Punj Lloyd, Rave Gears (USA) and Adani Group announced an intention to collaborate for the design, manufacture and assembly of high precision gears and transmission systems for rotary platforms at DefExpo 2018.
The collaboration intends to manufacture gears and gear assemblies mainly for rotary platforms, currently under production in India for HAL, and for future programs like the Naval Utility Helicopters and Naval Multi Role Helicopters.
The collaboration will use the manufacturing base in India for exports to global OEMs, both in the military and civil aerospace domain.
"The recent RBI policy meeting has convinced the market that a rate hike is not around the corner. Therefore, we think that the relationship between India's short rate differential with the US and equity market performance relative to the world will likely be reestablished (falling relative rates = outperformance)," the global brokerage house explained.
It further explained that the third factor is the collapse in India's beta to a 13- year low. While fundamentally this means that India's prospective absolute returns have shrunk, if beta remains low and the world is in a low-return phase, India will likely outperform. Finally, FPI positioning, which has been falling for three years, is now at 2011 levels.
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