Hindustan Aeronautics gains 2% on Rs 2,890-crore defence ministry order

Shares of Hindustan Aeronautics (HAL) rallied 2 percent to Rs 3,157 in early trade on March 18 after the company received a Rs 2,890-crore order from the defence ministry.

The Ministry of Defence signed a contract for mid-life upgrade (MLU) of 25 Dornier aircraft along with associated equipment for the Indian Navy, the company said.

The MLU for the Dornier aircraft includes installing avionics systems and primary role sensors and enhancing their operational capability to perform primary roles of maritime surveillance, coastal surveillance, electronic intelligence and development of maritime domain awareness.

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On March 13, the defence ministry signed two contracts with the company worth Rs 8,073 crore to acquire 34 advanced light helicopters and associated equipment for the Indian Army and the Coast Guard.

The share touched a 52-week high of Rs 4,180.00 and a 52-week low of Rs 1,767.95 on 11 September, 2023 and 26 October, 2023, respectively. Currently, the stock is trading 24.47 percent below its 52-week high and 78.57 percent above its 52-week low.

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