India Defence Sector Outlook - Potential Submarine Orders In Focus: ICICI Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.We have recently seen considerable interest in shipbuilders, particularly Mazagon Dock Shipbuilders Ltd., as the bidding for P75I project comes closer and the possibility of the order for three additional Scorpene submarines being finalised during PM Modi’s visit to France for the Bastille day parade. In our view, the traction around submarine orders worth close to $8.6 billion is a positive development for Mazagon Dock Shipbuilders – the only Indian shipbuilder involved in the integration of submarines. The last submarine INS Vagsheer of P75I project is undergoing sea trials and is likely to be delivered in FY24E. Hence, the potential fresh orders come as a shot in the arm for Mazagon Dock Shipbuilders. However, the emergence of Spain’s Navantia and Larsen and Toubro Ltd. and Hanwah Ocean as potential bidders for P75I project implies competition to Mazagon Dock Shipbuilders-ThyssenKrupp Marine Systems. Besides, the actual benefits might accrue progressively given these are high-value orders and ordering and execution cycle is prolonged, extending up to eight years. We will keep a close tab on the developments on this front..Click on the attachment to read the full report:.Capital Goods Q1 Results Preview - Gradual Pickup In Margins; Healthy Outlook: Prabhudas Lilladher.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

India Defence Sector Outlook - Potential Submarine Orders In Focus: ICICI Securities

The traction around submarine orders worth close to $8.6 billion is a positive development for Mazagon Dock Shipbuilders.

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