Two Cuban migrants used a motorized hang glider to fly the approximately 90 miles from the communist island to Key West, Florida
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Saturday, 25 March 2023
Friday, 24 March 2023
DEA review gives short shrift to foreign corruption scandals
After nearly two years and $1.4 million spent, the U.S. Drug Enforcement Administration released an external review of its overseas operations that gave short shrift to corruption scandals and offered a series of recommendations critics dismissed as ov...
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Michigan 1st state in decades to repeal 'right-to-work' law
Report: No turbulence during fatal business jet flight
Debt, expenses stress lower income households: AP-NORC poll
WPL Eliminator: Mumbai Indians Book Final Berth With Win vs UP Warriorz
Mumbai Indians beat UP Warriorz by 72 runs in the Eliminator clash to enter the finals of the Women's Premier League in Mumbai on Friday. MI will face Delhi Capitals in the title clash on Sunday. Sent into bat, Mumbai Indians scored 182 for four. MI were off to a decent start but both their openers -- Hayley Matthews and Yastika Bhatia -- could not capitalise on their starts. Nat Sciver-Brunt top-scored for MI with a blistering 72 not out off 38 balls, and while skipper Harmanpreet Kaur was out for 14, Melie Kerr chipped in with a 19-ball 29 before Pooja Vastrakar hit 11 in four balls. In reply, MI bowled out UPW for 110 in 17.4 overs, with Kiran Navgire making 43 off 27 balls.
Young pacer Issy Wong bagged 4/15 for MI during an excellent spell and also became the first ever player to pick up a hat-trick in the WPL.
Brief scores: Mumbai Indians: 182/4 in 20 overs (Nat Sciver-Brunt 72 not out; Sophie Ecclestone 2/39).
UP Warriorz: 110 all out in 17.4 overs (Kiran Navgire 43; Issy Wong 4/15).
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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Top Defence Stocks To Watch Out As India Approves Rs 70,500-Crore Order
Over the past one year or so, ever since Russia made its sinister intentions clear after invading Ukraine, the world has woken up to the possible threats of autocratic military powers.
The lesson that India learnt the hard way was it needed to be self-reliant in the defence sector. Ever since then, Indian defence stocks have been on a steady rise.
The rally in defence stocks is driven by a range of factors such as geopolitical tensions, increased defence spending, and the government's focus on self-reliance in defence production.
However, the recent decision by the Defence Acquisition Council (DAC) to accord Acceptance of Necessity to projects worth Rs 705 billion (bn) has given a fresh boost to the sector.
This decision paves the way for major military modernization projects. This move is expected to further fuel the growth of Indian defence stocks, making it an exciting theme for investors to track.
Let's take a look at the biggest defence manufacturing stocks which have already started to see an upmove.
#1 Hindustan Aeronautics (HAL)
Hindustan Aeronautics (HAL) has seen significant additions to its order book in the past couple of months.
In fact, the company has already ramped up its production facilities and set up manufacturing facilities at some divisions.
We've been writing to you about HAL since early days, when the defence production megatrend was just taking shape and the government's policies for indigenous defence procurement were being finalised.
Out of the total outlay of Rs 705 bn, the largest proposal approved was for 60 utility helicopters-marine being constructed by HAL, costing Rs 320 bn.
HAL capitalized on this euphoria and surged around 5% on the same day.
HAL: Nothing but Blue Skies Ahead
Prior to this order, the cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from HAL for Rs 68.3 bn.
On Wednesday, 22 March 2023, the centre notified that it is planning to sell up to 3.5% stake in the aerospace and defence company.
This is a big divestment move, as the sale would garner a sum of Rs 28.7 bn, based on a floor price of Rs 2,450 apiece. The floor price is at a discount to Wednesday's closing price of Rs 2,625.2.
The latest shareholding pattern of HAL shows that government holds 75.15% stake in the company. The offer for sale (OFS) is being undertaken for achieving the minimum public shareholding in accordance with the market regulator's rules.
HAL is currently leading some of the most strategic projects in the aerospace and defence sector in India. With an order book of Rs 1 lakh crore and with several other projects on the anvil, the company is expected to perform well in the medium term.
#2 Bharat Forge
The next big beneficiary is Bharat Forge.
The council gave a nod for the purchase of 307 advanced towed artillery gun system (ATAGS) worth Rs 85.3 bn. This will be the first order for the domestic 155mm/52 caliber ATAGS, whose production partners are Bharat Forge and Tata Advanced Systems.
Under the procurement program for advanced wheeled armoured vehicles, Bharat Forge is the only listed company, the other two being unlisted Tata Advanced Systems and Mahindra Defence Systems.
Over the years, Bharat Forge has managed to diversify its product profile and geographic presence.
The company was long preparing to become a major private sector arms and ammunition supplier, and already working on some artillery gun platforms.
Towards the end of 2022, the company informed that its subsidiary, Kalyani Strategic Systems, has won an export order worth US$155.5 million (around Rs 13 bn) for the export of artillery gun systems.
Bharat Forge will enjoy superior margins on this order as it doesn't need to invest a large sum. It already has a facility underway with an investment of Rs 400 million (m).
Withing just a couple of years, Bharat Forge is seeing significant additions to its order book from this segment and having a health execution rate.
Not just these big tanks but Bharat Forge is firing across all verticals, be it drones or electric vehicles (EVs).
In January 2023, Bharat Forge collaborated with a subsidiary of General Atomics to develop a manufacturing ecosystem for high-end drones.
On the EV front, the company has a product portfolio aligned to EVs with various products in the pipeline to be launched by 2025. These include hydrogen fuel cell-based powertrain solutions, advanced electric chassis, advanced e-Axle, and sodium ion battery.
No wonder the company's management has laid out strong guidance of 12-15% annual growth in revenue between FY22 and FY30.
Bharat Forge Share Price – 3 Year Performance
How defence stocks are performing
Here's a table showing the performance of defence stocks:
Performance of Defence Stocks
As you can see, even a languishing defence PSU like Bharat Dynamics has logged in massive gains in the past two years. Mr Market seems to have taken a liking towards defence sector stocks.
This is due to a combination of factors including:
Increase in Defence Budget: India has been increasing its defence budget in recent years, which has provided a boost to the defence sector. The government's focus on modernizing the armed forces has resulted in increased spending on defence equipment and technology, which has benefited the defence industry.
Make in India Initiative: Modi government's "Make in India" initiative has encouraged domestic manufacturing of defence equipment and technology. This has led to a rise in demand for Indian defence stocks, as investors see potential for growth in the sector.
Geopolitical Tensions: India is located in a region with significant geopolitical tensions, including with neighboring countries like Pakistan and China. This has led to an increased focus on defence preparedness, which has benefited the defence sector.
Export Potential: Indian defence companies are increasingly looking to export their products to other countries, which has opened up new markets for the sector.
The future of defence stocks
We are entering times where threat of wars is increasing with every passing year. This fear of future wars is creating a huge opportunity for investors.
Over the coming years and decades, we could see a massive rally in some defence stocks.
But as an investor, it is essential that you choose right company to bet your money on.
Our research says that this decade could witness increases in the defence spending like we have probably never seen before.
That's the reason why our Co-head of Research Tanushree Banerjee is calling this decade the golden decade of defence stocks in India.
And she strongly believes that a few defence stocks could embark on a potential massive rally over the coming years and decades…
Happy Investing!
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.
This article is syndicated from Equitymaster.com
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Thursday, 23 March 2023
Rap artist Afroman sued by officers who raided his home
Judge denies defense bid to prevent release of Otieno's body
Feds: Woman who set fire at Wyoming abortion clinic opposes abortion, said she was anxious about facility opening
Iowa governor signs gender-affirming care ban, bathroom law
Wessly Madhevere Hat-Trick Sets Up Dramatic One-Run Zimbabwe Win
Zimbabwe captain Craig Ervine's faith in spin paid off when Wessly Madhevere took a hat-trick to set up a dramatic finish as Zimbabwe beat Netherlands by one run in the second of three World Cup Super League one-day internationals in Harare on Thursday. It went down to the last ball when last man Ryan Klein was run out attempting a near-impossible third run which would have tied the match. The Netherlands were seemingly cruising in pursuit of Zimbabwe's 271 all out at 213 for four before off-spinner Madhevere dismissed Colin Ackermann, Teja Nidamanuru and Paul van Meekeren off the first three balls of the 44th over.
"I never imagined myself taking a hat-trick," said Madhevere.
"My task was to go for less than five runs an over. Taking a hat-trick was a bonus."
Madhevere scored 43 as an opening batsman and took three for 36 in nine overs to be named player of the match.
Madhevere and fellow off-spinner Sikandar Raza bowled in tandem until the 47th over and both took three wickets on a pitch that favoured slow bowlers.
Although fast bowler Tendai Chatara came back to bowl two overs at the end, Ervine kept Raza on to bowl the 49th over.
It paid off when he had Netherlands captain Scott Edwards caught at long-on for 36, with 20 runs still needed off nine balls.
"Probably six extra runs would have been ideal," Edwards said of his failure to clear Brad Evans on the boundary.
It came down to 10 needed off the last two balls.
Fred Klaassen hit a six off Chatara and then drove the last ball into the covers. The batsmen ran two but Brad Evans' throw to Chatara left Klein well short of his ground as the batsmen tried for a third run.
Max O'Dowd (81) and Tom Cooper (74) laid the foundation for what seemed a likely Netherlands win with a second-wicket partnership of 125 off 152 balls.
Sean Williams, returning after a finger injury, top-scored for Zimbabwe with 77 while 19-year-old leg-spinner Shariz Ahmad took five wickets for 43 runs for the Netherlands.
"It's my first five-for, it's a great feeling," said Shariz.
"But I would have loved to win the match rather than take a five-for."
Brief scores
Zimbabwe 271 in 49.2 overs (C. Ervine 39, W. Madhevere 43, S. Williams 77, C. Madande 52; P van Meekeren 2-66, C. Ackermann 2-51, Shariz Ahmad 5-43) v Netherlands 270 in 50 overs (M. O'Dowd 81, T. Cooper 74, S. Edwards 36; S. Raza 3-39, Madhevere 3-36)
Result: Zimbabwe won by one run
Series: Tied at 1-1 with final match on Saturday
Toss: Zimbabwe
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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Wednesday, 22 March 2023
Gwyneth Paltrow ski collision trial brings doctors to stand
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