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Astra Microwave Products Signs MoU With Bharat Electronics Limited
Dec 26 (Reuters) - Astra Microwave Products Ltd ASTM.NS:
SIGNS MOU WITH BHARAT ELECTRONICS LIMITED
Source text: ID:nBSE3pVZ9J
Further company coverage: ASTM.NS
(([email protected];))
Dec 26 (Reuters) - Astra Microwave Products Ltd ASTM.NS:
SIGNS MOU WITH BHARAT ELECTRONICS LIMITED
Source text: ID:nBSE3pVZ9J
Further company coverage: ASTM.NS
(([email protected];))
EXCLUSIVE-Top Indian arms makers held rare meetings in Russia on potential joint ventures, sources say
Meetings mark first visit by Indian defence executives to Moscow since 2022
Russian joint ventures would pose risk to India's plans for access to Western technology
Adani, Bharat Forge deny Russia meetings
Indian firms wary of sanctions risk in any new Russia deals
Updates Dec 9 story on Dec 16 to add response from Adani Group, SIDM, Tata Sons, Larsen & Toubro, Reuters spokesperson, and sources in paragraphs 3-7, 18-21
By Shivam Patel
NEW DELHI, Dec 9 (Reuters) - At least half a dozen executives from top Indian arms makers, including Adani Defence ADEL.NS and Bharat Forge BFRG.NS, attended rare meetings in Russia this year to discuss potential joint ventures, three people familiar with the matter said.
The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to reorientate its decades-old defence ties with Russia to focus on joint development of weapons.
After the article was published, a spokesperson for Bharat Forge denied, and an Adani Group spokesperson reiterated its denial, that executives from any of their companies had attended the meetings.
"No Adani representative attended or participated in any meetings in Russia — official or otherwise," an Adani spokesperson said in a statement. "Any reporting that states or implies otherwise is false."
Following the story's publication, the three people and another government source confirmed to Reuters that the meetings had taken place and that representatives of Adani Group and Bharat Forge had attended.
A Reuters spokesperson said: "We stand by our reporting."
India's defence ministry declined to comment on this story. It had also not responded to a request for comment earlier.
Any potential collaboration with Russia risks setting back plans by Indian defence firms to jointly develop Western arms as part of Prime Minister Narendra Modi's push to make India, one of the world's biggest arms importers, a global manufacturing hub.
Western diplomats have previously said that a key obstacle to the transfer of sensitive military technology to India is its defence ties with Russia and the vast amount of Russian-origin arms used by the Indian military, totalling about 36%.
The talks in Moscow were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, headed by India's Defence Production Secretary Sanjeev Kumar, that was aimed at laying the ground for Russian President Vladimir Putin's visit to India on December 4-5.
JOINT PRODUCTION IN INDIA
The meetings discussed the potential for manufacturing of spares for Mikoyan MiG-29 fighter jets, and other Russian-origin air defence and weapon systems, as well as a Russian proposal to set up production units in India for development of equipment that could potentially also be exported to Moscow, said two of the sources and another industry executive.
They spoke on condition of anonymity, citing the sensitivity of the matter.
Russia has been India's top arms supplier for decades, and during Putin's visit the two sides said they had agreed to reorient their partnership "to joint research and development, co-development and co-production of advanced defence technology and systems" to support India's self-reliance in defence.
INDIAN EXECUTIVES IN MOSCOW
A broad delegation of representatives from defence units of Indian conglomerates, state-owned firms, as well as startups involved in the development of drones and artificial intelligence for military use attended the meetings, the sources said.
An executive at engineering conglomerate Kalyani Group's Bharat Forge, which makes components for missiles and artillery guns, attended the meetings as part of efforts to source or jointly develop components for Russian-origin tanks and aircraft as well as to explore potential future collaboration on helicopters, two of the sources said.
Adani Defence and Aerospace, a unit of billionaire Gautam Adani's apples-to-airports conglomerate Adani Group, was represented by its Chief Executive Ashish Rajvanshi, the sources said.
Also attending was an executive from the Society of Indian Defence Manufacturers' (SIDM) advisory group that lists more than 500 arms and military equipment makers as its members, including the defence arms of conglomerates Tata Sons, Larsen & Toubro, and state-owned firms such as Bharat Electronics BAJE.NS.
An SIDM spokesperson said no one from the group attended any such meetings.
Spokespeople for Tata Sons and Larsen & Toubro said none of their representatives attended any meetings in Russia. Reuters was unable to determine if Bharat Electronics was part of the business delegation. It did not immediately respond to a request for comment.
Retired Lieutenant General Arun Sahni, who is an adviser to the defence unit of Tata Sons, said following the Reuters story that he was in Moscow in November in a personal capacity, and not as a representative of the firm.
Sahni said he did not attend the meetings of Indian defence business leaders in Moscow on October 29-30, but said he knew that they had happened but was not aware of the firms in attendance.
SANCTIONS RISK
Reuters reported in 2024 that a Bharat Forge subsidiary was among the three Indian firms that exported artillery shells to Europe, some of which were later diverted to Ukraine, resulting in a diplomatic protest from Moscow.
Indian firms, however, would be hesitant about striking new deals with Russia due to the risk of secondary sanctions, an Indian executive said.
While India can use diplomatic outreach and lobbying to offer some protection from sanctions, an Indian defence official said the firms would have to factor in the political risks themselves.
(Reporting by Shivam Patel in New Delhi: Editing by Frances Kerry)
(([email protected];))
Meetings mark first visit by Indian defence executives to Moscow since 2022
Russian joint ventures would pose risk to India's plans for access to Western technology
Adani, Bharat Forge deny Russia meetings
Indian firms wary of sanctions risk in any new Russia deals
Updates Dec 9 story on Dec 16 to add response from Adani Group, SIDM, Tata Sons, Larsen & Toubro, Reuters spokesperson, and sources in paragraphs 3-7, 18-21
By Shivam Patel
NEW DELHI, Dec 9 (Reuters) - At least half a dozen executives from top Indian arms makers, including Adani Defence ADEL.NS and Bharat Forge BFRG.NS, attended rare meetings in Russia this year to discuss potential joint ventures, three people familiar with the matter said.
The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to reorientate its decades-old defence ties with Russia to focus on joint development of weapons.
After the article was published, a spokesperson for Bharat Forge denied, and an Adani Group spokesperson reiterated its denial, that executives from any of their companies had attended the meetings.
"No Adani representative attended or participated in any meetings in Russia — official or otherwise," an Adani spokesperson said in a statement. "Any reporting that states or implies otherwise is false."
Following the story's publication, the three people and another government source confirmed to Reuters that the meetings had taken place and that representatives of Adani Group and Bharat Forge had attended.
A Reuters spokesperson said: "We stand by our reporting."
India's defence ministry declined to comment on this story. It had also not responded to a request for comment earlier.
Any potential collaboration with Russia risks setting back plans by Indian defence firms to jointly develop Western arms as part of Prime Minister Narendra Modi's push to make India, one of the world's biggest arms importers, a global manufacturing hub.
Western diplomats have previously said that a key obstacle to the transfer of sensitive military technology to India is its defence ties with Russia and the vast amount of Russian-origin arms used by the Indian military, totalling about 36%.
The talks in Moscow were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, headed by India's Defence Production Secretary Sanjeev Kumar, that was aimed at laying the ground for Russian President Vladimir Putin's visit to India on December 4-5.
JOINT PRODUCTION IN INDIA
The meetings discussed the potential for manufacturing of spares for Mikoyan MiG-29 fighter jets, and other Russian-origin air defence and weapon systems, as well as a Russian proposal to set up production units in India for development of equipment that could potentially also be exported to Moscow, said two of the sources and another industry executive.
They spoke on condition of anonymity, citing the sensitivity of the matter.
Russia has been India's top arms supplier for decades, and during Putin's visit the two sides said they had agreed to reorient their partnership "to joint research and development, co-development and co-production of advanced defence technology and systems" to support India's self-reliance in defence.
INDIAN EXECUTIVES IN MOSCOW
A broad delegation of representatives from defence units of Indian conglomerates, state-owned firms, as well as startups involved in the development of drones and artificial intelligence for military use attended the meetings, the sources said.
An executive at engineering conglomerate Kalyani Group's Bharat Forge, which makes components for missiles and artillery guns, attended the meetings as part of efforts to source or jointly develop components for Russian-origin tanks and aircraft as well as to explore potential future collaboration on helicopters, two of the sources said.
Adani Defence and Aerospace, a unit of billionaire Gautam Adani's apples-to-airports conglomerate Adani Group, was represented by its Chief Executive Ashish Rajvanshi, the sources said.
Also attending was an executive from the Society of Indian Defence Manufacturers' (SIDM) advisory group that lists more than 500 arms and military equipment makers as its members, including the defence arms of conglomerates Tata Sons, Larsen & Toubro, and state-owned firms such as Bharat Electronics BAJE.NS.
An SIDM spokesperson said no one from the group attended any such meetings.
Spokespeople for Tata Sons and Larsen & Toubro said none of their representatives attended any meetings in Russia. Reuters was unable to determine if Bharat Electronics was part of the business delegation. It did not immediately respond to a request for comment.
Retired Lieutenant General Arun Sahni, who is an adviser to the defence unit of Tata Sons, said following the Reuters story that he was in Moscow in November in a personal capacity, and not as a representative of the firm.
Sahni said he did not attend the meetings of Indian defence business leaders in Moscow on October 29-30, but said he knew that they had happened but was not aware of the firms in attendance.
SANCTIONS RISK
Reuters reported in 2024 that a Bharat Forge subsidiary was among the three Indian firms that exported artillery shells to Europe, some of which were later diverted to Ukraine, resulting in a diplomatic protest from Moscow.
Indian firms, however, would be hesitant about striking new deals with Russia due to the risk of secondary sanctions, an Indian executive said.
While India can use diplomatic outreach and lobbying to offer some protection from sanctions, an Indian defence official said the firms would have to factor in the political risks themselves.
(Reporting by Shivam Patel in New Delhi: Editing by Frances Kerry)
(([email protected];))
EXCLUSIVE-Top Indian arms makers held rare meetings in Russia on potential joint ventures, sources say
Repeats Dec 9 story for wider distribution, no changes to text
Meetings mark first visit by Indian defence executives to Moscow since 2022
Russian joint ventures would pose risk to India's plans for access to Western technology
Indian firms wary of sanctions risk in any new Russia deals
By Shivam Patel
NEW DELHI, Dec 9 (Reuters) - At least half a dozen executives from top Indian arms makers, including Adani Defence ADEL.NS and Bharat Forge BFRG.NS, attended rare meetings in Russia this year to discuss potential joint ventures, three people familiar with the matter said.
The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to re-orient its decades-old defence ties with Russia to focus on joint development of weapons.
Any potential collaboration with Russia risks setting back plans by Indian defence firms to jointly develop Western arms as part of Prime Minister Narendra Modi's push to make India, one of the world's biggest arms importers, a global manufacturing hub.
Western diplomats have previously said that a key obstacle to the transfer of sensitive military technology to India is its defence ties with Russia and the vast amount of Russian-origin arms used by the Indian military, totalling about 36%.
The talks in Moscow were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, headed by India's Defence Production Secretary Sanjeev Kumar, that was aimed at laying the ground for Russian President Vladimir Putin's visit to India on December 4-5.
Spokespeople for Adani Group and Bharat Forge denied that executives from any of their companies attended the meetings. India's defence ministry and the other firms cited by the sources did not respond to requests for comment.
JOINT PRODUCTION IN INDIA
The meetings discussed the potential for manufacturing of spares for Mikoyan MiG-29 fighter jet, and other Russian-origin air defence and weapon systems, as well as a Russian proposal to set up production units in India for development of equipment that could potentially also be exported to Moscow, said two of the sources and another industry executive.
They spoke on condition of anonymity, citing the sensitivity of the matter.
Russia has been India's top arms supplier for decades, and during Putin's visit the two sides said they had agreed to reorient their partnership "to joint research and development, co-development and co-production of advanced defence technology and systems" to support India's self-reliance in defence.
INDIAN EXECUTIVES IN MOSCOW
A broad delegation of representatives from defence units of Indian conglomerates, state-owned firms, as well as startups involved in the development of drones and artificial intelligence for military use attended the meetings, the sources said.
An executive at engineering conglomerate Kalyani Group's Bharat Forge, which makes components for missiles and artillery guns, attended the meetings as part of efforts to source or jointly develop components for Russian-origin tanks and aircraft as well as to explore potential future collaboration on helicopters, two of the sources said.
Adani Defence and Aerospace, a unit of billionaire Gautam Adani's apples-to-airports conglomerate Adani Group, was represented by its Chief Executive Ashish Rajvanshi, the sources said.
Also attending was an executive from the Society of Indian Defence Manufacturers advisory group that lists more than 500 arms and military equipment makers as its members, including the defence arms of conglomerates Tata Sons, Larsen & Toubro, and state-owned firms such as Bharat Electronics BAJE.NS.
SANCTIONS RISK
Reuters reported in 2024 that a Bharat Forge subsidiary was among the three Indian firms that exported artillery shells to Europe, some of which were later diverted to Ukraine, resulting in a diplomatic protest from Moscow.
Indian firms, however, would be hesitant about striking new deals with Russia due to the risk of secondary sanctions, an Indian executive said.
While India can use diplomatic outreach and lobbying to offer some protection from sanctions, an Indian defence official said the firms would have to factor in the political risks themselves.
(Reporting by Shivam Patel in New Delhi
Editing by Frances Kerry)
(([email protected];))
Repeats Dec 9 story for wider distribution, no changes to text
Meetings mark first visit by Indian defence executives to Moscow since 2022
Russian joint ventures would pose risk to India's plans for access to Western technology
Indian firms wary of sanctions risk in any new Russia deals
By Shivam Patel
NEW DELHI, Dec 9 (Reuters) - At least half a dozen executives from top Indian arms makers, including Adani Defence ADEL.NS and Bharat Forge BFRG.NS, attended rare meetings in Russia this year to discuss potential joint ventures, three people familiar with the matter said.
The meetings took place during the first visit of India's defence business leaders to Russia since Moscow's 2022 invasion of Ukraine. The visit by the defence business leaders had not previously been reported. The Indian government is seeking to re-orient its decades-old defence ties with Russia to focus on joint development of weapons.
Any potential collaboration with Russia risks setting back plans by Indian defence firms to jointly develop Western arms as part of Prime Minister Narendra Modi's push to make India, one of the world's biggest arms importers, a global manufacturing hub.
Western diplomats have previously said that a key obstacle to the transfer of sensitive military technology to India is its defence ties with Russia and the vast amount of Russian-origin arms used by the Indian military, totalling about 36%.
The talks in Moscow were held on the sidelines of a visit by an Indian defence-industrial delegation on October 29-30, headed by India's Defence Production Secretary Sanjeev Kumar, that was aimed at laying the ground for Russian President Vladimir Putin's visit to India on December 4-5.
Spokespeople for Adani Group and Bharat Forge denied that executives from any of their companies attended the meetings. India's defence ministry and the other firms cited by the sources did not respond to requests for comment.
JOINT PRODUCTION IN INDIA
The meetings discussed the potential for manufacturing of spares for Mikoyan MiG-29 fighter jet, and other Russian-origin air defence and weapon systems, as well as a Russian proposal to set up production units in India for development of equipment that could potentially also be exported to Moscow, said two of the sources and another industry executive.
They spoke on condition of anonymity, citing the sensitivity of the matter.
Russia has been India's top arms supplier for decades, and during Putin's visit the two sides said they had agreed to reorient their partnership "to joint research and development, co-development and co-production of advanced defence technology and systems" to support India's self-reliance in defence.
INDIAN EXECUTIVES IN MOSCOW
A broad delegation of representatives from defence units of Indian conglomerates, state-owned firms, as well as startups involved in the development of drones and artificial intelligence for military use attended the meetings, the sources said.
An executive at engineering conglomerate Kalyani Group's Bharat Forge, which makes components for missiles and artillery guns, attended the meetings as part of efforts to source or jointly develop components for Russian-origin tanks and aircraft as well as to explore potential future collaboration on helicopters, two of the sources said.
Adani Defence and Aerospace, a unit of billionaire Gautam Adani's apples-to-airports conglomerate Adani Group, was represented by its Chief Executive Ashish Rajvanshi, the sources said.
Also attending was an executive from the Society of Indian Defence Manufacturers advisory group that lists more than 500 arms and military equipment makers as its members, including the defence arms of conglomerates Tata Sons, Larsen & Toubro, and state-owned firms such as Bharat Electronics BAJE.NS.
SANCTIONS RISK
Reuters reported in 2024 that a Bharat Forge subsidiary was among the three Indian firms that exported artillery shells to Europe, some of which were later diverted to Ukraine, resulting in a diplomatic protest from Moscow.
Indian firms, however, would be hesitant about striking new deals with Russia due to the risk of secondary sanctions, an Indian executive said.
While India can use diplomatic outreach and lobbying to offer some protection from sanctions, an Indian defence official said the firms would have to factor in the political risks themselves.
(Reporting by Shivam Patel in New Delhi
Editing by Frances Kerry)
(([email protected];))
Safran and Bharat Electronics Launch Joint Venture to Manufacture Hammer Weapon in India
Safran SA has entered into a joint venture and cooperation agreement with Bharat Electronics Limited (BEL) to manufacture Safran Electronics & Defense's "Hammer" modular air-to-surface weapon in India. The Hammer, which can be integrated on a range of aircraft including the Rafale and HAL Tejas, will be produced under the "Make in India" initiative. This partnership is part of Safran's broader expansion in India, which also includes new investments in engineering and manufacturing facilities, as well as the inauguration of its largest MRO center in Hyderabad dedicated to CFM International LEAP engines.
Safran SA has entered into a joint venture and cooperation agreement with Bharat Electronics Limited (BEL) to manufacture Safran Electronics & Defense's "Hammer" modular air-to-surface weapon in India. The Hammer, which can be integrated on a range of aircraft including the Rafale and HAL Tejas, will be produced under the "Make in India" initiative. This partnership is part of Safran's broader expansion in India, which also includes new investments in engineering and manufacturing facilities, as well as the inauguration of its largest MRO center in Hyderabad dedicated to CFM International LEAP engines.
India Government: BEL And Safran Electronics & Defence Ink Agreement To Produce Hammer Smart Precision Guided Air-To-Ground Weapon In India
Nov 24 (Reuters) -
INDIA GOVERNMENT: BEL AND SAFRAN ELECTRONICS & DEFENCE INK AGREEMENT TO PRODUCE HAMMER SMART PRECISION GUIDED AIR-TO-GROUND WEAPON IN INDIA
Further company coverage: BAJE.NS
(([email protected];))
Nov 24 (Reuters) -
INDIA GOVERNMENT: BEL AND SAFRAN ELECTRONICS & DEFENCE INK AGREEMENT TO PRODUCE HAMMER SMART PRECISION GUIDED AIR-TO-GROUND WEAPON IN INDIA
Further company coverage: BAJE.NS
(([email protected];))
Bel - Receives Orders Worth 8.71 Billion Rupees
Bharat Electronics Ltd BAJE.NS:
BEL - RECEIVES ORDERS WORTH 8.71 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
Bharat Electronics Ltd BAJE.NS:
BEL - RECEIVES ORDERS WORTH 8.71 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
India's Bharat Electronics extends gains after Q2 profit jump
Updates
** Shares of Bharat Electronics BAJE.NS jump as much as 3.3% after quarterly results earlier today; last up 2.8% at 421.7 rupees
** State-owned aerospace and defense electronics co posts near-18% rise in Q2 consol net profit to 12.88 bln rupees ($146.5 mln); rev from ops rose 25.8% to 57.92 bln rupees
** BEL shares were up as much as 1.2% before the results on winning orders worth 7.32 bln rupees, which included software defined radios and fully-indigenous radios
** Stock rated "buy" on avg; median PT is 424 rupees, per data compiled by LSEG
** YTD, BAJE gains 44%
($1 = 87.8950 Indian rupees)
(Reporting by Anuran Sadhu and Abhirami G in Bengaluru)
Updates
** Shares of Bharat Electronics BAJE.NS jump as much as 3.3% after quarterly results earlier today; last up 2.8% at 421.7 rupees
** State-owned aerospace and defense electronics co posts near-18% rise in Q2 consol net profit to 12.88 bln rupees ($146.5 mln); rev from ops rose 25.8% to 57.92 bln rupees
** BEL shares were up as much as 1.2% before the results on winning orders worth 7.32 bln rupees, which included software defined radios and fully-indigenous radios
** Stock rated "buy" on avg; median PT is 424 rupees, per data compiled by LSEG
** YTD, BAJE gains 44%
($1 = 87.8950 Indian rupees)
(Reporting by Anuran Sadhu and Abhirami G in Bengaluru)
Bharat Electronics Gets Order Worth 5.92 Billion Rupees
Oct 15 (Reuters) - Bharat Electronics BAJE.NS:
GETS ORDER WORTH 5.92 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];))
Oct 15 (Reuters) - Bharat Electronics BAJE.NS:
GETS ORDER WORTH 5.92 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];))
Bharat Electronics gains on report of bagging 300-billion-rupee-tender from Indian army
** Shares of Bharat Electronics BAJE.NS rise 3.1% to 408.15 rupees apiece
** Rise after media report says Indian army has issued tender to the state-owned company to buy five to six regiments of "Anant Shastra" air defence missile system
** The air defence missile system was earlier known as the Quick Reaction Surface to Air Missile System, ANI reports, citing defence officials
** The estimated project cost is around 300 billion indian rupees and would strengthen the army's air defence, according to the report
** BAJE did not immediately respond to a Reuters request seeking confirmation of the tender
** BAJE shares are up 35% in 2025 so far, outpacing the 4.7% rise in the benchmark Nifty 50 index .NSEI, exchange data shows
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Shares of Bharat Electronics BAJE.NS rise 3.1% to 408.15 rupees apiece
** Rise after media report says Indian army has issued tender to the state-owned company to buy five to six regiments of "Anant Shastra" air defence missile system
** The air defence missile system was earlier known as the Quick Reaction Surface to Air Missile System, ANI reports, citing defence officials
** The estimated project cost is around 300 billion indian rupees and would strengthen the army's air defence, according to the report
** BAJE did not immediately respond to a Reuters request seeking confirmation of the tender
** BAJE shares are up 35% in 2025 so far, outpacing the 4.7% rise in the benchmark Nifty 50 index .NSEI, exchange data shows
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Larsen And Toubro Forms Strategic Partnership With BEL For Fighter Aircraft
Sept 24 (Reuters) - Larsen and Toubro Ltd LART.NS:
LARSEN AND TOUBRO LTD - CONSORTIUM TO PARTICIPATE IN EXPRESSION OF INTEREST FOR AMCA
LARSEN AND TOUBRO - FORMS STRATEGIC PARTNERSHIP WITH BEL FOR FIGHTER AIRCRAFT
Source text: ID:nBSE7VSfgk
Further company coverage: LART.NS
(([email protected];))
Sept 24 (Reuters) - Larsen and Toubro Ltd LART.NS:
LARSEN AND TOUBRO LTD - CONSORTIUM TO PARTICIPATE IN EXPRESSION OF INTEREST FOR AMCA
LARSEN AND TOUBRO - FORMS STRATEGIC PARTNERSHIP WITH BEL FOR FIGHTER AIRCRAFT
Source text: ID:nBSE7VSfgk
Further company coverage: LART.NS
(([email protected];))
India's Avantel rises after $1.42 million contract from Bharat Electronics
** Shares of India's Avantel AVAN.NS rise 1.44% to 179.4 rupees
** The communication systems manufacturer receives 125.1 million rupees ($1.42 million) order from Bharat Electronics BAJE.NS to supply satellite communication products
** Order to be executed by March 2026
** YTD, Avantel shares up ~23%
($1 = 88.1375 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru)
** Shares of India's Avantel AVAN.NS rise 1.44% to 179.4 rupees
** The communication systems manufacturer receives 125.1 million rupees ($1.42 million) order from Bharat Electronics BAJE.NS to supply satellite communication products
** Order to be executed by March 2026
** YTD, Avantel shares up ~23%
($1 = 88.1375 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru)
India's Bharat Electronics gains on 7 bln-rupee order win
** Bharat Electronics BAJE.NS rises as much as 3.4% to two-month high of 416.65 rupees; last up 2.5%
** Stock among top two pct gainers on Nifty 50 index .NSEI
** Defence public sector undertaking secures orders worth 7.12 bln rupees (~$81 mln) in September so far
** Major orders for IT infra, cyber security solution, electronic support measures (ESM) systems, blockchain solution platform, communication equipment
** YTD, BAJE gains 37.4%, outpacing NSEI's 7.1% rise
($1 = 87.7700 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
** Bharat Electronics BAJE.NS rises as much as 3.4% to two-month high of 416.65 rupees; last up 2.5%
** Stock among top two pct gainers on Nifty 50 index .NSEI
** Defence public sector undertaking secures orders worth 7.12 bln rupees (~$81 mln) in September so far
** Major orders for IT infra, cyber security solution, electronic support measures (ESM) systems, blockchain solution platform, communication equipment
** YTD, BAJE gains 37.4%, outpacing NSEI's 7.1% rise
($1 = 87.7700 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru)
(([email protected]; +91 9769003463;))
Bharat Electronics Secures Orders
Sept 16 (Reuters) - Bharat Electronics Ltd BAJE.NS:
SECURES ORDERS WORTH 7.12 BILLION RUPEES
Source text: ID:nBSEtdX48
Further company coverage: BAJE.NS
(([email protected];;))
Sept 16 (Reuters) - Bharat Electronics Ltd BAJE.NS:
SECURES ORDERS WORTH 7.12 BILLION RUPEES
Source text: ID:nBSEtdX48
Further company coverage: BAJE.NS
(([email protected];;))
Paras Defence And Space Technologies Receives Order From Bharat Electronics Worth 453.2 Mln Rupees
Aug 21 (Reuters) - Paras Defence and Space Technologies Ltd PRAF.NS:
RECEIVES ORDER FROM BHARAT ELECTRONICS WORTH 453.2 MILLION RUPEES
Source text: ID:nBSE5gV1P2
Further company coverage: PRAF.NS
(([email protected];;))
Aug 21 (Reuters) - Paras Defence and Space Technologies Ltd PRAF.NS:
RECEIVES ORDER FROM BHARAT ELECTRONICS WORTH 453.2 MILLION RUPEES
Source text: ID:nBSE5gV1P2
Further company coverage: PRAF.NS
(([email protected];;))
Centum Electronics Enters MoU With Bharat Electronics
Aug 20 (Reuters) - Centum Electronics Ltd CENT.NS:
CENTUM ELECTRONICS LTD - ENTERS MOU WITH BHARAT ELECTRONICS
CENTUM ELECTRONICS LTD - MOU FOCUSES ON ELECTRONIC WARFARE AND RADAR SYSTEMS
Source text: ID:nBSE4CTq3C
Further company coverage: CENT.NS
(([email protected];))
Aug 20 (Reuters) - Centum Electronics Ltd CENT.NS:
CENTUM ELECTRONICS LTD - ENTERS MOU WITH BHARAT ELECTRONICS
CENTUM ELECTRONICS LTD - MOU FOCUSES ON ELECTRONIC WARFARE AND RADAR SYSTEMS
Source text: ID:nBSE4CTq3C
Further company coverage: CENT.NS
(([email protected];))
India's space regulator picks Google-backed PixxelSpace for home-grown satellite constellation
Adds details in paragraphs 2-3, background in paragraphs 4-7
Aug 12 (Reuters) - India's space regulator has picked a consortium led by Google-backed startup PixxelSpace to build a commercial home-grown constellation of earth observation satellites, with an investment of more than 12 billion rupees (nearly $137 million) over the next five years, it said on Tuesday.
The consortium, comprising local space tech firms Piersight Space, Satsure Analytics India and Dhruva Space, will design, build, and operate the satellites, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) said.
The PixxelSpace-led consortium won the project, outbidding Indian defence equipment makers Astra Microwave ASTM.NS and Bharat Electronics BAJE.NS.
The Indian government wants to reduce its dependence on foreign systems, including the widely used U.S. Global Positioning System (GPS), and says its regional navigation satellite system, called NavIC (Navigation with Indian Constellation), provides more accurate domestic navigation and that its use would benefit the economy.
This is in line with Prime Minister Narendra Modi's drive for self-reliance, which has also expanded the use of NavIC.
India has also been pushing tech giants to make smartphones compatible with its home-grown navigation system within months, worrying the likes of Samsung, Xiaomi and Apple.
($1 = 87.6790 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema)
(([email protected]; 8800437922;))
Adds details in paragraphs 2-3, background in paragraphs 4-7
Aug 12 (Reuters) - India's space regulator has picked a consortium led by Google-backed startup PixxelSpace to build a commercial home-grown constellation of earth observation satellites, with an investment of more than 12 billion rupees (nearly $137 million) over the next five years, it said on Tuesday.
The consortium, comprising local space tech firms Piersight Space, Satsure Analytics India and Dhruva Space, will design, build, and operate the satellites, the Indian National Space Promotion and Authorisation Centre (IN-SPACe) said.
The PixxelSpace-led consortium won the project, outbidding Indian defence equipment makers Astra Microwave ASTM.NS and Bharat Electronics BAJE.NS.
The Indian government wants to reduce its dependence on foreign systems, including the widely used U.S. Global Positioning System (GPS), and says its regional navigation satellite system, called NavIC (Navigation with Indian Constellation), provides more accurate domestic navigation and that its use would benefit the economy.
This is in line with Prime Minister Narendra Modi's drive for self-reliance, which has also expanded the use of NavIC.
India has also been pushing tech giants to make smartphones compatible with its home-grown navigation system within months, worrying the likes of Samsung, Xiaomi and Apple.
($1 = 87.6790 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema)
(([email protected]; 8800437922;))
India's Bharat Electronics falls; Nomura downgrades after Q1 results
** Bharat Electronics BAJE.NS drops as much as 2.9% to 378 rupees; last down ~1%
** Electronic equipment maker posts Q1 profit ahead of analysts' estimate; revenue missed expectations
** Order book at 748.59 bln rupees ($8.62 bln) as of July 1, down 2% y/y, per Nomura
** Rev 9% below Nomura's estimates
** Brokerage cuts FY26 sales estimates by 1% to reflect slower-than-anticipated orders execution rate; downgrades to "neutral"
** BAJE gains ~44% in H1 2025, which Nomura says was 'priced to perfection'
** Stock rated "buy" on avg; median PT at 418.5 rupees, per data compiled by LSEG
** YTD, BAJE up ~32%
($1 = 86.8100 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Bharat Electronics BAJE.NS drops as much as 2.9% to 378 rupees; last down ~1%
** Electronic equipment maker posts Q1 profit ahead of analysts' estimate; revenue missed expectations
** Order book at 748.59 bln rupees ($8.62 bln) as of July 1, down 2% y/y, per Nomura
** Rev 9% below Nomura's estimates
** Brokerage cuts FY26 sales estimates by 1% to reflect slower-than-anticipated orders execution rate; downgrades to "neutral"
** BAJE gains ~44% in H1 2025, which Nomura says was 'priced to perfection'
** Stock rated "buy" on avg; median PT at 418.5 rupees, per data compiled by LSEG
** YTD, BAJE up ~32%
($1 = 86.8100 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
Bharat Electronics Q1 Consol Net Profit 9.7 Billion Rupees
July 28 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BHARAT ELECTRONICS Q1 CONSOL NET PROFIT 9.7 BILLION RUPEES; IBES EST. 8.37 BILLION RUPEES
BHARAT ELECTRONICS Q1 CONSOL REVENUE FROM OPERATIONS 44.4 BILLION RUPEES; IBES EST. 47.14 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
July 28 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BHARAT ELECTRONICS Q1 CONSOL NET PROFIT 9.7 BILLION RUPEES; IBES EST. 8.37 BILLION RUPEES
BHARAT ELECTRONICS Q1 CONSOL REVENUE FROM OPERATIONS 44.4 BILLION RUPEES; IBES EST. 47.14 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
BEL Gets Order Worth 16.40 Billion Rupees
July 25 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BEL - GETS ORDER WORTH 16.40 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
July 25 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BEL - GETS ORDER WORTH 16.40 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
BEL Gets Order Worth 5.63 Billion Rupees
July 24 (Reuters) - Bharat Electronics Ltd BAJE.NS:
GETS ORDER WORTH 5.63 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
July 24 (Reuters) - Bharat Electronics Ltd BAJE.NS:
GETS ORDER WORTH 5.63 BILLION RUPEES
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
Sahana System Says Empaneled As Design Service Provider For BEL
July 21 (Reuters) - Sahana System Ltd SAHT.NS:
EMPANELED AS DESIGN SERVICE PROVIDER FOR BEL
Source text: ID:nNSE88wp2S
Further company coverage: SAHT.NS
(([email protected];;))
July 21 (Reuters) - Sahana System Ltd SAHT.NS:
EMPANELED AS DESIGN SERVICE PROVIDER FOR BEL
Source text: ID:nNSE88wp2S
Further company coverage: SAHT.NS
(([email protected];;))
India Government Says Indian Navy Signs Contract With BEL For Implementation Of NMDA Project
July 8 (Reuters) -
INDIAN NAVY SIGNS CONTRACT WITH BEL FOR IMPLEMENTATION OF NMDA PROJECT
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
July 8 (Reuters) -
INDIAN NAVY SIGNS CONTRACT WITH BEL FOR IMPLEMENTATION OF NMDA PROJECT
Source text: [ID:]
Further company coverage: BAJE.NS
(([email protected];;))
India's Bharat Electronics gains on 5 bln-rupee order wins
** Bharat Electronics (BEL) BAJE.NS climbs 3% to 434.15 rupees
** Defence equipment maker wins orders worth 5.28 bln rupees ($61.7 mln) for radars, communication equipment and jammers among others
** Stock rated "buy" on avg; median PT is 418 rupees, per data compiled by LSEG
** BAJE extends YTD gains to 48%
($1 = 85.5970 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru)
** Bharat Electronics (BEL) BAJE.NS climbs 3% to 434.15 rupees
** Defence equipment maker wins orders worth 5.28 bln rupees ($61.7 mln) for radars, communication equipment and jammers among others
** Stock rated "buy" on avg; median PT is 418 rupees, per data compiled by LSEG
** BAJE extends YTD gains to 48%
($1 = 85.5970 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru)
India's Bharat Electronics hits record high on order wins, tops Nifty 50
** Shares of Bharat Electronics BAJE.NS jump 2.5% to a record high of 418 rupees
** Stock top gainer on the Nifty 50 index .NSEI, which is down 0.7%
** Defence co secures orders worth 5.85 bln rupees ($67.4 mln)
** Orders include manufacturing fire control systems, communication equipment, and jammers
** Stock up 39% so far in 2025 vs a 5.4% rise in Nifty 50
($1 = 86.8080 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
** Shares of Bharat Electronics BAJE.NS jump 2.5% to a record high of 418 rupees
** Stock top gainer on the Nifty 50 index .NSEI, which is down 0.7%
** Defence co secures orders worth 5.85 bln rupees ($67.4 mln)
** Orders include manufacturing fire control systems, communication equipment, and jammers
** Stock up 39% so far in 2025 vs a 5.4% rise in Nifty 50
($1 = 86.8080 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru)
(([email protected];))
BEL Gets Order Worth 5.85 Bln Rupees
June 20 (Reuters) - Bharat Electronics Ltd BAJE.NS:
GOT ORDER WORTH 5.85 BILLION RUPEES
Source text: ID:nnAZN4093FZ
Further company coverage: BAJE.NS
(([email protected];;))
June 20 (Reuters) - Bharat Electronics Ltd BAJE.NS:
GOT ORDER WORTH 5.85 BILLION RUPEES
Source text: ID:nnAZN4093FZ
Further company coverage: BAJE.NS
(([email protected];;))
Bharat Electronics, Tata Electronics Ink MoU For Self-Reliance In Electronics
June 6 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BHARAT ELECTRONICS LTD - BEL, TATA ELECTRONICS INK MOU FOR SELF-RELIANCE IN ELECTRONICS
BEL - MOU FOR DEVELOPMENT OF INDIGENOUS ELECTRONICS AND SEMICONDUCTOR SOLUTIONS
Source text: ID:nBSE7NjqRt
Further company coverage: BAJE.NS
(([email protected];))
June 6 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BHARAT ELECTRONICS LTD - BEL, TATA ELECTRONICS INK MOU FOR SELF-RELIANCE IN ELECTRONICS
BEL - MOU FOR DEVELOPMENT OF INDIGENOUS ELECTRONICS AND SEMICONDUCTOR SOLUTIONS
Source text: ID:nBSE7NjqRt
Further company coverage: BAJE.NS
(([email protected];))
BEL Gets Order Worth 23.23 Billion Rupees
June 5 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BEL - GETS ORDER WORTH 23.23 BILLION RUPEES
Source text: ID:nnAZN3XXM3P
Further company coverage: BAJE.NS
(([email protected];))
June 5 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BEL - GETS ORDER WORTH 23.23 BILLION RUPEES
Source text: ID:nnAZN3XXM3P
Further company coverage: BAJE.NS
(([email protected];))
Bharat Electronics Receives Orders Worth 5.37 Billion Rupees
June 4 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BHARAT ELECTRONICS LTD - BEL RECEIVES ORDERS WORTH 5.37 BILLION RUPEES
Source text: ID:nBSE9C4l7m
Further company coverage: BAJE.NS
(([email protected];))
June 4 (Reuters) - Bharat Electronics Ltd BAJE.NS:
BHARAT ELECTRONICS LTD - BEL RECEIVES ORDERS WORTH 5.37 BILLION RUPEES
Source text: ID:nBSE9C4l7m
Further company coverage: BAJE.NS
(([email protected];))
India's Bharat Electronics set for best month in one year
** India's Bharat Electronics BAJE.NS jumps 23.2% in May, set for its best monthly gain in a year
** Stock also set for its eighth straight week of gains
** Gains in-line with other defence stocks which rose amid India-Pakistan border clash and Prime Minister Narendra Modi's push for indigenous defence equipment
** BAJE's gains also boosted by its upbeat fourth-quarter results which highlighted its strong order pipeline
** BAJE's inclusion in BSE Sensex .BSESN, effective June 23, also drove stock higher
** Stock extends YTD gains to 32%
(Reporting by Kashish Tandon in Bengaluru)
** India's Bharat Electronics BAJE.NS jumps 23.2% in May, set for its best monthly gain in a year
** Stock also set for its eighth straight week of gains
** Gains in-line with other defence stocks which rose amid India-Pakistan border clash and Prime Minister Narendra Modi's push for indigenous defence equipment
** BAJE's gains also boosted by its upbeat fourth-quarter results which highlighted its strong order pipeline
** BAJE's inclusion in BSE Sensex .BSESN, effective June 23, also drove stock higher
** Stock extends YTD gains to 32%
(Reporting by Kashish Tandon in Bengaluru)
INSIGHT-India and Pakistan's drone battles mark new arms race in Asia
India and Pakistan to invest large sums in drones after recent fighting
Delhi works with domestic players while Islamabad collaborates with China and Turkey
UAVs used by both sides to apply pressure without significant escalation
Dependence on China supply chain a concern, some Indian officials and executives say
By Devjyot Ghoshal, Ariba Shahid, Shivam Patel
NEW DELHI/ISLAMABAD, May 27 (Reuters) - A little after 8:00 pm on May 8, red flares streaked through the night sky over the northern Indian city of Jammu as its air-defence systems opened fire on drones from neighbouring Pakistan.
The Indian and Pakistani militaries have deployed high-end fighter jets, conventional missiles and artillery during decades of clashes, but the four days of fighting in May marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other.
The fighting halted after the U.S. announced it brokered a ceasefire but the South Asian powers, which spent more than $96 billion on defence last year, are now locked in a drones arms race, according to Reuters' interviews with 15 people, including security officials, industry executives and analysts in the two countries.
Two of them said they expect increased use of UAVs by the nuclear-armed neighbours because small-scale drone attacks can strike targets without risking personnel or provoking uncontrollable escalation.
India plans to invest heavily in local industry and could spend as much as $470 million on UAVs over the next 12 to 24 months, roughly three times pre-conflict levels, said Smit Shah of Drone Federation India, which represents over 550 companies and regularly interacts with the government.
The previously unreported forecast, which came as India this month approved roughly $4.6 billion in emergency military procurement funds, was corroborated by two other industry executives. The Indian military plans to use some of that additional funding on combat and surveillance drones, according to two Indian officials familiar with the matter.
Defence procurement in India tends to involve years of bureaucratic processes but officials are now calling drone makers in for trials and demonstrations at an unprecedented pace, said Vishal Saxena, a vice president at Indian UAV firm ideaForge Technology IDEF.NS.
The Pakistan Air Force, meanwhile, is pushing to acquire more UAVs as it seeks to avoid risking its high-end aircraft, said a Pakistani source familiar with the matter.
Pakistan and India both deployed cutting-edge generation 4.5 fighter jets during the latest clashes but cash-strapped Islamabad only has about 20 high-end Chinese-made J-10 fighters compared to the three dozen Rafales that Delhi can muster.
Pakistan is likely to build on existing relationships to intensify collaboration with China and Turkey to advance domestic drone research and production capabilities, said Oishee Majumdar of defence intelligence firm Janes.
Islamabad is relying on a collaboration between Pakistan's National Aerospace Science and Technology Park and Turkish defence contractor Baykar that locally assembles the YIHA-III drone, the Pakistani source said, adding a unit could be produced domestically in between two to three days.
Pakistan's military declined to respond to Reuters' questions. The Indian defence ministry and Baykar did not return requests for comment.
India and Pakistan "appear to view drone strikes as a way to apply military pressure without immediately provoking large-scale escalation," said King's College London political scientist Walter Ladwig III.
"UAVs allow leaders to demonstrate resolve, achieve visible effects, and manage domestic expectations — all without exposing expensive aircraft or pilots to danger," he added.
But such skirmishes are not entirely risk-free, and Ladwig noted that countries could also send UAVs to attack contested or densely populated areas where they might not previously have used manned platforms.
DRONE SWARMS AND VINTAGE GUNS
The fighting in May, which was the fiercest in this century between the neighbours, came after an April 22 militant attack in the disputed Himalayan region of Kashmir that killed 26 people, mostly Indian tourists.
Delhi blamed the killings on "terrorists" backed by Islamabad, which denied the charge. Indian Prime Minister Narendra Modi vowed revenge and Delhi on May 7 launched air strikes on what it described as "terrorist infrastructure" in Pakistan.
The next night, Pakistan sent hordes of drones along a 1,700-kilometer (772-mile) front with India, with between 300 and 400 of them pushing in along 36 locations to probe Indian air defences, Indian officials have said.
Pakistan depended on Turkish-origin YIHA-III and Asisguard Songar drones, as well as the Shahpar-II UAV produced domestically by the state-owned Global Industrial & Defence Solutions conglomerate, according to two Pakistani sources.
But much of this drone deployment was cut down by Cold War-era Indian anti-aircraft guns that were rigged to modern military radar and communication networks developed by state-run Bharat Electronics BAJE.NS, according to two Indian officials.
A Pakistan source denied that large numbers of its drones were shot down on May 8, but India did not appear to sustain significant damage from that drone raid.
India's use of the anti-aircraft guns, which had not been designed for anti-drone-warfare, turned out to be surprisingly effective, said retired Indian Brig. Anshuman Narang, now an UAV expert at Delhi's Centre for Joint Warfare Studies.
"Ten times better than what I'd expected," he said.
India also sent Israeli HAROP, Polish WARMATE and domestically-produced UAVs into Pakistani airspace, according to one Indian and two Pakistan sources. Some of them were also used for precision attacks on what two Indian officials described as military and militant infrastructure.
The two Pakistani security sources confirmed that India deployed a large number of the HAROPs - a long-range loitering munition drone manufactured by Israel Aerospace Industries. Such UAVs, also known as suicide drones, stay over a target before crashing down and detonating on impact.
Pakistan set up decoy radars in some areas to draw in the HAROPs, or waited for their flight time to come towards its end, so that they fell below 3,000 feet and could be shot down, a third Pakistani source said.
Both sides claim to have notched victories in their use of UAVs.
India successfully targeted infrastructure within Pakistan with minimal risk to personnel or major platforms, said KCL's Ladwig.
For Pakistan's military, which claimed to have struck Indian defence facilities with UAVs, drone attacks allow it to signal action while drawing less international scrutiny than conventional methods, he noted.
CHEAP BUT WITH AN ACHILLES HEEL
Despite the loss of many drones, both sides are doubling down.
"We're talking about relatively cheap technology," said Washington-based South Asia expert Michael Kugelman. "And while UAVs don't have the shock and awe effect of missiles and fighter jets, they can still convey a sense of power and purpose for those that launch them."
Indian defence planners are likely to expand domestic development of loitering munitions UAVs, according to an Indian security source and Sameer Joshi of Indian UAV maker NewSpace, which is deepening its research and development on such drones.
"Their ability to loiter, evade detection, and strike with precision marked a shift toward high-value, low-cost warfare with mass produced drones," said Joshi, whose firm supplies the Indian military.
And firms like ideaForge, which has supplied over 2,000 UAVs to the Indian security forces, are also investing on enhancing the ability of its drones to be less vulnerable to electronic warfare, said Saxena.
Another vulnerability that is harder to address is the Indian drone program's reliance on hard-to-replace components from China, an established military partner of Pakistan, four Indian dronemakers and officials said.
India continues to depend on China-made magnets and lithium for UAV batteries, said Drone Federation India's Shah.
"Weaponization of the supply chain is also an issue," said ideaForge's Saxena on the possibility of Beijing shutting the tap on components in certain situations.
For instance, Chinese restrictions on the sale of drones and components to Ukraine have weakened Kyiv's ability to produce critical combat drones, according to the Center for Strategic and International Studies think-tank.
A spokesperson for China's Foreign Ministry said in response to Reuters' questions that Beijing has always implemented export controls on dual-use items in accordance with domestic laws and regulations as well as its international obligations.
"Diversification of supply chain is a medium to long term problem," said Shah. "You can't solve it in short term."
($1 = 85.0470 Indian rupees)
(Additional reporting by Saeed Shah in Islamabad, Adnan Abidi in New Delhi, Nivedita Bhattacharjee in Bengaluru and Liz Lee in Beijing; Writing by Devjyot Ghoshal; Editing by Katerina Ang)
(([email protected];))
India and Pakistan to invest large sums in drones after recent fighting
Delhi works with domestic players while Islamabad collaborates with China and Turkey
UAVs used by both sides to apply pressure without significant escalation
Dependence on China supply chain a concern, some Indian officials and executives say
By Devjyot Ghoshal, Ariba Shahid, Shivam Patel
NEW DELHI/ISLAMABAD, May 27 (Reuters) - A little after 8:00 pm on May 8, red flares streaked through the night sky over the northern Indian city of Jammu as its air-defence systems opened fire on drones from neighbouring Pakistan.
The Indian and Pakistani militaries have deployed high-end fighter jets, conventional missiles and artillery during decades of clashes, but the four days of fighting in May marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other.
The fighting halted after the U.S. announced it brokered a ceasefire but the South Asian powers, which spent more than $96 billion on defence last year, are now locked in a drones arms race, according to Reuters' interviews with 15 people, including security officials, industry executives and analysts in the two countries.
Two of them said they expect increased use of UAVs by the nuclear-armed neighbours because small-scale drone attacks can strike targets without risking personnel or provoking uncontrollable escalation.
India plans to invest heavily in local industry and could spend as much as $470 million on UAVs over the next 12 to 24 months, roughly three times pre-conflict levels, said Smit Shah of Drone Federation India, which represents over 550 companies and regularly interacts with the government.
The previously unreported forecast, which came as India this month approved roughly $4.6 billion in emergency military procurement funds, was corroborated by two other industry executives. The Indian military plans to use some of that additional funding on combat and surveillance drones, according to two Indian officials familiar with the matter.
Defence procurement in India tends to involve years of bureaucratic processes but officials are now calling drone makers in for trials and demonstrations at an unprecedented pace, said Vishal Saxena, a vice president at Indian UAV firm ideaForge Technology IDEF.NS.
The Pakistan Air Force, meanwhile, is pushing to acquire more UAVs as it seeks to avoid risking its high-end aircraft, said a Pakistani source familiar with the matter.
Pakistan and India both deployed cutting-edge generation 4.5 fighter jets during the latest clashes but cash-strapped Islamabad only has about 20 high-end Chinese-made J-10 fighters compared to the three dozen Rafales that Delhi can muster.
Pakistan is likely to build on existing relationships to intensify collaboration with China and Turkey to advance domestic drone research and production capabilities, said Oishee Majumdar of defence intelligence firm Janes.
Islamabad is relying on a collaboration between Pakistan's National Aerospace Science and Technology Park and Turkish defence contractor Baykar that locally assembles the YIHA-III drone, the Pakistani source said, adding a unit could be produced domestically in between two to three days.
Pakistan's military declined to respond to Reuters' questions. The Indian defence ministry and Baykar did not return requests for comment.
India and Pakistan "appear to view drone strikes as a way to apply military pressure without immediately provoking large-scale escalation," said King's College London political scientist Walter Ladwig III.
"UAVs allow leaders to demonstrate resolve, achieve visible effects, and manage domestic expectations — all without exposing expensive aircraft or pilots to danger," he added.
But such skirmishes are not entirely risk-free, and Ladwig noted that countries could also send UAVs to attack contested or densely populated areas where they might not previously have used manned platforms.
DRONE SWARMS AND VINTAGE GUNS
The fighting in May, which was the fiercest in this century between the neighbours, came after an April 22 militant attack in the disputed Himalayan region of Kashmir that killed 26 people, mostly Indian tourists.
Delhi blamed the killings on "terrorists" backed by Islamabad, which denied the charge. Indian Prime Minister Narendra Modi vowed revenge and Delhi on May 7 launched air strikes on what it described as "terrorist infrastructure" in Pakistan.
The next night, Pakistan sent hordes of drones along a 1,700-kilometer (772-mile) front with India, with between 300 and 400 of them pushing in along 36 locations to probe Indian air defences, Indian officials have said.
Pakistan depended on Turkish-origin YIHA-III and Asisguard Songar drones, as well as the Shahpar-II UAV produced domestically by the state-owned Global Industrial & Defence Solutions conglomerate, according to two Pakistani sources.
But much of this drone deployment was cut down by Cold War-era Indian anti-aircraft guns that were rigged to modern military radar and communication networks developed by state-run Bharat Electronics BAJE.NS, according to two Indian officials.
A Pakistan source denied that large numbers of its drones were shot down on May 8, but India did not appear to sustain significant damage from that drone raid.
India's use of the anti-aircraft guns, which had not been designed for anti-drone-warfare, turned out to be surprisingly effective, said retired Indian Brig. Anshuman Narang, now an UAV expert at Delhi's Centre for Joint Warfare Studies.
"Ten times better than what I'd expected," he said.
India also sent Israeli HAROP, Polish WARMATE and domestically-produced UAVs into Pakistani airspace, according to one Indian and two Pakistan sources. Some of them were also used for precision attacks on what two Indian officials described as military and militant infrastructure.
The two Pakistani security sources confirmed that India deployed a large number of the HAROPs - a long-range loitering munition drone manufactured by Israel Aerospace Industries. Such UAVs, also known as suicide drones, stay over a target before crashing down and detonating on impact.
Pakistan set up decoy radars in some areas to draw in the HAROPs, or waited for their flight time to come towards its end, so that they fell below 3,000 feet and could be shot down, a third Pakistani source said.
Both sides claim to have notched victories in their use of UAVs.
India successfully targeted infrastructure within Pakistan with minimal risk to personnel or major platforms, said KCL's Ladwig.
For Pakistan's military, which claimed to have struck Indian defence facilities with UAVs, drone attacks allow it to signal action while drawing less international scrutiny than conventional methods, he noted.
CHEAP BUT WITH AN ACHILLES HEEL
Despite the loss of many drones, both sides are doubling down.
"We're talking about relatively cheap technology," said Washington-based South Asia expert Michael Kugelman. "And while UAVs don't have the shock and awe effect of missiles and fighter jets, they can still convey a sense of power and purpose for those that launch them."
Indian defence planners are likely to expand domestic development of loitering munitions UAVs, according to an Indian security source and Sameer Joshi of Indian UAV maker NewSpace, which is deepening its research and development on such drones.
"Their ability to loiter, evade detection, and strike with precision marked a shift toward high-value, low-cost warfare with mass produced drones," said Joshi, whose firm supplies the Indian military.
And firms like ideaForge, which has supplied over 2,000 UAVs to the Indian security forces, are also investing on enhancing the ability of its drones to be less vulnerable to electronic warfare, said Saxena.
Another vulnerability that is harder to address is the Indian drone program's reliance on hard-to-replace components from China, an established military partner of Pakistan, four Indian dronemakers and officials said.
India continues to depend on China-made magnets and lithium for UAV batteries, said Drone Federation India's Shah.
"Weaponization of the supply chain is also an issue," said ideaForge's Saxena on the possibility of Beijing shutting the tap on components in certain situations.
For instance, Chinese restrictions on the sale of drones and components to Ukraine have weakened Kyiv's ability to produce critical combat drones, according to the Center for Strategic and International Studies think-tank.
A spokesperson for China's Foreign Ministry said in response to Reuters' questions that Beijing has always implemented export controls on dual-use items in accordance with domestic laws and regulations as well as its international obligations.
"Diversification of supply chain is a medium to long term problem," said Shah. "You can't solve it in short term."
($1 = 85.0470 Indian rupees)
(Additional reporting by Saeed Shah in Islamabad, Adnan Abidi in New Delhi, Nivedita Bhattacharjee in Bengaluru and Liz Lee in Beijing; Writing by Devjyot Ghoshal; Editing by Katerina Ang)
(([email protected];))
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What does Bharat Electronics do?
Bharat Electronics (BEL) is a Navratna PSU under the Ministry of Defence, Government of India. It manufactures state-of-the-art electronic products and systems for the Army, Navy and the Air Force. It has also diversified into various areas like homeland security solutions, smart cities, e-governance solutions, space electronics including satellite integration, energy storage products including e-vehicle charging stations, solar, network & cyber security, railways & metro solutions, airport solutions, Electronic Voting Machines, telecom products, passive night vision devices, medical electronics, composites and software solutions.
Who are the competitors of Bharat Electronics?
Bharat Electronics major competitors are Hindustan Aeron, Bharat Dynamics, Data Patterns (I), Astra Microwave Prod, Paras Defence &Space, BHEL, Suzlon Energy. Market Cap of Bharat Electronics is ₹2,91,222 Crs. While the median market cap of its peers are ₹54,176 Crs.
Is Bharat Electronics financially stable compared to its competitors?
Bharat Electronics seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does Bharat Electronics pay decent dividends?
The company seems to pay a good stable dividend. Bharat Electronics latest dividend payout ratio is 32.97% and 3yr average dividend payout ratio is 39.14%
How has Bharat Electronics allocated its funds?
Companies resources are allocated to majorly unproductive assets like Inventory, Accounts Receivable
How strong is Bharat Electronics balance sheet?
Balance sheet of Bharat Electronics is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Bharat Electronics improving?
Yes, profit is increasing. The profit of Bharat Electronics is ₹5,661 Crs for TTM, ₹5,321 Crs for Mar 2025 and ₹3,985 Crs for Mar 2024.
Is the debt of Bharat Electronics increasing or decreasing?
Yes, The net debt of Bharat Electronics is increasing. Latest net debt of Bharat Electronics is -₹8,116.52 Crs as of Sep-25. This is greater than Mar-25 when it was -₹19,090.19 Crs.
Is Bharat Electronics stock expensive?
Yes, Bharat Electronics is expensive. Latest PE of Bharat Electronics is 51.13, while 3 year average PE is 35.8. Also latest EV/EBITDA of Bharat Electronics is 38.12 while 3yr average is 26.15.
Has the share price of Bharat Electronics grown faster than its competition?
Bharat Electronics has given better returns compared to its competitors. Bharat Electronics has grown at ~54.33% over the last 4yrs while peers have grown at a median rate of 48.72%
Is the promoter bullish about Bharat Electronics?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Bharat Electronics is 51.14% and last quarter promoter holding is 51.14%.
Are mutual funds buying/selling Bharat Electronics?
The mutual fund holding of Bharat Electronics is increasing. The current mutual fund holding in Bharat Electronics is 15.12% while previous quarter holding is 14.6%.