Key Points of HAL Stock Price Soar:
- HAL witnessed a 4% surge in share price due to government approval for defense proposals worth ₹70,500 crore.
- The rise in share price was fueled by recent approval by the Indian government for defense proposals for the Armed Forces and Indian Coast Guard.
- The approval was given by the Defence Acquisition Council (DAC) led by the Defence Minister, Rajnath Singh.
- The capital acquisition of indigenously-developed military hardware is expected to give a significant boost to domestic defense manufacturing.
- The DAC granted an AoN (Acceptance of Necessity) for the procurement of Advance Light Helicopters (ALH) MK-III from Hindustan Aeronautics Limited (HAL) for the Indian Coast Guard.
- The Indian Cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from HAL for a whopping ₹6,828.36 crore.
- These measures are expected to strengthen the Indian defense sector and promote domestic manufacturing.
Details of HAL Stock Price Soar:
Hindustan Aeronautics Share Price Surges 4% on Government’s Approval for Defence Proposals Worth ₹70,500 Crore
Hindustan Aeronautics, the Indian state-owned aerospace and defence company, witnessed a surge of 4% in its share price, opening at ₹2,839.9, compared to the previous close of ₹2,723.9. The rise in share price was fueled by the recent approval by the Indian government for defence proposals worth ₹70,500 crore for the Armed Forces and Indian Coast Guard.
The approval was given by the Defence Acquisition Council (DAC) led by the Defence Minister, Rajnath Singh, for the capital acquisition of indigenously-developed military hardware, which is expected to give a significant boost to domestic defence manufacturing. The DAC also granted an AoN (Acceptance of Necessity) for the procurement of Advance Light Helicopters (ALH) MK-III from Hindustan Aeronautics Limited (HAL) for the Indian Coast Guard.
In a separate development earlier this month, the Indian Cabinet approved the acquisition of 70 HTT-40 basic trainer aircraft from Hindustan Aeronautics (HAL) for a whopping ₹6,828.36 crore. These measures are expected to strengthen the Indian defence sector and promote domestic manufacturing.
About HAL:
Hindustan Aeronautics Limited (HAL) is a state-owned Indian aerospace and defense company headquartered in Bangalore, under the Ministry of Defence of the Government of India. Established on December 23, 1940, HAL is among the largest and most established aerospace and defense manufacturers globally.
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