PremiumInvestors stuck to their gloomy outlook on Friday with most markets shedding. Tokyo did not react much to the BoJ economic policy and slipped. Mainland China and Hong Kong too tumbled with little hope for a market-friendly policy from the government. Europe was also trading lower in the morning session.
Indian indices remained somewhat immune to negative global cues on Friday and ended the day in green, thanks to a good showing by Auto and Oil & Gas indices.
Sensex touched 60,000 intraday trading but settled at 59,959, a gain of 203 points. Meanwhile, Nifty jumped 50 points to end the week at 17,786.
Maruti Suzuki zoomed 5% following a 4-fold jump in its quarterly profit. Reliance Industries and Apollo Hospitals also topped the stocks chart in today's session and gained more than 2%. Tata Steel, Tech Mahindra, Sun Pharma and Grasim were on the losing side today.
As already mentioned, Auto and Oil & Gas saved the day, whereas all the other sectoral indices ended up shedding in today's session. Metal, Pharma and IT were among the worst performers on Friday.
Asian markets otherwise had a lacklustre day with most indices ending in the red. Japan's Nikkei share average fell on Friday as weakness on Wall Street and some poor domestic earnings results took a toll on sentiment.
The Bank of Japan's decision earlier in the day to keep stimulus settings unchanged, as was expected, had a limited effect on the market and the Tokyo Nikkei lost 0.88%.
Chinese stocks had their worst showing ever following a Communist Party Congress after this year’s leadership gathering dashed hopes for more market-friendly policies.
Shanghai Composite Index dropped 2.2%, while the Hang Seng Index shed 3.6%. The Hang Seng China Enterprises Index slumped 4.1% in Hong Kong on Friday.
European shares also dragged lower by weaker commodity prices and mixed earnings reports, as investors assessed the path for monetary policy tightening amid slowing economic growth. The pan-European STOXX 600 index fell in the morning trade.
Gold price in the national capital fell by ₹105 to ₹50,889 per 10 grams on Friday amid weak global trends, according to HDFC Securities.
In the previous trade, the precious metal had closed at ₹50,994 per 10 grams.
Silver, however, gained ₹21 to ₹58,336 per kg from ₹58,315 per kg.
The rupee appreciated 4 paise to 82.29 against the US dollar in early trade on Friday, supported by a weak greenback in the overseas market and positive domestic equities.
In the international market, gold was trading in red at USD 1,653.25 per ounce while silver was flat at USD 19.34 per ounce.
IndiGrid Investment Managers will seek unitholders' approval for the appointment of Harsh Shah as IndiGrid CEO and its whole-time Director through postal ballot notice.
IndiGrid Investment Managers is the investment manager of infrastructure investment trust India Grid Trust Ltd (IndiGrid).
The Investment Manager on behalf IndiGrid seek approval of the unitholders of IndiGrid to appoint Harsh Shah as Chief Executive Officer and whole-time Director of Investment Manager and related matters (Simple Majority) via Postal Ballot Notice through remote e-voting only, a BSE filing said. (PTI)
SBI Cards and Payment Services (SBICARD IN) – Akshay Ashok – Research Analyst, Prabhudas Lilladher Pvt Ltd
Rating: ACCUMULATE | CMP: Rs858 | TP: Rs1,013
Q2FY23 Result Update - Receivables Growth Strong, Revolver Mix Falling again a Dampener
Maruti Suzuki 2QFY23 – Mansi Lall – Research Associate, Prabhudas Lilladher Pvt Ltd
Maruti Suzuki 2QFY23: Beats street estimates; supported by better-than-expected GM, higher other income, lower tax rate
“Maruti Suzuki 2Q performance was better-than-street estimates. Its new models – New Brezza, New Baleno, and Vitara have been gaining good traction. Pending customer orders stood at about 412k vehicles at the end of the quarter, of which 130k units for the newly launched models. The company has addressed white spaces in its portfolio through the launch of Brezza and Grand Vitara. However, higher competition in the SUV space and slow revival in the entry segment still remains a concern. Production levels for the company are almost back to normal levels as the chip issue is largely addressed. However, market share gains remain key for Maruti, due to the competitive intensity in the UV space. Maruti has lost significant market share over the last few years (41% in Sep-22YTD vs 51% in FY19)."
American billionaires Jeff Bezos and Mark Zuckerberg witnessed a sharp fall in their net worth in a day on Thursday, dragged by the fall in Amazon and Meta's shares which erased around $16 billion ( ₹1.3 lakh crore) from the two billionaires' fortunes combined.
Mark Zuckerberg’s fortune plunged by over $11 billion to $37.7 billion, according to the Bloomberg Billionaires Index, after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months.
Jeff Bezos also witnessed an erase from his fortune after Amazon.com Inc. projected sluggish sales for the holiday shopping season, sending shares plunging in after-hours trading. Bezos net worth dropped by about $5 billion to $134 billion as of October 28, 2022. (Full Story)
Maruti Suzuki India Ltd said on Friday quarterly profit more than quadrupled, as the country's biggest carmaker benefited from higher sales volume and improved price realisations.
Standalone net profit came in at 20.62 billion Indian rupees ($250.03 million) for the quarter ended Sept. 30, compared with 4.75 billion rupees a year ago when production was hampered by chip shortage, the Indian unit of Japan's Suzuki Motor Corp said in an exchange filing. (Reuters)
Discontent rippled through Apple Inc.’s biggest iPhone plant in China this week, after hastily enacted measures aimed at quelling a Covid outbreak plunged many of its 200,000 workers into isolation -- some without proper meals.
The emergence of cases at Foxconn Technology Group’s main factory in the central city of Zhengzhou saw it go into a closed loop system, where employees aren’t allowed to leave the manufacturing campus and are tested regularly, people familiar with the matter told Bloomberg News.
Food has become a source of unrest after Foxconn, the Taiwanese company that makes most iPhones sold around the world, shut cafeterias at the manufacturing site known as “iPhone City." Only workers on the production lines were given meal boxes, with those infected or afraid to leave their company-provided dormitories given more basic fare like bread and instant noodles, some of the people said, asking not to identified for fear of retribution. Scuffles among employees over food have broken out, the people added. (Bloomberg)
India's expectation of Twitter complying with the country's rules for social media platforms will not change with its takeover by Elon Musk, according to a senior minister.
The world's richest man and CEO of electric car maker Tesla Inc has become Twitter Inc's new owner and the self-described free speech absolutist fired top executives, including chief executive Parag Agrawal, CFO Ned Segal and legal affairs and policy chief Vijaya Gadde.
"How does it matter to government who owns what. Our laws and rules are applicable to platforms regardless of who owns it or who doesn't own it," Minister of State for Electronics and Information Technology Rajeev Chandrasekhar told PTI in reply to a specific question on the ownership change at Twitter. (PTI)
Dabur India: BUY with TP at ₹650: Despite volatile demand and raw material prices, we expect margins to remain at the current level in FY23 through price hikes, judicious A&P spend, and cost optimization. Maintain BUY with revised TP of ₹650 (vs earlier TP ofRs630)as we value it at 49x Sept FY24E, implying an upside of 18% from the CMP.
SBI Cards and Payments Services: BUY with TP at ₹1075: Pressure on Margins to Persist; Business Growth Momentum to remain Robust!
Steel Strips Wheels: BUY with TP at 870: Exports Weak; Alloy Wheels to Drive Growth!
Flipkart Internet Pvt. Ltd, which operates the e-commerce marketplace, recorded a 31% year-on-year jump in its revenues to ₹10,659 crore for the financial year 2022. The Walmart-owned company, however, saw its net loss widen 51% to ₹4,362 crore during the fiscal on the back of rising transportation, marketing and legal charges.
The company’s total expenses for the fiscal were reported as ₹15,020 crore against ₹10,996 crore in the previous fiscal.
Flipkart’s operating revenue soared to ₹10,477 crore in FY22 against ₹7,804 crore in FY22. However, the company’s operating loss or Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss stood at ₹3925 crore, up from ₹2267 crore in FY21. (Read More)
The initial public offering (IPO) of microlender Fusion Microfinance, backed by global private equity major Warburg Pincus, will open for public subscription next week on Wednesday, November 2, 2022 and will conclude on Friday, November 4, 2022.
Fusion Microfinance IPO comprises fresh issuance of equity shares worth ₹600 crore and an offer of sale (OFS) of 13,695,466 equity shares by promoters and existing shareholders. Devesh Sachdev, Mini Sachdev, Honey Rose Investment Ltd, Creation Investments Fusion, LLC, Oikocredit Ecumenical Development Co-operative Society U.A and Global Financial Inclusion Fund are among those selling shares in the OFS. (Read More)
The Bank of Japan stood by its ultra-low interest rates amid fresh government support, pushing back against lingering market speculation it will adjust policy as it continues to predict inflation will cool below 2% next year.
Governor Haruhiko Kuroda and his board left their negative rate, 10-year yield cap and asset purchases unchanged at the end of a two-day policy meeting Friday. The result was in line with the view of 49 economists surveyed by Bloomberg.
The yen was broadly unchanged after the initial announcement but weakened a touch after Kuroda told reporters not to expect a rate hike or policy exit any time soon, speaking at the post-meeting press conference. (Bloomberg)
Shares of NMDC Ltd started trading ex-demerger on Thursday, a day ahead of the record date for the company's demerger of the steel business that was fixed as Friday, October 28, 2022, for the purpose of identification of shareholders of the demerged company to whom the shares of the resulting company would be required to be issued and allotted by the resulting company pursuant to the scheme.
“NMDC’s shareholders (as on 25 October, 2022) will get an additional share of NMDC Steel Limited, which possesses the steel plant (1:1 ratio) i.e. NMDC transfers the steel plant at book value, which is around ₹190 bn ( ₹65/share), and debt of around ₹17 bn. We expect the new shares (NMDC Steel) to list in December 2022 at around ₹36/share," said brokerage and research firm Edelweiss in a note. (Read More)
The European Parliament and EU member countries have reached a deal to ban the sale of new gasoline and diesel cars and vans by 2035.
EU negotiators sealed on Thursday night the first agreement of the bloc's “Fit for 55" package set up by the Commission to achieve the EU’s climate goals of cutting emissions of the gases that cause global warming by 55% over this decade.
The EU Parliament said the deal is a “clear signal ahead of the UN COP27 Climate Change Conference that the EU is serious about adopting concrete laws to reach the more ambitious targets set out in the EU Climate Law." (AP)
The Initial Public Offering (IPO) of Avro India Ltd is one of those public issues that has delivered a whopping return to its long-term investors after its listing on the SME exchange. The public issue was launched under the nomenclature of Avon Moldplast Ltd, which later on changed to Avro India Ltd, however, its BSE scrip number remained the same as 543512. The public issue was launched at an issue price of ₹51 per share in July 2018. The public issue had a par listing but in near 4 years, it has delivered a whopping 150 per cent return to its long-term shareholders. (Read More)
Sensex intraday had crossed the 60,000 mark and Nifty went above 17,800. Oil & Gas and Auto indices lead today's rally, while the Metal index is under pressure.
The Indian rupee advanced on Friday as the dollar fell and Treasury yields recoiled on signs of a softening U.S. economy, which bolstered views that the Federal Reserve may opt to slow down the pace of its rate hikes.
The rupee firmed 0.18% to 82.34 per dollar by 0456 GMT, trading in a narrow seven paisa band.
The local unit had a strong showing on Thursday but dollar demand from importers and foreign banks pushed it to close at 82.49, well off its session high.
For the day, the rupee was tracing the dollar and would "likely hold this range as we head to next week ... packed with the Fed, Bank of England and now added Reserve Bank of India (RBI) meeting," said Gaurang Somaiya, forex analyst at Motital Oswal Financial Services. (Reuters)
NHAI's Infrastructure Investment Trust (InvIT) has been listed on the stock exchange BSE on Friday. Minister of Road Transport & Highways Nitin Gadkari rang the bell at the opening ceremony to mark the beginning for public participation in infra funding. The InvIT witnessed a healthy investor response to the maiden public NCD issuance. The issue had opened on October 17.
The minister highlighted that round 2 of InvIT has been oversubscribed almost 7 times in just 7 hours of its opening as it offers an effective yield of 8.05% per annum with highest credibility. Gadkari had said the InvIT so far has raised over ₹8,000 crore from foreign and domestic institutional investors, but the second tranche was special given that 25 per cent of the NCD issue was reserved for retail investors. (Read More)
While announcing its second quarter earnings for the period ended July-September 2022 or Q2 FY23, Supreme Petrochem Ltd also said that its board has approved and declared an interim dividend of ₹4 (100%) for the financial year 2022-23. The company announced its record date next week on Friday, November 4, 2022. (Read More)
The high inflation rate in the last three quarters is mainly a consequence of the 'exogenous' price shocks, and addressing the issue will require coordinated policy efforts, RBI Monetary Policy Committee (MPC) member Shashanka Bhide has said.
Bhide further said the inflationary pressures are high and it certainly is a test for India's inflation targeting framework.
"The high inflation rate in Q2 FY2022-23 follows high inflation in the previous two quarters.
"High fuel and food prices and their spillover to other sectors have sustained the high inflation rate," he said in an email interview with PTI. (PTI)
India reported 2,208 new covid cases in the last 24 hours, as per the union health ministry data on Friday. The country’s active caseload has declined to 19,798 while the total tally of covid cases has risen to 4.46 crore so far. The death toll has increased to 5,28,999 so far with 12 fatalities reported in a day.
While Assam reported 2613 active caseload, Gujarat has contributed 472 active cases. Karnataka has reported 1915 active cases while Kerala has 3454 active cases. Maharashtra has 1788 active cases, Odisha 328 cases, Rajasthan with 320 cases, Tamil Nadu has 2328 active cases; Uttar Pradesh 374 and West Bengal has 1072 active cases so far. (Read More)
Indian government bond yields were lower on Friday, tracking the continued drop in U.S. yields as weaker economic data raised speculations of a policy pivot by the U.S. Federal Reserve.
The benchmark Indian 10-year government bond yield was at 7.4022% as of 0445 GMT. The yield ended at 7.4117% on Thursday and has fallen 10 basis points in last two sessions.
"Bonds are reacting to U.S. yields. But we may not see any major buying solely based on this factor as the selloff was also very controlled when the yield crossed 4.30%," a trader with a state-run bank said. (Reuters)
Shares were mostly lower in Asia on Friday after a mixed session on Wall Street, where tech sector losses offset gains in other parts of the market.
Tokyo’s benchmark slipped as the government was preparing about $490 billion in stimulus spending to help the world’s No. 3 economy cope with inflation. As expected, the Bank of Japan wrapped up a policy meeting by keeping its ultra-lax monetary policy unchanged even as it forecast higher inflation.
The Nikkei 225 index lost 0.5% to 27,210.03 while the Hang Seng in Hong Kong sank 2.3% to 15,069.69. The Shanghai Composite index shed 0.8% to 2,958.25.
The Kospi in Seoul declined 0.4% to 2,278.64. Australia's S&P/ASX 200 dropped 0.8% to 6,788.00. (Read More)
Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed a small bearish candle resembling closer to Hanging Man pattern on daily time frame, generally formed in an upward trend however further confirmation in the form of volume and time is required before earmarking it as a reversal pattern. A brief breather in price action can be seen as Nifty is presently near strong resistances which coincide with a downward-sloping trend line that has held down the highs of 2021 and 2022. Hence Index need to decisively close above it for the uptrend to continue, breach of which would lead the Index further higher towards the Sept’22 high of 18096. Immediate support for the market is seen at 17400 as slower pace of retracement over the past few sessions indicates of inherent strength in Nifty. To add further, on numerous occasions index witnessed buying demand in the vicinity of 200 days EMA. The momentum indicator RSI (relative strength index) is sustaining above 50 levels and has started to form Higher High, Higher Low which is in sync with the trend. This reflects the rising momentum in the prices. Eventually, one can expect the index to accelerate upward momentum. However, such a move would be in a non-linear fashion amid global volatility. During the day index is likely to open on a positive note tracking positive global cues. Hence, as long as Index trades above 17350 momentum is likely to remain positive and buy on dip strategy would be the ideal approach going forward.
Imagine Marketing Pvt. Ltd, which operates audio gear and wearables brand boAt, is raising around $60 million ( ₹500 crore) in a fresh round of equity funding led by its existing backer Warburg Pincus and new investor Malabar Investments. The company has withdrawn its listing plans due to concerns related to market conditions.
Warburg Pincus has participated in this round through one of its affiliates South lake Investment. The company will secure this growth capital in as private placement through preference shares. (Read More)
Kotak Securities outlook on Gold & Crude - Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:
Gold: COMEX Gold is trading flat today after a mild 0.22% fall in yesterday’s trading session. Gold traded between gains and losses as US Dollar index (DXY) recovered from the lows amid better-than-expected US GDP print. As per the data the US economy rebounded in the third quarter which supported the US Dollar that closed with a gain of 0.81%. although GDP print showed the economy is doing better the outlook still seems uncertain as indicated by other data pointers. Having said that focus will now turn to the US personal income data due to be released today.
Crude: WTI Crude is trading slightly more than 1% lower today after consecutive three days of gains. The recovery in the US Dollar index has pressurized crude prices which is trading near $88/bbl (WTI Crude). Although it is trading lower today it is set for weekly gains as encouraging US GDP print has helped ease fears over an economic slowdown thereby impacting demand for oil. Demand concerns amid higher price pressures might keep a check on gains whereas supply tightness amid western restrictions on Russia might put a floor on falling prices.
Ace investor has booked partial profit in Affordable Robotic & Automation Ltd. As per the shareholding pattern of the company for H1FY23, Vijay Kedia has cut down his stake in the company from 14.15 per cent to 12.25 per cent during April to September 2022 period. This signals that the market magnet has offloaded some shares of the company in first half of the current fiscal. (Read More)
"We value the stock at Rs378 based on FY24E BVPS of Rs97 with a multiple of 3.9x. In a business where the principal resource is deployable corpus, the induction of Poonawalla Group is an immense advantage. The new promoters, their vision and strategic growth is likely to unlock value for the company. Target segment of high yield loans and better credit underwriting may lead to NIMs expansion and slower credit cost. Therefore the target ROA of ~3.5% is achievable by FY25E. A high growth capital (Tier - 1 of 19.4%) places the company in a sweet spot. Our checks on the ground re-iterate our conviction and we recommend BUY with an enhanced price objective of ₹378."
Digital gold platform SafeGold saw record-high traffic across all platforms with over 5.7 million users transacting in digital gold this festive season. Interestingly, the surge was driven by male users with 81% of total transactions as compared to 19% of females who purchased digital gold during this time. Most of this traffic was driven by tier-1 cities with Mumbai in the lead followed by Hyderabad and Delhi. The highest traffic was witnessed on Dhanteras, 22 October, between 7 pm and 8 pm. (Read More)
In a further sign that large companies may be girding against an imminent recession, U.S. tech giants Amazon.com, Microsoft and Intel said this week that customers were taking an axe to cloud and datacenter spending.
Cloud services for years has been one of the largest and most dependable sources of growth for some of the biggest tech companies, including during the pandemic as people worked and studied from home.
Now investors are looking to see whether there is a glut in capacity that will lead to investment cuts as companies deal with rising costs amid soaring inflation, while interest rate increases have squeezed consumer demand. The strong dollar has been a particular headwind.
Growth in Amazon Web Services (AWS), the firm's lucrative cloud unit serving enterprises, has ticked down consistently in the past four quarters, adjusted for changes in forex.
Net sales in the business grew 28% in the July-September period versus 39% a year earlier, the slowest since the fourth quarter of 2020. They fell short of a 31% average analysts' forecast. (Reuters)
STOCK IN FOCUS
Hero MotoCorp (CMP 2,611)
In view of likely rural revival, focus on premium segment, HMCL’s market leadership position to capitalize on the demand recovery and attractive valuation, we have BUY on HMCL with a 1-Year Target Price of Rs3,125.
Intraday Picks
ASHOKLEY (PREVIOUS CLOSE: 148) BUY
For today’s trade, long position can be initiated in the range of ₹145- 147 for the target of Rs.151 with a strict stop loss of ₹144.
HAVELLS (PREVIOUS CLOSE: 1187) BUY
For today’s trade, long position can be initiated in the range of ₹1175- 1182 for the target of Rs.1210 with a strict stop loss of ₹1165.
OBEROIRLTY (PREVIOUS CLOSE: 884) BUY
For today’s trade, long position can be initiated in the range of ₹875- 882 for the target of Rs.899 with a strict stop loss of ₹865
Tata Chemicals on Thursday reported a nearly three-fold jump in consolidated net profit to ₹628 crore for the September 2022 quarter on higher income.
The company's profit stood at ₹221 crore in the same quarter a year ago, Tata Chemicals said in a regulatory filing.
The net income rose 39.62 per cent to ₹4,299 crore during the quarter under review against ₹3,079 crore in the corresponding period of the last year.
The expenses increased to ₹3,623 crore during the second quarter from ₹2,805 crore in the year-ago period.
The company said that soda ash prices continue to remain robust across geographies, resulting in improved realisations in the US, UK and Kenya. (PTI)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: "The near-term market construct is clearly ‘advantage bulls.’ There are many factors going in favour of the bulls like strong Q3 GDP numbers (2.6%) in the US, easing recession fears, indications of declining inflation and expectations that Fed might pause rate hikes in Q1 of 2023. In India, even though valuations look high from the short-term perspective, there are favourable factors that can take the market higher. The important positive is the decline in US 10-year bond yield to below 4% which will persuade the FPIs to buy rather than sell in the near term. The encouraging Q2 results will provide fodder to the bulls. Nifty is already up by 6% in October and the trend looks set to continue. The resilience of banking, select autos, capital goods and telecom might continue."
The three-day initial public offering (IPO) of DCX Systems, manufacturer of cables and wire harness assemblies, will open for public subscription next week on Monday, October 31, 2022 and conclude on Wednesday, November 2, 2022. The company has fixed a price band of ₹197 to ₹207 per share for its initial share sale.
As per market observers, DCX Systems shares are commanding a premium (GMP) of ₹80 in the grey market today. The shares of the company are expected to list on stock exchanges BSE and NSE on Friday, November 11, 2022. (Read More)
Sikko Industries shares are one of those bonus-paying shares that are going to trade ex-bonus in the month of October 2022. However, the board of directors of the company has revised the record date for the bonus issue. Now, the Sikko Industries bonus share record date has been fixed on 28th October 2022. Issuance of bonus shares will be done on an ex-date basis which means the stock will trade ex-bonus on 27th October 2022. Earlier, the small-cap company had a fixed record date for the issuance of bonus shares on 26th October 2022. (Read More)
Maruti Suzuki, Dr Reddy's Lab, JSW Energy, Bandhan Bank, Tata Power, and Blue Dart Express will be in focus as they declare their September quarter earnings today. (Read More)
In cryptocurrencies, the world's largest and most popular digital token Bitcoin was trading more than 2% lower at $20,254. Bitcoin broke above $20,000 for the first time in more than two weeks on Tuesday, ending its longest run below that price level since the token first breached the threshold in late 2020.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also surged by more than 3% to $1,524. Meanwhile, dogecoin price today was trading lower at $0.07 whereas Shiba Inu was also about 5% down to $0.000010. (Read More)
Billionaire Anil Agarwal's Vedanta Ltd has got a 10-year extension of the licence for its prolific Rajasthan oil block till May 14, 2030, the firm said in a stock exchange filing on Thursday.
The initial licence to explore and produce oil and gas from the Barmer block expired on May 14, 2020. The government had agreed to a 10-year extension but it wanted a higher share of oil and gas from the block as well as settlement of ₹5,651 crore dispute over cost recovery for the same.
Vedanta did not agree to either of the demands and challenged them in court. Against this backdrop, the company was given monthly or bi-monthly extensions, and the latest one is due to expire on October 31, 2022. (PTI)
Long-term infrastructure financier IFCI Ltd on Thursday raised ₹100 crore through preferential allotment of shares to the government.
The Committee of Directors at its meeting held on October 27 has allotted 9,29,36,802 number of equity shares at a price of 10.76 each including a premium of ₹0.76 each share to the Government of India, IFCI said in a regulatory filing.
Following the allotment of equity shares to the Government of India on preferential basis, the shareholding of the government has increased from 64.86 per cent to 66.35 per cent of the total paid-up share capital of the company, it said. (PTI)
European aviation major Airbus and Tata Advanced Systems (TASL), the defence arm of Tatas, will manufacture the C-295 transport aircraft for the Indian Air Force (IAF) in Gujarat's Vadodara.
This facility will also be manufacturing additional aircraft as per requirements of the IAF and also for exports in future, Kumar has said.
In September 2021, India sealed a nearly ₹21,000 crore deal with Airbus Defence and Space to procure 56 C-295 transport aircraft to replace the ageing Avro-748 planes of the IAF under a project that entails manufacturing of military aircraft in India for the first time by a private company. (Read More)
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