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Indo-US Defense Deals: Prime Minister next week from 21st June to 24th June Narendra Modi America will be on tour. But even before his visit, the stocks of defense companies listed on the Indian stock exchanges have started buzzing. Investors are continuously investing in the stocks of all the defended public sector companies keeping this tour in mind. Due to which all the defense stocks are seeing a great boom. Most of the defense sector shares are trading at record high.
Why the rush ahead of PM’s visit?
A big deal is going to happen between India and America for the engine of Tejas fighter aircraft during Prime Minister Modi’s visit to America. This agreement can be done between the public sector Hindustan Aeronautics Limited (HAL) and General Electric of America. Together, both the companies will do engine manufacturing in India. Very sensitive technology transfer will also be a part of this deal. According to reports, GE F414 jets will be installed in Tejas Mark 2 fighter planes. In 2010 itself, India decided to install the GE F414 engine in the Light Combat Aircraft Tejas. Later the deal was shelved. But the deal is expected to be signed during the Prime Minister’s visit to America.
predator b drone deal
The Defense Ministry has approved the purchase of 31 armed Predator or MQ-9B SeaGuradian drones from the US. After getting approval from the Cabinet Committee on Security, the deal will be announced during the Prime Minister’s visit to America. There will be an agreement on this deal called Hunter Killer Drones for about $ 3.5 billion or Rs 29,000 crore. Out of 31 Predators, 15 will be given to the Navy and 8 each to the Army and the Air Force. Under the deal, MRO ie Maintenance Repair and Overhaul facility will have to be set up in India only. India’s Ormed Forces have been waiting for this drone for a long time.
Defense stocks made money
Due to these deals, there is a great boom in the stock of HAL before the Prime Minister’s visit to America. On Friday, the stock closed at Rs 3844 with a gain of 3.70 per cent. In view of this deal, the stock has gained 24 per cent in a month. Shipbuilding company Gordon Rich also closed at Rs 590 with a gain of 7.40 per cent. This stock has gained 14% in one month and 45% in 3 months. Bharat Dynamics also closed at Rs 1180 with a gain of 4.30 per cent. The stock has gained 12 per cent in one month and 31 per cent in three months. Mazagon Docks today closed at Rs 1188 with a gain of 12.62 per cent and the stock has gained 47 per cent in a month. The stock has given a return of 79 per cent in 3 months. Experts believe that the rise in these defense stocks may continue till the Prime Minister’s visit to America from 21 to 24 June.
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