Hindustan Aeronautics Limited, an aerospace and defense manufacturer, remained in focus on Thursday. The scrip was trading 4 percent higher at Rs 2,606 levels till the afternoon after the company signed multiple deals.
The most recent contract was signed with Argentinian Air Force for the supply of spares and engine repair of legacy two-tonne class helicopters.
On February 15th, Hindustan Aeronautics Limited (HAL) announced that it has signed a workshare agreement with Safran Helicopter Engines for the joint development of the engine intended for the future 13-ton IMRH (Indian MultiRole Helicopter) and its naval version DBMRH (Deck Based Multi-Role Helicopter).
Discussions are also continuing with the Indian Armed Forces on the operational requirements for this new helicopter. The availability of an indigenous engine will enhance the self-reliance content on the platform and boost the government’s vision of “Atmanirbhar Bharat”, the BSE filing of the company read.
Hindustan Aeronautics Limited is one of the oldest and largest Indian state-owned aerospace and defense companies in the world. It is engaged in the business of manufacturing and Maintenance of Aircraft and Helicopters.
In the past five days, the stock has jumped by more than 8 percent and in six months it has gained 14 percent. On a yearly basis, the stock has jumped by more than 93 percent.
In the December quarter of FY23, the company reported a total revenue of Rs 5,665.54 Crore which declined marginally from Rs 5,891.9 YoY. Their net profit was at Rs 1,153.92 Crore, an increase of 23 percent from Rs 935.28 in Q3FY22.
Brokerage firm Morgan Stanley has maintained an Overweight rating on the stock with a price target of Rs 3,216 per share which represents an upside of 22% from the current levels.
Written by Anoushka Roy
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