HAL jumps 2% on ₹1,173 Crore Cochin Shipyard deal

1 Apr 2024 , 10:47 AM

After Hindustan Aeronautics inked a ₹1,173.42-Crore deal with Cochin Shipyard Limited (CSL), the company’s shares surged by 2% in the first trading session on April 1.

Hindustan Aeronautics’ quote for ₹3,404.25 was up ₹77.00, or 2.31%, on the BSE at 9:32 a.m.

“The company has signed a contract with Cochin Shipyard Limited (CSL), Kochi for supply of 6 sets of LM2500 Gas Turbines (GT) and GT Auxiliaries (GTAE), spares, tools for Indian Navy Next Generation Missile Vessei (NGMV) project,” according to a news release.

The Guyana Defence Force (GDF), the government of Guyana, and the company signed a contract on March 22 for the supply of two Hindustan-228 commuter aircraft, as well as ground handling/ground support equipment, training, and hand-holding, at a total cost of MUSD 23.37 (roughly ₹194 Crore).

A contract for the Mid Life Upgrade (MLU) of 25 Dornier aircraft and related equipment for the Indian Navy was signed by the Ministry of Defence and the business on March 15. The estimated cost of this project is roughly ₹2,890 Crore.

The business was awarded two contracts by the Ministry of Defence on March 13th, worth a total of ₹8,073.17 Crore, for the purchase of 34 Advanced Light Helicopters (ALH) Dhruv Mk III and Operational Role Equipment for the Indian Army (25 ALHs) and Indian Coast Guard (09 ALHs).

On September 11, 2023, and October 26, 2023, the share reached a 52-week high of ₹4,180.00 and a 52-week low of ₹1,767.95. The stock is currently trading 92.55% above its 52-week low and 18.56% below its 52-week high.

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