Tag: hal

Shares of Larsen & Toubro Limited (L&T) and Hindustan Aeronautics Limited (HAL) were up more than 3 per cent each on March 8 after the Ministry of Defence, on Tuesday signed contracts worth Rs 9,900 crore with these companies for procurement of 70 HTT-40 basic trainer aircraft & three cadet training ships respectively. “Ministry of Defence, on March 07, 2023, signed contracts with Hindustan Aeronautics Limited (HAL) and Larsen & Toubro Limited (L&T) for procurement of 70 HTT-40 Basic Trainer Aircraft & three Cadet Training Ships respectively in the presence of Raksha Mantri Shri Rajnath Singh in New Delhi. Defence Secretary Shri Giridhar Aramane along with other senior civil & military officials of MoD and representatives of HAL & L&T were present during the signing and exchanging of contracts," HAL said in an exchange filing. Read more

Apple Inc is facing an antitrust challenge in India for allegedly abusing its dominant position in the apps market by forcing developers to use its proprietary in-app purchase system. The allegations are similar to a case Apple faces in the European Union, where regulators last year started an investigation into Apple's imposition of an in-app fee of 30% for the distribution of paid digital content and other restrictions. The case was filed by a little-known, non-profit group that argues Apple's fee of up to 30% hurts competition by raising costs for app developers and customers, while also acting as a barrier to market entry. "The existence of the 30% commission means that some app developers will never make it to the market. This could also result in consumer harm," said the filing, which has been seen by Reuters. Read more

Shares of Hindustan Aeronautics Limited gained 13 per cent to Rs.1043.45 today after the government approved Rs 48,000-crore deal to acquire 83 Tejas aircraft from the company. The cabinet approved procurement of 73 Tejas Mk-1A fighter aircraft and 10 Tejas Mk-1 trainer aircraft. Madhavan, chairman and managing director of the HAL, said the production rate of Tejas is being augmented from eight to 16 aircraft per year through the creation of a new infrastructure in Bengaluru."He said according to estimates the Tejas programme will generate direct employment to 5,000 people across the country. The LCA-Tejas is going to be the backbone of the IAF fighter fleet in years to come," Singh said. "The indigenous content of LCA-Tejas is 50 per cent in Mk1A variant which will be enhanced to 60 per cent," he said. It will act as a catalyst for transforming the Indian Aerospace manufacturing ecosystem. All three analysts tracking the company recommend a ‘buy’ rating.

Shares of HDFC Bank was down 2.5 per cent after the Reserve Bank of India (RBI) has advised the bank to halt all its digital launches as well new sourcing of credit card customers temporarily. The RBI issued the order dated December 2, 2020, to HDFC Bank with regard to certain incidents of outages in the internet banking, mobile banking and payment utilities of the bank over past two years including the recent outages in the bank’s internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre. The order also states that HDFC Bank’s board must examine the lapses and fix accountability. A similar incident took place on December 3, 2019, with customers complaining that they were unable to pay their loan EMIs or settle credit card bills on time Read more

The health of India’s NBFCs remained resilient in August, suggesting that record stimulus steps by the central govt are helping the crisis-hit sector ride out the pandemic. Premiums on non-bank lenders’ bonds narrowed to a two-year low, according to an index of AAA-rated five-year notes. Three other indicators compiled by Bloomberg, covering areas including liquidity and share performance, stayed steady from the previous month, with two at levels indicating strength. India’s non-bank lending sector was hit by a crisis in 2018 when a large financier unexpectedly defaulted, and the nation now needs it to stay healthy in order to prevent the gross domestic product from shrinking further. The reach of shadow banks extends into many corners of the economy, as they lend to a wide range of businesses from road-side teashops to tycoons. Read more

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.

Trading in Indian equity markets was halted for 45 minutes today (23rd March) after the S&P BSE Sensex hit its 10 per cent lower circuit level. The S&P BSE Sensex tanked 10 per cent, or 2,992 points, to 26,924 levels. The Nifty50 index fell 842 points, or 9.63 per cent, to 7,903. Although the markets saw an across-the-board selling, bank and auto stocks were the worst-hit. The Nifty Bank index was down 12.7 per cent. Axis Bank and ICICI Bank both plunged over 10 per cent each while Maruti Suzuki India was down 9.7 per cent. In the broader market, the S&P BSE MidCap index was trading with 6.9 per cent cut and the S&P BSE SmallCap index was down 6.4 per cent.

The Nifty50 index hit a 10 percent lower circuit today,13th March, bringing trading to a halt for 45 minutes as sell-off worsened in the Indian markets. Sensex tumbled over 3000 points, or 9.43 percent, at 29,690 levels. The markets will open for pre-open at 10:20 AM In Sensex, index heavyweights Kotak Mahindra Bank and Tata Consultancy Services tumbled over 14 percent each. Reliance was down 10 percent and the HDFC twins fell over 5 percent each.