HAL share price surges 5%, hits 52-week high; here’s why
Hindustan Aeronautics Limited (HAL) surged to a new 52-week high on Friday, December 1. The HAL stock experienced a notable 5% increase, reaching a peak of ₹2499 per share on the BSE, against previous closing session at ₹2382.30 per share. The spike in stock value follows the recent approval from the Defence Acquisition Council (DAC) on Thursday, granting Acceptance of Necessity (AON) for the acquisition of the Light Combat Helicopter (LCH) for both the Indian Air Force (IAF) and Indian Army, as well as the Light Combat Aircraft (LCA) Mk 1A for the IAF.
These acquisitions will be facilitated through Hindustan Aeronautics Limited (HAL) under the Buy (Indian-Indigenously Designed, Developed, and Manufactured) category. "Defence Acquisition Council (DAC) accorded Acceptance of Necessity (AON) for procurement of Light Combat Helicopter (LCH) for Indian Air Force & Indian Army and Light Combat Aircraft (LCA) Mk 1A for Indian Air Force from HAL under Buy (lndian-IDDM) category," the company said in an exchange filing. Over the past six days, HAL's stock has experienced a continuous uptrend, marking a substantial 16.82% increase during this period.
In the last month alone, the company's shares have surged by over 35%, outperforming the Sensex, which recorded a more modest 6.69% uptick. Year-to-date, the stock has surged by an impressive 95%, marking a remarkable 500% increase over the course of the last three years. As per Trendlyne's data, the mean target price for HAL stands at ₹2,197, suggesting a potential decline of 11% from the present market value.
Read more on livemint.com
