Business & Economy

HAL Shares Rocket to 52-Week High After MoD's $5.4 Billion Order

© Photo : Social MediaHAL
HAL - Sputnik India, 1920, 18.06.2024
Hindustan Aeronautics Limited (HAL) is a vital component of India's military industrial complex, catering to the aviation needs of its armed forces, with indigenous production of helicopters like Dhruv and Prachand and Tejas aircraft.
Indian aviation major Hindustan Aeronautics Limited's (HAL) shares surged to a 52-week high to close at INR 5,530 on Tuesday.
On Tuesday, HAL shares jumped more than a six-percent compared to the previous day. The company's stock traded at INR 5,199.60 on the National Stock Exchange.
Overall, HAL equities gained 170% over the past year.
The massive increase in the share price of HAL comes a day after the country's Ministry of Defence (MoD) signed a $5.4 billion contract with the Bengaluru-headquartered company to supply 156 Prachand helicopters to the Indian Army and the countries Air Force (IAF).
Out of the 156, 90 helicopters will be offered to the Indian Army while the remaining 66 will be supplied to the IAF.
Notably, the latest order for Prachand takes the overall value of HAL's contracts with the MoD to $11.26 billion, including a deal for the modernization of the IAF's fleet of Su-30MKI fighter jets.
This order book is expected to surge further with IAF putting a lot of thrust on procuring the latest version of the LCA Tejas from the state-run aviation firm.
India's indigenous light combat helicopter Prachand performs aerobatic maneuvers during the inauguration of the Aero India 2023 at Yelahanka air base in Bengaluru, India, Monday, Feb. 13, 2023. - Sputnik India, 1920, 18.06.2024
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