Navy successfully tests indigenous Anti-Submarine Rocket system
These organisations have worked in tandem to design a system that is tailored for the indigenous rocket launcher of Indian Naval Ships, offering capabilities to combat submarines, the statement added.This anti-submarine rocket is characterised by a twin-rocket motor configuration, which allows it to meet a broad spectrum of range requirements with high accuracy and consistency.The ERASR employs an indigenously developed Electronic Time Fuze, enhancing its operational efficiency. The tests involved evaluating 17 rockets at various ranges, with all performance objectives, including range performance and warhead functioning, being successfully met. This comprehensive testing ensures the system's reliability in various operational scenarios.The government has roped in Hyderabad-based Bharat Dynamics Limited and Nagpur's Solar Defence & Aerospace Limited for partnership in the production of the ERASR rockets."The development is seen as a boost to both India's defence industry and its strategic defence initiatives, paving the way for future innovations," the defence ministry's statement said.Defence Minister Rajnath Singh commended the efforts of the DRDO, Navy, and industry partners in the development and trials of the ERASR. He highlighted that the induction of this system would enhance the Navy's striking power, reflecting the government's support for indigenous defence production."The ERASR's development and successful testing represent a key achievement in India's defence sector, supporting its vision of becoming self-reliant in defence production," added the government statement.- Ends
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
31 minutes ago
- News18
Jio BlackRock To Launch 8 New Mix Debt And Equity Funds, Seeks SEBI's Nod: Report
Last Updated: Jio BlackRock Mutual Fund plans to launch 8 new funds, seeking approval. Their first three debt-oriented NFOs raised Rs 17,800 crore, aiming to widen the retail investor base. Jio BlackRock Mutual Fund: Jio BlackRock Mutual Fund is looking to launch 8 new funds after a successful debut. According to a Reuters report, the mutual fund JV is seeking the market regulator's permission for these 8 new NFOs. Most of these NFOs will allow investment as low as Rs 500, aimed at widening the retail investor base. The Reuters report underlines that Jio BlackRock Asset Management plans to introduce nearly a dozen equity and debt funds in India by the year-end, focusing on small-ticket investments. The first three NFOs of Jio BlackRock Asset Management were debt-oriented. The AMC successfully raised Rs 17,800 crore through these three MF schemes. Since acquiring the licence in May, the AMC launched three open-ended debt schemes – Jio BlackRock Liquid Fund, Jio BlackRock Money Market Fund, and Jio BlackRock Overnight Fund. The venture is a collaboration between Jio Financial Services, a subsidiary of Mukesh Ambani's Reliance Industries Ltd, and the US-based investment firm BlackRock. These three abovementioned funds opened for subscription from June 30 and be remained available until July 2. They had the minimum investment requirement of Rs 500. A Debt MF is a kind of mutual fund that invests money in fixed-instruments like government bonds, corporate bonds, T-bills, commercial papers, and certificates of deposits. The initial offer, lasting three days and concluding on July 2, 2025, garnered attention from over 90 institutional investors and more than 67,000 retail investors, according to Jio BlackRock's statement. Sid Swaminathan, Managing Director and CEO of JioBlackRock Asset Management, expressed his appreciation: 'The overwhelming response to our first NFO from institutional and retail investors is a strong endorsement of Jio BlackRock Asset Management's innovative investment philosophy, risk management capabilities, and digital-first approach. This is a significant start to our mission of transforming India's investment landscape and catering to a wide range of investors. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
an hour ago
- Time of India
Vedanta drops 3% after US short seller calls it 'house of cards', firm hits back
MUMBAI: In a move reminiscent of Hindenburg going short on Adani Group, US-based financial researcher Viceroy Research said Wednesday it was "shorting" the debt stack of metal tycoon Anil Agarwal-controlled Vedanta Resources, the UK-based parent of Mumbai-listed miner Vedanta, as it believes the entire group structure is 'financially unsustainable', operationally compromised, 'a house of cards', poses severe risks to creditors, and 'resembles a Ponzi scheme'. Tired of too many ads? go ad free now Viceroy's 87-page report came ahead of Vedanta's annual shareholder meeting on Thursday. The company dismissed the report as "a malicious combination of selective misinformation and baseless allegations." Vedanta's stock price on BSE crashed nearly 8% in mid-session to a low of Rs 421, but then slowly recovered to close at Rs 441, down 3.4%. The stock of Vedanta subsidiary Hindustan Zinc also saw a similar trend: In mid-session it crashed nearly 5% to Rs 415 and then recovered some ground by the close of the session to finally settle at Rs 425, down 2.6%. Betting on a correction in the prices of the company's securities, Viceroy's report said, 'Our thesis rests on a simple but critical dynamic: Vedanta Resources is a 'parasite' holding company with no significant operations of its own, propped up entirely by cash extracted from its dying 'host', Vedanta.' This, Viceroy added, has forced the Indian company to take on increasing leverage and deplete its cash reserves. 'This looting erodes the fundamental value of Vedanta, which constitutes the primary collateral for Vedanta Resources' own creditors.' Vedanta reacted saying the 'timing of the report is suspect and could be to undermine the forthcoming corporate initiatives'. Vedanta is in the midst of hiving off its businesses such as aluminum, oil and gas, power, and base metals into separate listed companies. The demerger has hit a regulatory roadblock with the petroleum and natural gas ministry raising objections. Tired of too many ads? go ad free now and his family hold about 56% stake in Vedanta. A couple of days ago, Vedanta Resources announced the release of all pledged Vedanta shares following complete repayment of its $200 million Canara Bank (London branch) loan. Viceroy criticised Vedanta's demerger proposal, initiated after an unsuccessful attempt to take the Indian company private five years ago. As of March 31, 2025, Vedanta Resources' standalone net debt was about $5 billion. Delaware-registered Viceroy said Vedanta Resources is a financial zombie being kept alive by transfusions of cash from Vedanta. 'The short thesis is not death by a thousand cuts: Any one of the multitude of risks we outline is sufficient to topple Vedanta's already fragile, Ponzi-like structure.'
&w=3840&q=100)
Business Standard
2 hours ago
- Business Standard
Illinois Tech's Mumbai campus aims for 300-student inaugural batch in 2026
US-based Illinois Institute of Technology (Illinois Tech) is beginning preparations for opening its Mumbai campus in fall next year with an initial intake of around 300 students, Raj Echambadi, president, Illinois Tech, told Business Standard in a video interview. 'The institute is expecting to begin site exploration, and recruitment of faculty and staff in the next two-to-three months, so that active recruitment of students can start for an intake in the next fall,' Echambadi added. Likening its upcoming Mumbai campus to a node in Illinois Tech's overall network, he said that many American students will get opportunities to study in India for a semester or a year, whereas many Indian students can go to the Chicago campus in exchange programmes. Key challenges for the institute could be the US administration's recent rules mandating social media vetting for student visa appointments, and President Donald Trump's recent run-ins with educational institutions. Calling it a short-term speed bump, Echambadi said there are not going to be many impediments, even for Indian students who come and study in the Chicago campus. Almost 20 per cent of the students in Illinois Tech's undergraduate (UG) and graduate programs are foreign students, of which close to 5-8 per cent are from India. 'There is anxiety among students and parents due to word of mouth. While I think there is going to be a very short-term dip in terms of student interest, there is no certainty that it is going to have a major impact in the long term,' he added. While at the Mumbai campus the institute will offer both UG and graduate degrees, most of its courses will focus on science, technology, engineering, and mathematics (STEM). Addressing concerns over fees, the institute said that while its tuition rates are still being finalised, they are looking at a cost range that would be very reasonable for the Indian market. 'Comparing it to the US cost, you are talking about one-third or a little over one-third of the cost that the students would pay at our India campus,' he said. Estimated tuition rates for an UG student at Illinois Tech is $51,648, according to the institution's website. Other additions such as housing, food, books, and transportation can inflate that bill to an estimated range of $64,894-77,624, depending on whether the student is living on or off campus. Echambadi added that the institute is working with its alumni network, and government scholarships to make affordability one of the key factors. 'Owing to the size of our Indian alumni, and because of the CSR (corporate social responsibility) rules in India, we are committed to fundraising in India in order to ensure that no qualified student in the country is ever turned away because of lack of access to resources,' he said. Illinois Tech's entry into India comes two years after the University Grants Commission (UGC) released rules facilitating the entry of foreign higher education institutions (HEIs) into the country as part of the National Education Policy (NEP) 2020 reforms. Under these regulations, foreign institutions seeking to establish campuses in India must rank within the top 500 globally — either overall or in specific subject areas — and demonstrate outstanding expertise in their fields, subject to UGC approval. While around 10-12 foreign HEIs, mostly British and Australian, have got letters of intent (LoIs) from the Union education ministry, Illinois Tech is currently the only American university to announce a campus in India. Speaking on the traction within US HEIs, Echambadi said that there is a lot of interest from American universities to come to India. 'We have had many calls from American universities asking us about the process we followed,' he added.
