Defence PSUs Hand Over Dividend Cheques Worth Rs 1,620 Crore To Rajnath Singh

Seven defence public sector undertakings handed over dividend cheques totalling Rs 1,620 crore to Defence Minister Rajnath Singh on Tuesday. The companies are Hindustan Aeronautics Ltd., Bharat Electronics Ltd., BEML Ltd., Bharat Dynamics Ltd., Mazagon Dock Shipbuilders Ltd., Garden Reach Shipbuilders & Engineers Ltd. and Goa Shipyard Ltd.

In a meeting at South Block in New Delhi, Singh reviewed the companies' performance and emphasised the importance of development of new technology by the DPSUs and indigenisation. He also praised the role of the DPSUs in the preparedness of the Indian armed forces, according to a press release from the Ministry Of Defence.

Singh encouraged the DPSUs to direct more efforts and resources towards research and development as well as export and indigenisation. The defence minister also encouraged them to increase the production capacity, quality of products and timely deliveries to armed forces.

Singh congratulated the HAL chairperson and managing director on getting the Maharatna status and becoming the 14th Maharatna PSU of India and the first among the DPSUs. He also asked the other DPSUs to become Maharatna and Navratna, it said.

Sanjeev Kumar, the secretary of defence production, gave Singh an overview of the DPSUs, including their financial performance, present status and category as well as additional endeavours by them in the areas of research and development and indigenisation.

Shares of HAL closed 3.18% higher at Rs 4,274.50 apiece on the NSE, compared to a 0.52% advance in the benchmark Nifty 50. Shares of BEL closed 4.89% higher at Rs 283.65 apiece, while those of BEML Ltd. ended 1.17% up at Rs 3,811.15 apiece.

Shares of Mazagon Dock Shipbuilders closed 0.15% higher at Rs 4,012.45 apiece on the NSE, while that of Garden Reach Shipbuilders ended 1.86% up at Rs 1,549.35 apiece.