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Hindustan Aeronautics Shares Gain 2% Bagging Rs 2,890 Crore Order from Defence Ministry

The company has signed a contract with Cochin Shipyard for Indian Navy's Next Generation Missile Vessel project.

Shares of Hindustan Aeronautics Limited (HAL) were trading in the green and 2% higher on 18 March after the company announced receiving Rs 2,890 crore order.

In its regulatory filing, the company said that it has signed a contract with the Ministry of Defence for the mid-Life Upgrade (MLU) of 25 Dornier aircraft and associated equipment for the Indian Navy.

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

The mid-Life Upgrade of 25 Dornier Aircraft is likely to generate employment of around 1.8 lakh man-days during the execution span of 6.5 years.

Earlier on 13 March, the company signed two contracts with the Ministry of Defence worth Rs 8,073 crore for acquiring 34 advanced light helicopters and associated equipment for the Coast Guard and the Indian Army.

HAL is owned by the government of India and is an aerospace and defence company. They are in the business of developing, designing, manufacturing, and supplying aircrafts, avionics, helicopters, and communications equipment for military and civil markets.

At 2:30 pm, the shares of Hindustan Aeronautics were trading 0.90% higher at Rs 3,127 on NSE.

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