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Arab News
5 days ago
- Politics
- Arab News
India's maritime vision encompasses SAGAR, Indo-Pacific and MAHASAGAR§
On March 12, 2015, while commissioning in Mauritius the gleaming Offshore Patrol Vessel Barracuda — built in Garden Reach, Kolkata, to Mauritian specifications — Prime Minister Narendra Modi outlined India's policy toward the Indian Ocean Region. The IOR policy was titled 'SAGAR – Security and Growth for All in the Region,' by the prime minister. The Indian Ocean, he pointed out, was critical to the world, bearing two-thirds of its oil shipments, one third of its bulk cargo and half of its container traffic. The 40 states that are on its littoral host nearly 40 percent of the world's population. The SAGAR policy emphasizes five aspects, the first being ensuring the safety and security of the Indian mainland and island territories, and a safe, secure and stable IOR. The second is to deepen economic and security cooperation with friends in the IOR particularly maritime neighbors and island states through capacity building, collective action and cooperation. The third is to seek a more integrated and cooperative future toward sustainable development for all. And the fourth increased maritime engagement in the IOR as the primary responsibility for its stability and prosperity of those living in the region. If SAGAR was the external outreach of India, in the national context it was complemented by the Sagarmala port-led development initiative. For long, India has been criticized for its continental bias, that it was focused on its northern and northwest frontiers to the neglect of its vast maritime interests. However, this has been changing. Since the launch of its Look East policy in 1992, which evolved into the proactive Act East policy in 2015, India has reclaimed its maritime legacy. Modi recently released a special coin commemorating 1,000 years of Emperor Rajendra Chola's naval achievements. The Indian navy has been at the forefront of maritime diplomacy through capacity building initiatives, joint exercises, plurilateral conferences, humanitarian assistance and disaster relief, and search and rescue activities. The 2004 Tsunami established India's credentials in disaster relief operations. India came to be recognized as the first responder and net security provider in the IOR, particularly to states in its neighborhood. India's prompt assistance to Myanmar in the aftermath of the devastating Cyclone Nargis in 2008, and being the first country to deliver drinking water to the Maldives after a freshwater crisis in that country in 2014 consolidated that image. In March, 2025 India mounted a huge relief-and-rescue Operation Brahma to earthquake-hit Myanmar. 'If SAGAR is the sea, then MAHASAGAR denotes 'ocean' in Hindi and several other Indian languages.' Suchitra Durai India has now graduated to becoming a preferred security partner in the Indo-Pacific region forming defense partnerships that not only include joint exercises and capacity building but also exports of equipment either as a grant or under a Line of Credit at the request of the partner state. Trilateral maritime security cooperation with Sri Lanka and Maldives which began in 2011, has extended to other Indian Ocean states. This includes Mauritius and Bangladesh with Seychelles as observer under the Colombo Security Conclave that now has a charter and secretariat in Colombo. The Indian Ocean Naval Symposium which began as an initiative of the Indian navy in 2008 is an inclusive platform to discuss maritime issues and to work out effective response mechanisms. The symposium has 25 participating countries from South Asia, West Asia, Africa, southeast Asia and European countries with Indian Ocean territories as well as nine observers and a rotating chair (India will take over as chair, at the end of 2025). MILAN, as it is known, is a biennial multinational exercise hosted by the Indian navy in harmony with the nation's vision of SAGAR and its Act East policy. A crucial facet of maritime security is enhanced domain awareness. Toward this, India has also been pursuing white shipping agreements with several countries, with 22 concluded. And established a state-of-the-art Information Fusion Centre in Gurugram that facilitates sharing of maritime information among member states. India has a long history of development partnerships going back to the period prior to its independence. Its approach to development partnerships has been shaped by its independence struggle, solidarity with other colonized and developing countries, and the inspiring leadership of Mahatma Gandhi who declared that 'my patriotism includes the good of mankind in general.' India has therefore been sharing its developmental experiences and technical expertise in a spirit of Vasudhaivakutumbakam (the ancient belief that the World is One Family). As Modi stated in his address to the Ugandan Parliament in 2018: 'Our developmental partnership will be guided by your priorities, it will be on terms that will be comfortable for you, that will liberate your potential and not constrain your future.' The Indian model of developmental cooperation is comprehensive and involves multiple instruments including grant-in-aid, concessional lines of credit, capacity building and technical assistance. Above all, it is unconditional, transparent, sustainable and financially viable. In June 2018 at the Shangri La conference, Modi outlined India's Indo-Pacific vision. For India, the Indo-Pacific stands for a free, open, inclusive region that 'embraces us all in a common pursuit of progress and prosperity.' He emphasized the centrality of the Association of Southeast Asian Nations, a rules-based order, freedom of navigation, unimpeded commerce and peaceful settlement of disputes in accordance with international law. There is great synergy between the Indian approach and the ASEAN Outlook on the Indo-Pacific. In November 2019 at the East Asia Summit in Bangkok, India launched the Indo-Pacific Oceans Initiative, a coherent initiative comprising seven pillars of practical cooperation built on the SAGAR vision. India's active participation in the QUAD (Australia, India, Japan and the US) is part of our Indo-Pacific vision. Earlier, in 2014, India established the Forum for India-Pacific Islands Cooperation, a strategic initiative for strengthening diplomatic and economic engagement with islands in the Pacific Ocean. It was in 2023, during India's presidency of the G20, whose leitmotif was inclusivity, that the African Union was invited to join the grouping. India's presidency, inter alia, revived multilateralism, amplified the voice of the Global South and championed development. India has hosted three editions of the Voice of the Global South Summit since then. Ten years after SAGAR, during an official visit to Mauritius in 2025, Modi announced the MAHASAGAR (Mutual and Holistic Advancement for Security and Growth Across Regions), an updated doctrine. If SAGAR is the sea, then MAHASAGAR denotes 'ocean' in Hindi and several other Indian languages. MAHASAGAR marks a strategic evolution from a regional focus on the Indian Ocean to a global maritime vision, with particular emphasis on the global south. Modi's recent engagements with Mauritius, Maldives, Trinidad and Tobago, Ghana and now the Philippines are aligned with the MAHASAGAR vision. • Suchitra Durai is India's former ambassador to Thailand.
Economic Times
17-06-2025
- Business
- Economic Times
Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan
Neeraj Dewan, Market Expert is optimistic about the long-term prospects of the defence sector. Budget allocations and export potential will drive growth. He suggests that while some consolidation may occur in the short term, stocks like Garden Reach and Mazagon Dock are good long-term investments. Dewan advises caution on SCI and Cochin Shipyard due to potential geopolitical impacts. ADVERTISEMENT Would you recommend betting afresh into BEL, HAL, or any other defence stock? Neeraj Dewan: If someone is a long-term investor, even after the run-up, defence is one space where there are going to be budget allocation expenditure, there can be export opportunities, and so they will continue to be strong even in the longer term. Shorter term, definitely because in the last couple of months the stocks have run up a lot and some consolidation may happen. But for a long-term play even now one can pick up these stocks and stay invested in them for a longer term. Even if you take a look at some subsectors inside defence, let us talk about some of these shipping companies. A lot of them have seen a runup once again in the last couple of trading sessions. Given the kind of surge that we have seen in a couple of these names like SCI, Garden Reach, Cochin Shipyard, would you still be advising a buy in all of these stocks? Neeraj Dewan: I am still positive on companies like Garden Reach or Mazagon Dock. SCI can be a move because of the prices going up because of the Iran-Israel clashes, so they may be impacted. Suppose that is settled and there is a truce there, you may get some reaction on the downside from SCI. So, I am not positive on stocks like SCI or even Cochin Shipyard but something like a Mazagon Dock or Garden Reach are good long-term plays. What is your analysis on Biocon? I do not know how closely you track this one because there has been a lot of easing in terms of regulatory hurdles. Now, there is a sizable fundraising as well. The next big overhang seems to be succession, but until then, everything seems to be working up. Neeraj Dewan: Actually, there has been a lot of news flow around the succession issue also and whether there can be some stake sale or not. So, there were a lot of speculations in the stock earlier. And now there is this QIP. There will be interest in seeing who is going to invest in the QIP and that will keep the stock positive. But in the medium-term, what happens is that once you get this kind of a supply in the market, the big investors will invest into the stock for the long term and there would not be any huge follow-up demand coming in. So, over the medium-term, the stock may not give that kind of a move, but this kind of inflow into the company for a longer term will do well and the stock should do well. Performance on the numbers front has not been that great lately, and that also needs to improve going ahead. If that improves with this kind of a capital coming in, over the long term, the stock should do well. ADVERTISEMENT What is your take on Asian Paints? Reliance has offloaded its entire stake in Asian Paints. Does this change investor perception about the stock now that Reliance has offloaded? Asian Paints has been in the middle of the competition and the price war in paints. Do you believe it is a good time to see any run-up or is it going to be sluggish going ahead? Neeraj Dewan: Some more consolidation will stay as far as Asian Paints is concerned. There can be some short-term up move because the stock has been down and stayed at these levels for quite some time. So, someone who is a long-term investor and has seen Asian Paints doing well over the years may take this opportunity to add up some to the portfolio because majority of the portfolios are holding on to the Asian Paints stock because over the longer term they made good money there. So, they may like to add some more. However, I do not see any meaningful upside happening in Asian Paints over the medium-term. So, a short-term move may happen positively but over the medium term, there can still be a sluggish movement and some more consolidation in Asian Paints. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Business Upturn
23-05-2025
- Business
- Business Upturn
GRSE shares hit all-time high; stock up over 140% in 52 trading sessions amid defence order momentum
By Aditya Bhagchandani Published on May 23, 2025, 09:53 IST Shares of Garden Reach Shipbuilders & Engineers Ltd surged over 5% in Friday's early trade to hit a fresh all-time high of ₹2,896.30. This marks the third consecutive day of gains for the defence PSU, taking its one-month rally to an impressive 66%. The stock's strong performance comes amid heightened investor interest in defence stocks following Operation Sindoor and Prime Minister Narendra Modi's renewed call for indigenous defence manufacturing. March quarter performance & outlook For the fourth quarter of FY25, Garden Reach reported a stellar 61% year-on-year growth in revenue. Its EBITDA soared 144%, while EBITDA margin expanded by 454 basis points. During its recent earnings call, the company said it expects peak execution in FY26. Notably, deliveries of the first P17 Alpha Ships are expected within two months, ahead of schedule. Big defence win The company also announced on Thursday that it had emerged as the lowest (L1) bidder for the Indian Navy's Next Generation Corvette (NGC) project. Garden Reach is set to bag five of the eight ships under this ₹25,000 crore contract, further strengthening its defence order book. Stock metrics Market cap : ₹32,055 crore 52-week range : ₹1,148.10 – ₹2,896.30 P/E Ratio : 61.12 Dividend Yield : 0.50% Beta : 1.66 Average delivery (20D): 80.38% Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
17-05-2025
- Business
- Business Upturn
Garden Reach shares jump 36% this week after Operation Sindoor success and strong Q4 results
By Aman Shukla Published on May 17, 2025, 11:07 IST Garden Reach Shipbuilders & Engineers (GRSE) shares surged over 36% this week following the success of Operation Sindoor and impressive Q4 FY25 financial results. Operation Sindoor, launched in response to the tragic Pahalgam terror attack on April 22, 2025, which caused 26 casualties, focused on targeting terror camps in Pakistan and Pakistan-occupied Jammu and Kashmir. The operation brought significant attention to the critical role played by Indian defence equipment. The company's strong quarterly performance further boosted investor confidence. GRSE reported a remarkable net profit of ₹244 crore for Q4 FY25, marking a 119% increase from ₹111.6 crore in the same period last year. This impressive growth was fueled by a sharp rise in revenue, which jumped 62% year-over-year to ₹1,642 crore from ₹1,015.7 crore. Additionally, the company's operational efficiency improved significantly, with EBITDA soaring 145% to ₹220.95 crore and the EBITDA margin expanding to 13.5% from 8.9%. Garden Reach shares showed notable activity on Friday, closing at 2,486.60. The stock opened at 2,273.00 and reached a high of 2,560.00 during the day, while the low touched 2,252.80. Over the past year, the share price has experienced significant fluctuation, with a 52-week high of 2,833.80 and a low of 973.00. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
