HAL zooms 4% on nod to buy 12 Su-30MKI aircraft, avionics upgrade for Dornier

The Defence Acquisition Council (DAC) approved procurement of 12 Su-30MKI Aircraft and avionics upgradation of Dornier Aircraft.

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Shares of Hindustan Aeronautics Ltd (HAL) zoomed 4 percent on September 18 after the Defence Acquisition Council (DAC) approved the procurement of 12 Su-30MKI aircraft and avionics upgradation of Dornier aircraft.

The procurement of Dhruvastra Short Range air-to-surface missile as a potent indigenous precision guided weapon for indigenously built ALH Mk-IV Helicopters has been cleared by the DAC.

At 10:44am, shares of the defence player were trading 1.7 percent higher at  Rs 4,014.05 on the BSE.

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The DAC has granted the approval of necessity (AoN) for nine capital acquisition plans amounting to Rs 45,000 crore. The meeting, chaired by defence minister Rajnath Singh on September 15, has specified that these acquisitions will exclusively involve Indian vendors, falling under the Buy (Indian-Indigenously Designed Developed and Manufactured (IDDM)/Buy (Indian) category.

In the meeting, Singh emphasised the need to elevate goals for indigenisation. “Rather than a threshold of 50 percent indigenous content for IDDM projects, we should aim for a minimum 60-65 percent indigenous content,” he said.

HAL produced 22 aircraft and helicopters, and 51 engines in FY23 and incurred a capex of around Rs 2100 crore for modernizing its facilities and expanding production capabilities.

Analysts had expected HAL to secure 12 Sukhoi Su-30MKI order worth Rs 12,000 crore in FY24. The order pipeline over the next three to five years includes 145 LCH, 175 LUH, 69 utility helicopter maritime, 36 HTT-40 and 60 Dornier upgradation orders.

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