HAL flies to a new high as winning streak continues for a third day

The uptick in the stock prices comes after a period of consolidation seen from June 9 to August 18.

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Hindustan Aeronautics Limited (HAL) share touched an all-time high of Rs 4,034 on August 23, continuing its winning streak for the third day.

The stock closed at Rs 4040.55 on the National Stock Exchange, up 3.83 percent from the previous close.

During the day, nearly 4 lakh shares for Hindustan Aeronautics exchanged hands. A day earlier, nearly 9 lakh shares were traded against a monthly average of 8 lakh.

The uptick in the stock price comes after a period of consolidation from June 9 to August 18. The stock has a low trailing P/E of 22.32x, making it the cheapest in absolute terms among its peers.

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In Q1FY24, the company reported an 8.05 percent year-on-year (YoY) rise in its revenue from operations at Rs 3,915 crore. Profit after tax increased 34.1 percent YoY to Rs 814 crore. The operating profit margins for the April-June quarter contracted 100 basis points to 22 percent.

One basis point is one-hundredth of a percentage point.

Hindustan Aeronautics is a state-owned company that designs and manufactures aircraft, primarily for defence purposes. It also produces a range of aircraft, helicopters, engines, avionics, and aerospace structures for civilian applications. The company also has several contracts with foreign defence aircraft makers.

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