased from ₹8,900 crore in 2018-19 to ₹12,400 crore in the first nine months of 2024-25, Antique Stock Broking highlighted in a note. This was mainly due to delay in placing of new orders (including Project 751 for the acquisition of six submarines, and a second indigenous aircraft carrier), coupled with the completion of major orders placed between 2010 and 2020. Nevertheless, the Defence Acquisition Council (DAC) has approved orders worth ₹8.45 trillion between 2021-22 and 2024-25, which is almost 3.3 times the same number for 2018-19 and 2020-21, the Antique report stated. 'We expect this to translate into significant order inflows in 2025-26–2026-27. We see large orders being placed, led by the ordering of six submarines under P75I, three Kalvari-class submarines, next-generation corvettes, and P-17B frigates, besides a host of smaller vessels," the brokerage expansion and modernization of the Indian Navy will give a huge fillip to listed defence shipyards like Mazagon Dock Shipbuilders, Cochin Shipyards and Garden Reach Shipbuilders. Stock strike Defence has been among the most conspicuous segments of India's post-covid bull run. The Nifty India Defence Index has delivered a three-year return of a mind-boggling 435%. However, as is expected of any overheated part of the market, defence stocks saw a significant correction during July 2024 to March 2025. With these stocks seeing a renewed wave of demand after Operation Sindoor, does it make sense for retail investors to enter now? 'The defence sector may not be cyclical, but the stocks will definitely behave that way, at least in the short to medium term. So one has to be mindful of the valuations, no matter how attractive the business opportunity might seem," WealthMills Securities' Bathini said. A case in point is HAL—among the most prominent plays on the defence theme. The stock, which was trading at ₹900 levels in May 2022, shot up to ₹5,600 by July 2024—an astounding 520% return in a little over two years. However, the stock is currently down 10% from its July 2024 peak. This coincided with its price-to-earnings (P/E) ratio reaching an all-time high of 49 in July 2024. The P/E ratio measures a company's share price relative to its earnings per share. A host of defence stocks saw their price multiples reach record levels in mid-2024, which has translated into lacklustre performance since then. 'The Nifty India Defence Index has surged nearly 39% since March 2025, far outpacing the broader market. This impressive rally is backed by a strong order book, government reforms promoting indigenization, and growing private sector participation. However, the valuations have stretched significantly," DSP Mutual Fund's Singh said. He pointed out that the defence index is currently trading at a high price to equity (P/E) multiple of around 57-61 times forward earnings, which is quite elevated compared to historical averages and other sectors. 'While the long-term growth story is intact, we have to be mindful of stretched valuations and avoid chasing these stocks at peak valuations. We should wait for market corrections or dips to build or add to positions," he added. Some experts, however, have a different take on valuations in a fast-growing sector. 'P/E can be interpreted in another way—as an indicator of the opportunity present before a firm. For example, look at PTC Industries, which trades at a P/E of 400, which by conventional logic is a 'hard avoid'," said Bathini. 'However, the company makes critical engineering components for defence, aerospace and other sectors. Its specialization of working with reactive metals like titanium and zirconium makes it an integral part of the manufacturing value chain which is not easy to replicate. But yes, high P/E also carries a high degree of risk, which should be avoided by the vast majority of retail investors," he added. He advises investors to keep it simple. 'The best way to take an exposure in defence is to stick to proven leaders like HAL, BEL, Cochin Shipyard, etc. As you go along and develop some expertise, you can venture into the mid- and small-cap space, given the right valuations." Also, be aware of narratives overtaking numbers. 'I see a lot of froth in defence sub-segments like drones. People just hear the word 'drone' and are ready to buy any company, without bothering to check if it makes drones for agricultural purposes or defence. Yes, the sector has a long runway for growth, but we must keep track of the company's execution as well," Bathini said. Stoxkart's Aggarwal echoed the views, saying investors should stick to companies with large order books, government contracts, strong export potential, or leadership in high-tech areas like defence electronics. 'PSUs like HAL and BEL are well-established, while private players like L&T and Bharat Forge are growing fast. Defence mutual funds are a good option for those who prefer diversification and expert management, especially given the sector's evolving nature," he said.
India.com
23-05-2025
- Business
- India.com
More bad news for Pakistan and China as India's latest indigenous aerial defence system..., it is as lethal as...
New Delhi: Recently, during military clashes with Pakistan, the Indian defense system worked excellently, destroying all drones and missiles sent by Pakistan and thwarting the Pakistani attack. The Russian S-400 successfully neutralized Pakistani drones in mid-air, failing the attack. Now, India is working on developing its own indigenous missile defense system which will be developed by Bharat Electronics Limited (BEL), a major defense sector company that manufactures air defense systems like Akash. BEL is engaged in creating an indigenous long-range surface-to-air missile system under Project Kusha, similar to the S-400. According to the report, the company's goal is to complete the prototype within 12 to 18 months, after which user testing will take place, which can last from 12 to 36 months. The Kusha project is being led by DRDO and aims to create a system that can counter various aerial threats such as drones, aircraft, and missiles. A statement from the Chairman and Managing Director of BEL Manoj Jain said 'we are development partners with DRDO and are jointly creating multiple systems for Kusha'. He mentioned that it mainly involves the development of various types of radars and control systems. Apart from Project Kusha, BEL is also working on the Quick Reaction Surface-to-Air Missile (QRSAM) system. The company expects to receive orders worth 30,000 crore rupees for this project, which will meet the joint needs of the Indian Army and Indian Air Force. The Akash missile system developed by BEL has garnered attention with its outstanding performance and recent success. Akash is an air defense control and reporting system specially developed for the Indian Armed Forces. It enables real-time monitoring and engagement of multiple aerial targets and integrates a wide range of sensors and weapon systems within a single framework.
The Hindu
21-05-2025
- Business
- The Hindu
Cabinet clears proposals to allot land to APIIC, Bhogapuram airport, recruitment of teachers
The Andhra Pradesh Cabinet meeting, chaired by Chief Minister N,. Chandrababu Naidu, has taken several key decisions, including allotment of 615 acres in Muttukuru to the APIIC (Andhra Pradesh Industrial Infrastructure Corporation) and approval for the recruitment of 2,260 Special Education Teachers posts Addressing a press conference at the Secretariat near here on Tuesday, Information and Public Relations (I&PR) Minister Kolusu Parthasarathy said the Cabinet approved the allocation of 615 acres in Muttukuru to the APIIC for the establishment of an industrial park. The Cabinet also approved land allocation for Adani Power's 500 MW project in Tadimarri, and a 1000 MW pumped storage project in Kondapuram. It was decided to allocate land at the rate of ₹5 lakh per acre for these projects, he said. The Minister said that the Cabinet approved a proposal for the recruitment of 2,260 Special Education Teachers. The State government hsd approved the creation of 2,260 new posts for special education teachers to enhance educational opportunities for students with special needs. The aim was to provide appropriate educational support for individuals with conditions such as intellectual disabilities and specific learning disabilities. This was a crucial step in restoring the educational rights of students with special needs and promoting equality in the education system. The Cabinet approved to shift the Potti Sreeramulu Telugu University from Hyderabad to Andhra Pradesh. It was also decided to permit to Ambedkar Open University to set up study centres for providing coaching to students. The proposal for the establishment of a Legal University in Amaravati through the Bar Council of India was also approved. The Cabinet approved Andhra Pradesh Leather & Footwear Policy 4.0. It approved the proposal for recommendations of the Group of Ministers regarding GVIAL's request for restoration of 500 acres land to the developer of Bhogapuram Greenfield International Airport for city side development, Mr. Parthasarathy said. The Cabinet approved 11 companies that were cleared by the Investment Promotion Board. These proposals were regarding investment proposals from Deccan Fine Chemicals, Bharat Electronics Limited, PUR Energy Private Limited, Blue Jet Healthcare Limited, and Jupiter Renewables Private Limited. This approval would expedite project establishment in Andhra Pradesh by allocating required lands and enabling provisions for energy, roads, industrial water, and other infrastructure. It would also enable special incentive packages under these policies. These five companies will bring investments worth ₹ 9,246 crore to the State and create approximately 7,766 employment opportunities. Deccan Fine Chemicals (India) Private Limited would invest ₹1,560 crore in the manufacturing of agricultural chemicals, fine & specialty chemicals, creating 1,800 jobs; Bharat Electronics Limited will invest ₹1,400 crore in a defense systems integration complex, creating 800 jobs; PUR Energy will invest ₹1,286 crore in an electric vehicle manufacturing center, creating 1,200 jobs; Blue Jet Healthcare Limited will invest ₹2,300 crore in APIs/intermediates manufacturing, creating 1,750 jobs; and Jupiter Renewables Private Limited will invest ₹2,700 crore in solar cell and module manufacturing, creating 2,216 jobs. Approval was given for ₹30,000 crore worth of investments and the creation of 35,000 jobs, he added.
