HAL, BEL, Bharat Dynamics: Defence Stocks Surge After Reports Of India-US Strategic Framework
Defence shares, such as Hindustan Aeronautics, Bharat Electronics, and Bharat Dynamics, were rising in trade on Thursday amid reports that India and the US have agreed on a defence framework. The 10-year framework will see a strategic partnership between the two countries for sharing defence know-how and an increased supply of defence equipment.
The decision on the defence framework was mentioned in a Pentagon statement that was released on Wednesday, a day after Singh and US Defence Secretary Hegseth held a phone conversation.
'Secretary Hegseth and Minister Singh agreed to sign the next 10-year US-India Defence Framework when they next meet this year," it said.
It said the two sides discussed pending major US defence sales to India and the imperative of close defence industrial cooperation between the two countries.
'Secretary Hegseth emphasised the priority the United States places on India as its key defence partner in South Asia," the Pentagon said.
It said the two leaders reviewed the 'considerable progress" both countries have made toward achieving the defence goals set out in the February 2025 joint statement by President Donald Trump and Prime Minister Narendra Modi.
'The two discussed pending major US defence sales to India and the imperative of close defence industrial cooperation between the two countries," the Pentagon readout said without providing further details.
In the phone conversation on Tuesday, Singh urged Hegseth to expedite the delivery of GE F404 engines to power the Tejas Light Combat Aircraft, people familiar with the matter said.
Singh also pitched for early finalisation of a proposed deal between Hindustan Aeronautics Ltd (HAL) and US defence major GE Aerospace for joint production of F414 jet engines in India, they said.
The delay in the supply of F404 engines by GE Aerospace has resulted in HAL missing the deadline to supply Tejas Mark 1A aircraft to the Indian Air Force.
First Published:
July 03, 2025, 10:12 IST
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
11 minutes ago
- Business Standard
Rupee trades weak as dollar gains on US jobs data; opens lower at 85.40/$
The Indian Rupee opened weaker on Friday, even as the dollar index and crude oil prices traded slightly lower. The domestic currency opened 8 paise lower at 85.40 against the dollar on Friday, according to Bloomberg. Asian currencies traded mixed during the session as caution loomed over the US reciprocal tariff deadline. The Indian rupee was supported by foreign portfolio investor (FPI) inflows and the absence of dollar demand from the Reserve Bank of India (RBI) and oil companies in Thursday's session, according to Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP. "It is expected to open near 85.50 and trade within a range of 85.20 to 85.80 this morning." With the US dollar cash market shut today, rupee movement will likely be driven by traders hedging their positions, Bhansali said. While the US-India interim trade deal is said to be in its final stages, it has yet to be announced, as Trump prepares to communicate new tariff structures to individual countries, he noted. The US and Vietnam signed a trade deal that'll levy a 20 per cent tariff on exports to America and a 40 per cent levy on goods deemed to be transshipped. On Wednesday, Trump said that the US and India will soon finalise a trade deal with 'much lower tariffs'. Meanwhile, the dollar index rose after following strong US jobs data. The country added 1,47,000 jobs, more than forecast, and the unemployment rate unexpectedly ticked down to 4.1 per cent. A stronger-than-expected US non-farm payroll (NFP) report has dampened the likelihood of a Federal Reserve rate cut in July 2025, pushing the US dollar higher, Bhansali said. The dollar index, the measure of the greenback against a basket of six major currencies, was up 0.19 per cent at 96.99. The index has fallen 10.86 per cent so far this year.
Mint
22 minutes ago
- Mint
Bharat Dynamics, HAL, BEML to Cochin Shipyard: Defence stocks surge on govt's ₹1.05 lakh crore procurement drive
Defence stocks such as Paras Defence, BEML, Hindustan Aeronautics, Bharat Electronics, and others rallied on Friday after the government approved acquisition of ₹ 1.05 lakh crore worth of new defence equipment. The gains in defence stocks lifted the Nifty Defence India index by 1.4%. Paras Defence and Space Technologies emerged as the top gainer among index constituents, surging 8%. Other gainers included Mishra Dhatu Nigam, Astra Microwave Products, BEML, Unimech Aerospace and Manufacturing, Cochin Shipyard, Bharat Dynamics, Garden Reach Shipbuilders & Engineers, Mazagon Dock Shipbuilders and BEL, all of which rose between 1-2% each. The Ministry of Defence's Defence Acquisition Council (DAC) on Thursday cleared capital acquisition proposals worth nearly ₹ 1.05 lakh crore. The 10 capital acquisition proposals are set to be carried out through indigenous sourcing from Indian companies. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
26 minutes ago
- Mint
Gold price today: Rates rise on dollar's weakness as US House clears Trump's tax bill; check key levels for MCX Gold
Gold price today: Gold rates climbed in the domestic futures market Friday (July 4) morning, largely due to the dollar's weakness after the US House passed President Donald Trump's tax cut bill. MCX Gold August 5 contract traded 0.16 per cent higher at ₹ 96,935 per 10 grams. The dollar index fell by 0.20 per cent after the Republican-controlled House of Representatives approved Trump's tax and spending bill. Trump's tax bill is expected to increase US debt, reduce revenue, and lower spending, potentially weighing on the dollar. The dollar has already been under pressure this year amid signs of economic growth faltering due to Trump's tariff policies. Trump's 'One Big Beautiful Bill' increases spending for border security, mass deportation and slashes Medicaid and food stamps. The Congressional Budget Office or the Joint Committee on Taxation has estimated that Donald Trump's tax bill would add $3.3 trillion to the $36.2-trillion debt over 10 years, reduce revenues by $4.5 trillion and cut spending by $1.2 trillion. While growing concerns over US fiscal health and the weakness of the US dollar are positive for gold, the waning prospects of rate cuts by the US Federal Reserve limit the yellow metal's gains. Data on Thursday showed the US jobs market remains resilient and the Fed may stay in a pause mode for a longer-than-expected period. US firms added a more-than-expected 147,000 jobs in June and the unemployment rate unexpectedly fell to 4.1 per cent. (This is a developing story. Please check back for fresh updates.) Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.
