HAL up 2% on Rs 667 crore-order win from defence ministry

On March 10, the defence ministry signed a Rs 667-crore contract for the procurement of six Domier-228 aircraft for the Indian Air Force from Hindustan Aeronautics Limited

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The share price of Hindustan Aeronautics Ltd (HAL) rose two percent on March 13 morning after the company announced winning a Rs 667 crore order from the defence ministry.

At 10.33 am, shares of the government-owned defence major were trading 1.5 percent higher at Rs 2,891.20 on the BSE.

“The Ministry of Defence, on March 10, 2023, signed a contract for procurement of six Domier-228 aircraft for the Indian Air Force (IAF) from Hindustan Aeronautics Limited (HAL) at a cost of Rs 667 crore,” the company said in a regulatory filing.

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In the past few weeks, order inflow has been decent. Earlier this month, the Union Cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from HAL for Rs 6,828.36 crore. In February, the company signed a contract with the Argentinian Air Force for the supply of spares and engine repair of legacy two-tonne class helicopters.

HAL chairman and managing director CB Ananthakrishnan recently said that the defence equipment maker had an order book position of Rs 84,000 crore and another Rs 50,000 crore worth of orders were in the pipeline.

With government initiatives like Atmanirbhar Bharat and geopolitical tensions, the outlook for defence equipment makers has turned brighter. HAL’s stock has skyrocketed over 400 percent in the past three years and has given over 100 percent returns in the past one year.

HAL, the largest defence PSU in India, designs, develops, manufactures, repairs, overhauls, upgrades and services a wide range of products, including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures.