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ICICI Securities Report
The Defence Acquisition Council has provided Acceptance of Necessity to various proposals envisaging investment of Rs 78 billion across the Armed Forces. These encompass all the three services and are aimed at improving survivability, manoeuvrability and combat effectiveness.
Among the companies under our coverage, we believe Bharat Electronics Ltd. and Astra Microwave Products Ltd. could benefit from installation of electronic warfare suite on MI-17 V5 helicopters.
In addition, Acceptance of Necessity has been given for ground-based autonomous system for mechanised infantry and armoured regiments, light machine gun, bridge-laying tank, ruggedised laptops and tablets under project Shakti and procurement of weapons for MH-60R helicopters.
Maintain 'Buy' on BEL (target price: Rs 150) and Astra Microwave (target price: Rs 425).
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