HAL share gains 10 per cent on approval of equipment acquisition

Published On: Wednesday, August 12, 2020 | By: Team KnowMyStock

Shares of Hindustan Aeronautics (HAL) rallied as much as 10.5 per cent and hit a fresh 52-week high of Rs 1,126 on the BSE on Wednesday after the Ministry of Defence (MoD) on Tuesday approved the acquisition of 'Make in India' equipment worth Rs 8,722 crore required by the Indian Armed Forces. HAL stock price has rallied over 151 per cent from March lows of Rs 448 apiece and the total market capitalisation of the company stands at Rs 36,949.82 crore. The Defence Acquisition Council held meeting with Defence Minister Rajnath Singh, accorded approval for capital acquisitions of various platforms and equipment required by the Indian Armed Forces. Proposals for an approximate cost of Rs 8,722.38 crore were approved. DAC approved procurement of 106 basic trainer aircraft from HAL to address the basic training requirements of the Indian Air Force. It also added that post-certification, 70 BTA will be initially procured from HAL and balance 36 after operationalisation of HTT-40 fleet.

Source: Business India, Financial Express

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