https://sputniknews.in/20240903/hal-shares-surge-after-govts-3-bln-sukhoi-engine-deal-8099668.html
HAL Shares Surge After Govt's $3 Bln Sukhoi Engine Deal
HAL Shares Surge After Govt's $3 Bln Sukhoi Engine Deal
Sputnik India
Shares of Indian aviation behemoth Hindustan Aeronautics Limited (HAL) rose by more than three percent in intraday trading on the National Stock Exchange (NSE) on Tuesday.
2024-09-03T18:49+0530
2024-09-03T18:49+0530
2024-09-03T18:49+0530
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Shares of Indian aviation behemoth Hindustan Aeronautics Limited (HAL) rose by more than 3% in intraday trading on the National Stock Exchange (NSE) on Tuesday following the Government of India's over $3 billion deal to procure 240 AL-31 FP aero-engines from the company.The price of a share of HAL, a Bengaluru-headquartered firm supplying engines for the Indian Air Force's (IAF) fleet of Sukhoi fighter jets, stood at $57.53 on Tuesday, witnessing a jump of $1.70 from its previous day's close of $55.84.HAL will begin the deliveries of the aero-engines next year, with the completion target set for eight years.The vital machinery for India's military planes will have a minimum of 54 percent local content and will be produced at HAL's factory in Koraput, Odisha.Notably, the modernisation of the Su-30MKI fleet is crucial for the IAF, given that the country's air force is operating at less than the 42 squadrons it requires to address threats from its hostile neighbors. The current strength of the IAF's squadrons stands at 31.
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HAL Shares Surge After Govt's $3 Bln Sukhoi Engine Deal
After the Indian government's latest $3 billion contract, HAL's order book surged to $14.05 billion which stood at $11.1 billion at the end of the last financial year.
Shares of Indian aviation behemoth Hindustan Aeronautics Limited (HAL) rose by more than 3% in intraday trading on the National Stock Exchange (NSE) on Tuesday following the Government of India's over $3 billion deal to procure 240 AL-31 FP aero-engines from the company.
The price of a share of HAL, a Bengaluru-headquartered firm supplying engines for the Indian Air Force's (IAF) fleet of Sukhoi fighter jets, stood at $57.53 on Tuesday, witnessing a jump of $1.70 from its previous day's close of $55.84.
HAL will begin the deliveries of the aero-engines next year,
with the completion target set for eight years.
The vital machinery for India's military planes will have a minimum of 54 percent local content and will be produced at HAL's factory in Koraput, Odisha.
Notably, the modernisation of the Su-30MKI fleet is crucial for the IAF, given that the country's air force is operating at less than the 42 squadrons it requires to address threats from its hostile neighbors. The current strength of the IAF's squadrons stands at 31.
