Hindustan Aeronautics trades higher on signing contract with Ministry of Defence
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Hindustan Aeronautics is currently trading at Rs. 3120.70, up by 21.85 points or 0.71% from its previous closing of Rs. 3098.85 on the BSE.
The scrip opened at Rs. 3130.00 and has touched a high and low of Rs. 3183.80 and Rs. 3105.60 respectively. So far 45267 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. 3006.00 respectively. The current market cap of the company is Rs. 208918.62 crore.
The promoters holding in the company stood at 71.64%, while Institutions and Non-Institutions held 22.06% and 6.29% respectively.
Hindustan Aeronautics (HAL) has signed a contract with The Ministry of Defence on March 15, 2024 for Mid Life Upgrade (MLU) of 25 Dornier Aircraft along with associated equipment for the Indian Navy at a cost of Rs 2,890 crore.
The MLU for Dornier Aircraft includes an upgrade to incorporate state-of-the-art Avionics Systems and Primary Role sensors. The upgrade would significantly enhance the operational capability of the Dornier aircraft of the Indian Navy to perform Primary Roles of Maritime Surveillance, Coastal Surveillance, Electronic Intelligence and development of Maritime Domain Awareness. In addition, this upgrade will also enable Indian Navy Dornier to carry out Secondary Roles of Search and Rescue, Medical/Casualty Evacuation and Communication Link.
Mid Life Upgrade (MLU) of 25 Dornier Aircraft is likely to generate an employment of 1.8 lakh Man-days during its execution span of 6.5 years. The indigenous upgrade entails supply of major systems and equipments from indigenous sources thus significantly contributing towards ‘Atmanirbharta’ in Defence, in consonance with Make-in-India initiative of Government of India.
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.
