Last Updated:July 03, 2025, 10:18 IST
Defence shares, such as Hindustan Aeronautics, Bharat Electronics, and Bharat Dynamics, were rising in trade on Thursday
Defence stocks surged on July 3
Defence shares, such as Hindustan Aeronautics, Bharat Electronics, and Bharat Dynamics, were rising in trade on Thursday amid reports that India and the US have agreed on a defence framework. The 10-year framework will see a strategic partnership between the two countries for sharing defence know-how and an increased supply of defence equipment.
The decision on the defence framework was mentioned in a Pentagon statement that was released on Wednesday, a day after Singh and US Defence Secretary Hegseth held a phone conversation.
“Secretary Hegseth and Minister Singh agreed to sign the next 10-year US-India Defence Framework when they next meet this year,” it said.
It said the two sides discussed pending major US defence sales to India and the imperative of close defence industrial cooperation between the two countries.
“Secretary Hegseth emphasised the priority the United States places on India as its key defence partner in South Asia,” the Pentagon said.
It said the two leaders reviewed the “considerable progress” both countries have made toward achieving the defence goals set out in the February 2025 joint statement by President Donald Trump and Prime Minister Narendra Modi.
“The two discussed pending major US defence sales to India and the imperative of close defence industrial cooperation between the two countries,” the Pentagon readout said without providing further details.
In the phone conversation on Tuesday, Singh urged Hegseth to expedite the delivery of GE F404 engines to power the Tejas Light Combat Aircraft, people familiar with the matter said.
Singh also pitched for early finalisation of a proposed deal between Hindustan Aeronautics Ltd (HAL) and US defence major GE Aerospace for joint production of F414 jet engines in India, they said.
The delay in the supply of F404 engines by GE Aerospace has resulted in HAL missing the deadline to supply Tejas Mark 1A aircraft to the Indian Air Force.
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More
Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More
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