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Defence Acquisition Council Approval Boosts HAL and BEL Stocks by 2%

16 Feb 2024 , 03:58 PM

Stock prices of Hindustan Aeronautics Limited (HAL) and Bharat Electronics Limited (BEL) witnessed a 2% surge on February 16.

The Defence Acquisition Council (DAC), chaired by Defence Minister Rajnath Singh, reportedly approved the procurement of equipment valued at ₹80,000 Crore.

The DAC’s approval aligns with India’s ongoing military standoff with China in eastern Ladakh.

At the time of writing on Friday, HAL’s stock traded 1.84%% higher at ₹3,078, while BEL’s stock on BSE was also up 1.2% at ₹188.85.

In December 2023, India granted initial approval to defence acquisition projects worth ₹2.23 lakh Crore, including the procurement of 97 Tejas light combat aircraft and 156 Prachand combat helicopters.

The defence ministry emphasized that 98% of the total procurement value would be sourced from domestic industries, supporting the goal of ‘Aatmanirbharta’ (self-reliance) in the defence industry.

Hindustan Aeronautics Limited (HAL), established in 1940, is a key aerospace and defence company headquartered in Bangalore. HAL plays a crucial role in manufacturing fighter jets, helicopters, jet engines, avionics, and more for the Indian military.

For feedback and suggestions, write to us at editorial@iifl.com

 

Related Tags

  • BEL
  • DAC
  • Defence Acquisition Council
  • HAL
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