Aeronautic companies soar high
Three major air-defence manufacturing companies signed MoUs for collaboration with leading international companies and a domestic start-up at the Aero India 2019. Reacting to this development, the stock of Dynamatic Technologies, BEL and BEML were moving up in early morning trade on Friday.
BEML Limited signed a partnership with American defence major Lockheed Martin for exploration of opportunities to manufacture aerospace support equipment in India. Lockheed Martin is eyeing to supply its F-16 fighter planes to the Indian Airforce. If Lockheed procures this order it plans to manufacture the plane locally in collaboration with Tata Advance System.
While, Dynamatic Technologies has entered an Memorandum of Understanding (MoU) with the Swedish company SAAB Technologies which manufactures Gripen fighter jets. The two companies will explore opportunities to defence-related projects.
The interest fact is that Lockheed Martin, SAAB and French company Dassault which has recently supplied Rafale aircraft to Indian Airforce are all competing for a piece meal of the Indian Airforce upgradation drive.
On the other hand, Defence PSU Bharat Electronics Limited (BEL) partnered with JSR Dynamics, a Nagpur-based start-up. JSR Dynamics designs ground-based and air-based weapons including Glide Weapons, Light-weight Cruise Missiles and allied sub-assemblies.
In early trade on Friday, the stocks of these companies were soaring high. The stock of Bharat Electronics Limited (BEL). was at Rs. 78.45 per share, up by 1.29 per cent; BEML Limited was at Rs. 807.00 per share, up by 2.63 per cent and Dynamatic Technologies was at Rs. 1,399.90, up by 3.98 per cent on BSE.