DailyReportFinance | Global Economy News

Adani Defence signs five-year deal to supply ammunition for AK-203 rifles

Adani Defence signs five-year deal to supply ammunition for AK-203 rifles

Adani Defence & Aerospace has signed a five-year agreement with Indo-Russian Rifles to supply indigenously produced 7.62x39 mm ammunition for AK-203 rifles. Adani Defence & Aerospace has signed a five-year agreement with Indo-Russian Rifles Pvt Ltd to supply indigenously produced 7.62x39 mm ammunition for AK-203 assault rifles being manufactured in India, creating an integrated domestic supply chain for the India-Russia rifle programme. Under the agreement, Adani Defence will supply the small-calibre ammunition required for the AK-203 programme for five years, providing an Indian source of supply and supporting continuity of ammunition availability over the contract period, according to the company. The pact brings together rifle production by Indo-Russian Rifles, or IRRPL, and ammunition manufacturing by Adani Defence, linking two parts of the AK-203 programme within India’s defence manufacturing ecosystem. IRRPL was established in 2019 under an India-Russia intergovernmental agreement to manufacture AK-203 rifles for the Indian Armed Forces. Its manufacturing facility is located at Korwa in Uttar Pradesh’s Amethi district. The joint venture has Indian shareholders Advanced Weapons and Equipment India Ltd and Munitions India Ltd, along with Russian shareholders Concern Kalashnikov and Rosoboronexport. The Ministry of Defence has identified IRRPL as the joint venture responsible for indigenous production of the AK-203. The government signed a contract with the company in December 2021 for 6,01,427 AK-203 rifles, which are to be manufactured at the Korwa facility. The latest agreement expands the domestic manufacturing footprint around the programme by pairing locally produced rifles with locally manufactured ammunition, according to the firm. Adani Defence has established small-calibre ammunition manufacturing capabilities in India, including a production facility in Kanpur. The agreement would further strengthen domestic capabilities across the small-arms supply chain and support the government’s Aatmanirbhar Bharat push for greater self-reliance in defence manufacturing. The agreement also deepens the localisation of an India-Russia defence programme that was originally established to manufacture AK-203 rifles domestically, reducing reliance on external sources for a key consumable required for the weapon system. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Dick's Sporting Goods stock falls 15% as retailer misses expectations, cites 'challenging' footwear market

CNBC Finance8/25/2026

Dick's Sporting Goods stock falls 15% as retailer misses expectations, cites 'challenging' footwear market

Dick's Sporting Goods on Tuesday reported quarterly earnings that missed Wall Street expectations and lowered its outlook for Foot Locker amid what it called a "challenging athletic footwear and apparel marketplace." The company said Dick's stores saw 4.9% comparable sales growth for the quarter driven by "broad-based growth" across categories, including strong results from the World Cup. However, Dick's said Foot Locker saw comparable sales decline by 3.6%, leading the company to revise its outlook to for the Foot Locker business to a range of flat to down 2%. It still expects the Dick's business to grow between 2.5% and 4%, but the company lowered its overall net sales outlook for the year from a range of between $22.1 billion and $22.4 billion to a range of between $21.9 billion and $22.2 billion. The company lowered its consolidated operating income outlook from a previous range of between $1.69 billion and $1.81 billion to a range of $1.45 billion to $1.55 billion. For the period ended Aug. 1, Dick's reported net income of $315 million, or $3.50 per share, down from $381 million, or $4.71 per share, the year prior. Adjusting for one-time items, including its Foot Locker acquisition, Dick's reported $3.53 per share. "While we are taking a more cautious view of the balance of the year, we remain highly confident in the strength of the DICK'S Business and our long-term opportunity at Foot Locker," CEO Lauren Hobart said in a statement. The company also said it received $59 million in tariff refunds during the quarter and $2.1 million in related interest income. The earnings come as Dick's is in the midst of implementing a turnaround for Foot Locker, which has previously weighed on the company's bottom line. Dick's has sought to refine Foot Locker's strategy to return to growth, especially at a time when sportswear is booming. Dick's acquired Foot Locker for $2.4 billion in 2025, saying at the time that it planned to use the deal to expand its international presence and better position itself against its competitors. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Maharashtra recruitment exams: Govt sets up high-level committee for review of system

Maharashtra recruitment exams: Govt sets up high-level committee for review of system

The Maharashtra government has constituted a high-level committee to undertake a comprehensive review of the existing recruitment examination system in the state and suggest measures to make it more transparent, secure, reliable and candidate-friendly. The decision to set up the panel was taken at a meeting chaired by Chief Minister Devendra Fadnavis on August 12, a government resolution (GR) issued by the General Administration Department on Friday informed. The review will cover the entire examination process, including question paper preparation and scrutiny, confidentiality and secure handling of papers, examination centre management and security, use of technology, prevention of malpractices, coordination among various agencies, grievance redressal and the overall examination experience of candidates, it said. The seven-member committee will be headed by V Radha, Additional Chief Secretary, General Administration Department (Services). Its members are Maharashtra Director General of Police Sadanand Date, Secretary, Electronics, Information Technology and Artificial Intelligence Department, Virendra Singh, while Secretary, Animal Husbandry and Dairy Development and Fisheries Department, Dr N Ramaswamy, will be the member-secretary. Other members are Nashik Divisional Commissioner Praveen Gedam, former Air Marshal Ajit Shankarrao Bhosale, a former member of the Union Public Service Commission (UPSC), as well as Prof Shyamprasad Karagadde, Professor, Department of Mechanical Engineering, IIT Bombay. The committee has been tasked with reviewing recruitment examination systems and procedures followed by various state government departments, authorities and examination-conducting agencies. It will suggest comprehensive measures to make recruitment examinations more secure, transparent, reliable and impartial, and acceptable to candidates and other stakeholders. The panel will specifically examine processes related to question paper preparation, testing and moderation, creation of multiple question sets, printing or digital distribution, confidentiality, custody and transportation of question papers, examination conduct, recording of responses, evaluation and declaration of results. It will also recommend measures for effective use of information technology, digital systems and security technology, including authentication, access controls, audit trails and surveillance. The committee will review mechanisms to prevent and detect question paper leaks, breaches of confidentiality, impersonation, collusion and use of prohibited electronic devices, besides suggesting preventive, supervisory and accountability measures. It will study best practices adopted in other states and, where necessary, examination systems followed in other countries, and also recommend minimum standards for selection of examination centres, infrastructure, surveillance, security, manpower and preparedness.

Crisis of credibility biggest problem in media sector, says Gadkari

Crisis of credibility biggest problem in media sector, says Gadkari

Union minister Nitin Gadkari on Saturday stressed the importance of independent judiciary and media for the progress of a democracy, and said that among all institutions, the media suffered the biggest problem of crisis of credibility. The Road Transport and Highways Minister was addressing a gathering at IIM Nagpur Media Conclave 2026 on the theme of 'Media, Leadership and the New World Order '. Chief Executive Officer and Editor-in-Chief of the Press Trust of India (PTI) Vijay Joshi, Editorial Director at Business Standard A K Bhattacharya, and Chairman and Editor-in-Chief of Blitz India Media Group Deepak Dwivedi were among those present at the event. "India is the mother of democracy and it is the largest democracy in the world," Gadkari said. Seeking a qualitative transformation in democracy, he said, "The Constitution has very clearly specified the responsibilities of the four pillars of democracy, that is legislature, executive, judiciary and media. Independent, impartial and fair judiciary and media are very important for the progress and development of a democracy." Politics and political parties are the biggest strength of a democracy, he said. "There can be differences of opinion or ideological differences, but there should be commitment towards one's ideology," the veteran politician said. He also made a pitch for raising public awareness on social, economic, educational issues in order to strengthen democracy. "Awareness among people about democracy and democratic values, and commitment of people with democratic values and ideology are very important," he said. Credibility, goodwill and honesty are the biggest capitals of the 21st century for all sectors, Gadkari noted. "Credibility has deteriorated in all sectors, but credibility in media has gone down very badly," he said, while also noting that not all media houses have lost their credibility. Sharing his experiences, he said, "Newspapers and media houses used to say that they will decide who will win the elections, but now social media has changed that trajectory." "Crisis of credibility is there in all sectors, including politics, but crisis of credibility is the biggest problem in the media sector," he said, and urged media to think about restoring credibility. The minister advised journalists to write in the interest of people, society and country, and said they should reach out to the common man with qualitative transformation.

United Airlines adds 2027 flights spanning Sardinia to Okinawa. Here's what it says about travel today

CNBC Finance8/25/2026

United Airlines adds 2027 flights spanning Sardinia to Okinawa. Here's what it says about travel today

United Airlines said Tuesday it's planning to add a host of new international destinations next year that span Ljubljana, Slovenia, to Okinawa, Japan, continuing its so-far profitable bet that consumers will keep spending big to try new destinations abroad. United already offers more international service than other U.S. airlines and is selling destinations well beyond major tourist draws like Tokyo and Rome to capitalize on changing traveler tastes and grow profits, even as costs soar. "They want to get away from the overcrowded, large European cities," said Patrick Quayle, United's senior vice president, who heads the carrier's global network planning and alliances. Airbus is based in Toulouse, and its U.S. office is in Herndon, Virginia, so that route — naturally, on an Airbus — targets the aircraft manufacturer and other aerospace business travel. Meanwhile, Amazon's European headquarters is in Luxembourg, while its second U.S. headquarters is in Arlington, Virginia. United said it has added 49 new destinations since 2021 with its push and that it is the only U.S. airline to fly nonstop to 32 of those locations. "All these new international destinations ... have become much longer seasons instead of just flying during the summer," United CEO Scott Kirby told CNBC's Phil LeBeau on Tuesday. "These go all the way through October. October has become one of our best months of the year." Quayle said United is trying to be a "one-stop shop" for customers at all stages of life "whether you're backpacking in college, you're going to and from Paris, whether you're in your 20s and you're going to a nightclub in Ibiza ... a business trip ... or a vacation or honeymoon in Sardinia." He said United has noticed customers are taking more so-called open-jaw flights where they fly into one city and out of another — think into Rome and out of Bari on Italy's Adriatic coast without having to backtrack to a major city — so having multiple destinations in countries like Portugal, Italy, Spain and France could grab consumers' attention. Quayle added that the carrier isn't dropping any of its existing routes to make room for the new ones. United is the second-most profitable U.S. airline after Delta Air Lines, though Delta has fewer international destinations. Delta's president, Peter Carter, told CNBC in June that the airline wants to fight United's dominance, especially for trans-Pacific flights. The airline this summer announced new service to Tokyo-Narita International Airport, as well as Manila in the Philippines, while launching its previously announced Los Angeles-Hong Kong route in June. Other adds from United include nonstop service from Los Angeles International Airport to foodie paradise Osaka, Japan, which it already serves from its San Francisco hub. The airline is also adding flights from Denver to Paris and will restart service from San Francisco to Tel Aviv, Israel.

West Bengal CM Suvendu Adhikari promises transparent teacher recruitment

West Bengal CM Suvendu Adhikari promises transparent teacher recruitment

West Bengal Chief Minister Suvendu Adhikari said teacher recruitment would be transparent, merit-based and conducted in accordance with court directions, with viva voce capped at five marks. | Photo Credit: ANI West Bengal Chief Minister Suvendu Adhikari on Saturday asserted that his government would undertake teacher recruitment in a transparent manner in accordance with the directions of the Supreme Court and the Calcutta High Court. “Merit will be the primary criterion for selection. We will recruit teachers in accordance with the directions of the Supreme Court and the Calcutta High Court. There is no need to worry. I have asked officials to ensure viva voce should not exceed five marks,” he said. Adhikari said the recruitment process would not be conducted through SMS notifications and all details would be published on the official website to prevent manipulation and irregularities. Questioning the manner in which teachers had been recruited in the past, Adhikari said the dignity associated with the profession of teaching needed to be restored. He stressed the need for appointing suitable heads of institutions, education workers, laboratory staffers and librarians, besides other support staff. Adhikari said his government has scrapped the “scam-tainted and politicised” SSC (School Service Commission) panel and brought in a bureaucrat and three Ramakrishna Mission monks of a school to “gift transparent and graft-free job recruitment” to the candidates. The chief minister said some people were wrongly included in the OBC category by the previous TMC government, and that his administration has taken corrective measures. The jobs of 25,753 SSC candidates were invalidated by the Calcutta High Court in a 2024 order and the Supreme Court upheld it in 2025. The candidates of the previous SSC exams were intimated through messages after downloading the SSC app. The apex court has given the state a deadline of May 30, 2027 for conducting the recruitment test of the 2016 SSC candidates whose jobs were invalidated. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Bugatti CEO Mate Rimac says the future of supercars is old-school combustion engines

CNBC Finance8/25/2026

Bugatti CEO Mate Rimac says the future of supercars is old-school combustion engines

Bugatti CEO Mate Rimac said the supercar market is entering its "Swiss watch phase," with the wealthiest buyers rejecting high-tech electronics and electric vehicles in favor of precision mechanics and hand-crafted details. Rimac, the 38-year-old EV entrepreneur who took over Bugatti in 2021, said the car market is splitting in two: The mainstream global car market is becoming dominated by lower-priced EVs, many from China, while the very top of the car market will be driven by wealthy buyers who want more old-school cars with loud internal combustion engines and emotional appeal. He compared the car industry to watches, where digital and smart watches have taken over most of the market, while high-priced Swiss mechanical options remain popular with the wealthy. "For normal cars, normal people, the vast majority will be electric," Rimac said. "The upper segment, like sports cars and upwards, are going to stay combustion for a very long time, exactly like watches. Only like 5% of watches are made in Switzerland, but that's where 90% of profits are made. An Apple Watch or any kind of smart watch can do so many more things. But no one will pay $200,000 for it." When Rimac's EV startup, Rimac Group, gained control of Bugatti from Porsche and Volkswagen in 2021, many expected the newly formed Bugatti Rimac Group to launch an electric Bugatti. Instead, Rimac built an entirely new car powered by one of the largest naturally aspirated combustion engines ever built for a production car. The hybrid Tourbillon has an 8.3-liter V16 that delivers 1,000 horsepower, combined with electric motors for a total 1,800 horsepower. "It's kind of ironic that I'm now making the world's biggest combustion engine," he said. "You have the crazy situation now at our facility in Croatia. On the same production line, you have the world's most powerful electric car being built right next to the world's biggest combustion engine. Life is strange sometimes." Bugatti will make only 250 Tourbillons, which are sold out at a starting price of roughly $4.5 million. Rimac said the average Tourbillon customer adds another $600,000 to $700,000 in personalization add-ons, like special paint colors, leathers, stitching and other design features. The rise of personalization and customization has become one of the biggest profit drivers at supercar companies like Bugatti, Ferrari and Lamborghini. Supercar companies are also launching special one-off cars for their top customers that can cost tens of millions of dollars. At Monterey Car Week, Bugatti unveiled its latest one-off, called Destrier, which reimagines its track-based Bolide model with a lower stance, larger wheels and sculptural body work. Rimac said customizations and one-offs reflect a growing desire among today's wealthy to have unique objects that reflect their identity. "For these clients, they want something that's really theirs, that's connected with them," Rimac said. "It tells their story, their personality, their preferences, not just like a car. It's a story behind it." Rimac said his goal for Bugatti is to continue to boost production, quality and profits, while also retaining exclusivity. He said production will never go higher than "the low three-digit numbers."

Karnataka CM launches Prajaseva Abhiyana for citizen grievance redressal

Karnataka CM launches Prajaseva Abhiyana for citizen grievance redressal

In this image posted on Sept. 5, 2026, Karnataka Chief Minister DK Shivakumar listens to public grievances during the launch of 'Praja Seve' department, in Vijayanagar district. | Photo Credit: Via PTI Photo Karnataka Chief Minister D K Shivakumar on Saturday launched ‘Prajaseva Abhiyana’, a citizen-connect campaign, from Kudligi hobli in this district. ‘Prajaseva Abhiyana’ is an integrated system aimed at hearing citizens’ grievances directly and providing solutions either on the spot or within a stipulated timeframe, officials said. The campaign follows the creation of the Prajaseva Department, which aims to take administration to people’s doorsteps, they said. According to officials, ‘Prajaseva Abhiyana’ meetings will be organised across the state on Saturdays at the taluk and hobli (village cluster) levels on a rotational basis. On the first and third Saturdays of every month, meetings will be held at taluk headquarters under the chairmanship of the district in-charge minister. On the second and fourth Saturdays, meetings will be organised at the taluk or hobli level under the chairmanship of the local MLA, the government had said in an earlier statement. Citizens will be informed about the meetings at least 15 days in advance through door-to-door distribution of pamphlets, it said. In addition, residents within the taluk or hobli limits will receive outbound calls from an AI-based call centre informing them of the date, time and venue of the meeting and the elected representative presiding over it, officials said. According to the statement, an Integrated Public Grievance Redressal System has been developed under the Prajaseva Department to ensure that citizens do not have to run from pillar to post to seek redressal of grievances relating to services and schemes provided by various departments of the Karnataka government. “It is a multi-faceted, data-driven and paperless software system for redressal of public grievances. “Citizens can register their grievances through the helpline 1902 or through ipgrs.karnataka.gov.in,” the statement said.