HAL share price gains as govt approves ₹70,500-cr proposals for Armed forces
1 min read . Updated: 17 Mar 2023, 10:25 AM IST
Premium- The up move was fuelled by the government's approval for proposals worth ₹70,500 crore for the Armed Forces & Indian Coast Guard
The share price of Hindustan Aeronautics opened about 4% higher at ₹2,839.9 as compared to previous close of ₹2,723.9. The up move was fuelled by the government's approval for proposals worth ₹70,500 crore for the Armed Forces & Indian Coast Guard.
During the day, the stock hit a high of ₹2,847 and low of ₹2,775.6 on BSE. It closed the day at ₹2,799.6, up ₹75.7, or 2.78%.
The Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh approved the capital acquisition of indigenously-developed military hardware worth ₹70,584 crore as part of a mega procurement plan that is expected to significantly boost domestic defence manufacturing.
It also accorded AoN for procurement of Advance Light Helicopters (ALH) MK-III from Hindustan Aeronautics Limited (HAL) for the Indian Coast Guard. The Helicopter will be able to carry a suite of surveillance sensors which will enhance the surveillance capabilities. It will also give full night capability and Instrument Flight Rules ·(IFR) capability for operations of the Indian Coast Guard, said a government release.
The ₹70,584-crore plan includes BrahMos missiles, Shakti EW systems & Utility HelicoptersMaritime, valued at ₹56,000 crore, cleared for Indian Navy.
Earlier this month, Cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from Hindustan Aeronautics (HAL) for a whopping ₹6,828.36 crore.
In past 1 week the stock has fallen 1.76%, but in last 1 month, it has gained 6.07%.
It hit a 52-week high of ₹2,915.00 on March 13, 2023 and a 52-week low of ₹1,381.90 on March 28, 2022.
