Economy
Indian defence exports surged in 2015
New Delhi : As India focuses on enhancing domestic production of military hardware, a surge in its export was recorded in nine months to end-2015, with the net value touching almost $210 million (Rs.1,400 crore).
 
According to the annual report of the defence ministry, the Defence Public Sector Undertakings (DPSUs), Ordnance Factory Board (OFB) and the private sector companies exported products worth Rs.1,397 crore from April to December 2015. The final figures for the fiscal ending March 31 are yet to be tabulated.
 
Exports in the financial year 2014-15 were valued at Rs.994 crore.
 
"The trend in export shows phenomenal growth by the industry," the defence ministry report said.
 
It also lauded the role of private companies in the defence sector, stating that the exports by the sector had shown "accelerated growth" by 12-14 companies.
 
The major destinations for defence exports from India include Afghanistan, Algeria, Belgium, Ecuador, Indonesia, Israel, Myanmar, Nepal, Oman, Romania, Russia, South Korea, Sudan, Vietnam and the UK.
 
Among the major items being exported are Offshore patrol vessels, spares for radars, Cheetal helicopters, turbo chargers and batteries, electronic systems, light engineering mechanical parts and personal protective items, which comprise articles like helmets, bulletproof jackets and other types of clothing.
 
The report also observed that the online system for NoCs (No Objection Certificates) which was started in November 2014 is working satisfactorily.
 
In August 2015, the Standard Operating Procedures (SOP) for issuing NOCs for export of military stores by public or private defence industry were also revised.
 
Under this, the requirement of an End User Certificate to be countersigned or stamped by the government authorities has been done away with for the export of items like parts, components or sub-systems.
 
As the government promotes participation of private sector in defence manufacturing, the report also said that the Department of Industrial Policy and Promotion has issued 319 Industrial Licences to 190 companies till January 2016.
 
Of these, 50 companies with 79 licences have started production.
 
The new Defence Procurement Procedure (DPP) envisages providing a boost to the 'Make in India' initiative, enhanced role for private sector, and promoting medium and small scale industries.
 
It also has a new category of Buy Indian -- Indigenous Design Development and Manufacturing under which indigenously designed equipment with 40 percent content will be procured.
 
According to Sweden-based think-tank Stockholm International Peace Research Institute (SIPRI), between 2011 and 2015 India was the largest importer of arms, accounting for 14 percent of the global trade.
 
It, however, does not appear prominently in the list of defence exporters, with the top slot being taken by the US, which accounts for 33 percent of global arms export, according to SIPRI.
 
According to the Institute's analysis, adding together the data that states have made available on the financial value of their arms exports, the estimated total value of the global arms trade in 2013 was at least $76 billion. It adds that the true figure is likely to be higher.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Shame on people for trolling Anushka: Virat Kohli
New Delhi : India's star batsman Virat Kohli has slammed haters for trolling his former girlfriend Anuskha Sharma.
 
"Shame on people for trolling Anushka Sharma non-stop. Have some compassion. She has always only given me positivity," Kohli wrote on Twitter on Monday. 
 
He wrote a longer message on Instagram to extend support to the Bollywood actress. 
 
"Shame on those people who have been having a go at Anushka for the longest time and connecting every negative thing to her. Shame on those people calling themselves educated. Shame on blaming and making fun of her when she has no control over what I do with my sport," Kohli wrote in the post. 
 
"If anything she has only motivated and given me more positivity. This was long time coming. Shame on these people that hide and take a dig," he said, while adding that he doesn't need any "respect for this post".
 
"Have some compassion and respect her. Think of how your sister or girlfriend or wife would feel if someone trolled them and very conveniently rubbished them in public," he wrote.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex may give up some gains – Monday closing report
Nifty will head lower, if it remains below 7,645
 
We had mentioned in Wednesday’s closing report that Nifty, Sensex uptrend would continue as long as Nifty remained above 7,600. The major indices of the Indian stock markets suffered a sharp correction of more than 1.30% on Monday. 
 
 
Profit booking, coupled with heightened chances of a US rate hike and a weak rupee subdued the Indian equity markets during late-afternoon trade session on Monday. Consequently, the barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) traded deep in the red. The wider 50-scrip Nifty of the National Stock Exchange (NSE) receded into the negative territory. The BSE market breadth favoured the bears -- with 1,950 declines and 644 advances. The index had closed the last trade session flat on March 23. The Indian equity markets were closed from March 24-25, on account of Holi and Good Friday.
 
A leading industry body on Monday said that the revised defence procurement procedure (DPP 2016) will enable small and medium enterprises (SMEs) to participate in the defence manufacturing. According to the Confederation of Indian Industries (CII), the DPP 2016 has not only addressed the concerns of the defence OEMs (original equipment manufacturers), but also enabled the participation of the SMEs in defence projects. The move is said to further give an impetus to the government's 'Make in India' programme in defence manufacturing.
 
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in Telangana, the company said on Friday. "The unit has been commissioned at the upcoming 2x600 MW Singareni thermal power project located in Adilabad district," the power plant equipment manufacturer said in a BSE filing. The company has built 600 MW rating sets which comprise of a four cylinder turbine, designed in-house. "So far, the company has contracted 21 sets of 600 MW each, of which 15 have already been commissioned. A large number of similar sets ensure easy availability of spares and operator's familiarity," it said. With the commissioning of the unit, Singareni Collieries Company Ltd. (SCCL) has successfully diversified into the power generation business. According to the filing, the second unit of Singareni is also in an advanced stage of construction and is expected to be commissioned shortly. The heavy engineering major had earlier commissioned a 600 MW thermal power plant at Kakatiya in the state in last December. The company commissioned 85% of the coal-based power stations in Telangana amounting to 5,180 MW. The state government has recently placed orders with the company for executing around 6,000 MW of thermal power projects in the state on engineering procurement construction basis. The shares of BHEL closed at Rs113.15, down 2.92% on the BSE.
 
China's pension fund may begin investing in the nation's share markets, a move that will channel approximately 600 billion yuan ($92 billion) into the equity market and likely improve its liquidity, the media reported on Monday. The target date comes after China's State Council published an investment guideline that would allow the country's pension fund to invest in more diversified and risker products, with the maximum proportion of investments in stocks and equities set at 30% of total net assets, the People's Daily reported. China's pension fund, which accounts for approximately 90% of the country's total social security fund pool, had net assets of 3.98 trillion yuan by the end of 2015. By the end of last year, total investible pension fund nationwide reached approximately 2 trillion yuan, according to data from the ministry of human resources and social security. According to a survey by the Shenzhen Stock Exchange, which polled 3,874 small investors from 219 cities around China, more than 77.5% of respondents said they had been anticipating the pension fund investments and that the move will bring a wave of liquidity. Provinces that have already piloted their local pension funds to be invested in the equity market have reported positive yields. Guangdong province reportedly accrued a combined yield of 17.34 billion yuan from a 100-billion-yuan investment. The top gainers and top losers of the major Indian indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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