DAC also approved the guidelines for reducing the timelines at various stages of the capital acquisition process to make it faster, more effective and efficient. As per media report, the new guidelines endeavour to reduce the average acquisition timeline from 96 weeks (two years) to just 24 weeks (six months).
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ICICI Securities Report
The Defence Acquisition Council has approved AoNs for eight proposals worth over Rs 540 billion. Three proposals disclosed in public domain relate to:
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Upgrade of T-90 engine to 1,350 HP from current 1,000 HP;
procurement of Varunastra Torpedo, benefiting Bharat Dynamics Ltd.; and
procurement of Airborne Early Warning & Control Aircraft Systems, benefitting Bharat Electronics, Astra Microwave and other radar companies in the ecosystem.
Besides, DAC has approved reforms in the capital acquisition process. We see both orders and AoNs picking up again in Q4 FY25 and believe FY26 would be much better if reforms in the capital acquisition process are implemented.
We have Buy rating on BDL (target price:Rs 1,400), BEL (target price: Rs 350) and Astra Microwave (target price: Rs 935).
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