By Malvika Gurung
Investing.com — Shares of the state-owned aerospace and defence player Hindustan Aeronautics (NS:) (HAL) gained 4.7% in Friday’s trade, touching an intraday high of Rs 2,850 apiece.
The Defence Acquisition Council (DAC) has approved proposals worth Rs. 70,500 Crore for the Armed Forces & Indian Coast Guard under the Buy lndian-IDDM (Indigenously Designed, Developed and Manufactured) category in the presence of Raksha Mantri Rajnath Singh.
DAC has granted an order to Hindustan Aeronautics too under the aforementioned proposals.
The defence order has been awarded for the procurement of Advance Light Helicopters (ALH) MK-III for the government agency Indian Coast Guard (ICG).
According to the Ministry of Defence, the said helicopters will be able to carry a suite of surveillance sensors that will enhance surveillance capabilities, in addition to providing full night capability and Instrument Flight Rules (IFR) capability required for ICG’s operations.
Further, Hindustan Aeronautics’ interim dividend of Rs 20/share is coming up at the start of next week.
Last week HAL won a contract worth Rs 6,800 crore from the Ministry of Defence for the procurement of 70 turboprop aircrafts for the Indian Air Force.
The public stock has rallied 90% in the past one year.
