Raymond Appoints Bhanu Prakash Srivastava as CEO of Defence Business, Stock Rises 4%
Raymond’s stock rose nearly 4% on Monday after the company appointed Bhanu Prakash Srivastava, former chairman and managing director of Bharat Electronics (BEL), as CEO of its defence business, according to an exchange filing. The shares hit an intraday high of ₹632 on the NSE before retreating to ₹622.5, a 2.4% gain.
Srivastava’s Track Record at Bharat Electronics
Srivastava, who spent nearly 40 years at BEL, oversaw the company’s market value growth from ₹51,000 crore to ₹1.5 lakh crore during his tenure as chairman and managing director. He also led the acquisition of more than ₹55,000 crore in new orders and the launch of over 100 products.
His expertise spans radar systems, naval and sonar systems, missiles, and electronic warfare, with a focus on indigenous defence capabilities. He also helped set up AI incubation centres.
Raymond’s Defence Expansion Strategy
Raymond’s chairman and managing director, Gautam Singhania, stated the appointment aligns with India’s push for self-reliance in defence manufacturing. “India’s defence sector is entering a new phase of growth and self-reliance. He said this creates opportunities for companies with strong engineering capabilities,” Singhania said. The company aims to expand into defence electronics, software, systems integration, and related aerospace and automotive technologies, according to the exchange filing.
Srivastava, in a statement, emphasized the opportunity to build “technology-led solutions” and form strategic partnerships to create a defence business that can compete globally. His role will focus on long-term strategy, operations, and growth plans for Raymond’s defence division.
Market Reaction and Sector Outlook
However, the gain was partially reversed.