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Investors were upbeat about the government-owned Hindustan Aeronautics (HAL) during Monday's trading session. The buying frenzy in HAL led the stock to hit a fresh all-time high.
On BSE, at around 3.08 pm, HAL shares were trading at ₹1678.65 apiece up by ₹57.15 or 3.53%. Earlier today, HAL shares clocked a new 52-week high of ₹1693.20 apiece.
With the new historic high, HAL shares have skyrocketed by more than 77% in a year. The shares stood near ₹954.4 apiece on April 12 last year.
The bullish tone in HAL shares comes after the company in a consortium with infrastructure giant, Larsen & Toubro emerged as the L1 bidder to make 5 Polar Space Launch Vehicles (PSLVs) for the Indian Space Research Organisation (ISRO).
Contrary to optimism in HAL shares, L&T shares were trading on a bearish note. On BSE, L&T shares traded at ₹1782.75 apiece down by ₹48.95 or 2.67% after touching an intraday high and low of ₹1830 apiece and ₹1780.00 apiece respectively.
HAL has notified stock exchanges about the development.
As per the notification, HAL will be the lead partner with L&T sharing the work for 5 PSLVs. Also, other vendors will be involved with the consortium in the manufacturing of the Launch Vehicles.
However, HAL also said, "the contract is yet to be formalised/ awarded."
Notably, ISRO's commercial arm, NSIL has floated the RFP for the said work in December 2020.
NewSpace India Limited (NSIL) is the nodal agency to carry out PSLV production through the Indian industry under the consortium route. On its website, it is mentioned that the industry consortium will be responsible for producing, assembling, and integrating the launch vehicle by making use of the existing ISRO facilities under the GOCO model.
The Polar Satellite Launch Vehicle (PSLV) is the third generation launch vehicle of India. It is the first Indian launch vehicle to be equipped with liquid stages. After its first successful launch in October 1994, PSLV emerged as the reliable and versatile workhorse launch vehicle of India.
In December 2021, the Union Minister of State (Independent Charge) Science & Technology, Dr. Jitendra Singh has mentioned to Rajya Sabha that from 1999 to date, a total of 342 foreign satellites belonging to 34 countries have been successfully launched onboard Indian Polar Satellite Launch Vehicle (PSLV) on a commercial basis.
