Share price of Hindustan Aeronautics opened nearly 4% higher. Compared to the previous close of 2,839.9 2,723.9. The move was fueled by government approval for value propositions 70,500 crore for the armed forces and the Indian Coast Guard.
The stock touched an all-time high during the day 2,847 and under 2,775.6 on BSE. it closes at day 2,799.6, up 75.7, or 2.78%.
The Defense Acquisition Council (DAC) chaired by Defense Minister Rajnath Singh approved capital acquisition of indigenously developed military hardware worth Rs. 70,584 crore as part of the mega procurement plan This is expected to give a big boost to domestic defense manufacturing.
It also provided AoN for procurement of Advanced Light Helicopter (ALH) MK-III from Hindustan Aeronautics Limited (HAL) for the Indian Coast Guard. The helicopter will be capable of carrying a suite of surveillance sensors which will enhance surveillance capabilities. It will also provide full night capability and instrument flight rules (IFR) capability for Indian Coast Guard operations, a government release said.
70,584 crore scheme includes BrahMos missile, Shakti EW system and utility helicopter maritime, which are worth Rs 56,000 crore approved for the Indian Navy.
earlier this month, Cabinet approves acquisition of 70 HTT-40 Basic trainer aircraft from Hindustan Aeronautics (HAL) at a hefty price 6,828.36 crores.
The stock has lost 1.76% in last 1 week, but it has gained 6.07% in last 1 month.
It reached a 52-week high 2,915.00 and 52-week low on March 13, 2023 1,381.90 on March 28, 2022.
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