Hindustan Aeronautics Ltd (HAL) Shares rose 2% on March 2 after the Government of India approved a big deal to buy aircraft from the defence equipment maker. Shares of the company were up 0.8% at Rs 2,705.95 on the BSE at 9:23 am.
Union Cabinet approves the purchase of 70 HTT-40 base trainer aircraft from HAL at Rs 6,828.36 crore. The company said in an exchange document that the aircraft would be provided to the Indian Air Force within six years.
HAL focuses on international markets, civil aviation, civil maintenance, repair and overhaul (MRO), unmanned aerial vehicles (UAV) and other diversified business opportunities, fostering growth through local efforts and business partnerships.
HAL is India’s largest defence PSU and is engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products, including aircraft, helicopters, aero engines, avionics, accessories and aerospace structures.