Hindustan Aeronautics surges on signing contracts with Ministry of Defence
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Hindustan Aeronautics is currently trading at Rs. 3100.95, up by 61.05 points or 2.01% from its previous closing of Rs. 3039.90 on the BSE.
The scrip opened at Rs. 3045.05 and has touched a high and low of Rs. 3121.75 and Rs. 3017.20 respectively. So far 26376 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 3428.75 on 11-Mar-2024 and a 52 week low of Rs. 1237.50 on 23-Mar-2023.
Last one week high and low of the scrip stood at Rs. 3428.75 and Rs. 3015.55 respectively. The current market cap of the company is Rs. 203300.91 crore.
The promoters holding in the company stood at 71.64%, while Institutions and Non-Institutions held 22.06% and 6.29% respectively.
Consequent upon approval of the Cabinet Committee on Security (CCS), the Ministry of Defence has signed two contracts for a combined value of Rs 8073.17 crore with Hindustan Aeronautics (HAL), Bengaluru on March 13, 2024 for acquisition of 34 Advanced Light Helicopters (ALH) Dhruv Mk III along with Operational Role Equipment for Indian Army (25 ALHs) and Indian Coast Guard (09 ALHs) under Buy (Indian-IDDM - Indigenously Designed, Developed & Manufactured) category marking a significant move towards indigenisation in defence manufacturing.
The ALH Dhruv Mk III UT (Utility), the Indian Army version, is designed for Search & Rescue, Troop Transportation, Internal Cargo, Recce/ Casualty Evacuation etc. It has proved its performance in high altitude regions like Siachen Glacier and Ladakh. The ALH Mk III MR (Maritime Role), the ICG version, is designed for Maritime Surveillance and Interdiction, Search and Rescue, Rappelling Operations and also for Cargo & Personnel Transportation, Pollution Response using external cargo carrying capability and Medical Casualty Evacuation. It has proved its mettle even in adverse atmospherics conditions over sea and land.
The project will generate employment of an estimated 190 Lakh Man-Hours during its duration. It will also entail supply of equipment from more than 200 MSMEs and 70 local vendors will be involved in the indigenisation process which is likely to have a positive impact on employment generation in this sector, thus furthering the vision of 'Aatmanirbhar Bharat'.
Hindustan Aeronautics is Bengaluru based Defence Public Sector Undertakings (DPSU) Company engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures.
