Multibagger defence PSU hits upper circuit as Defence Ministry issues tender worth ₹65,000 crore for fighter jets
HAL Share Price Today: Shares of public-sector undertaking (PSU) Hindustan Aeronautics Ltd or HAL rose more than three per cent to hit a lifetime record-high mark during intra-day on Friday, April 12. The surge in shares came as the Defence Ministry today issued a tender to the defence major for buying made-in-India 97 LCA Mark 1A fighter jets.
The tender is expected to be worth over ₹65,000 crore and is set to be the largest order for indigenous military hardware to be placed by the central government ever. Also Read: Govt to buy 34 advanced light choppers from Hindustan Aeronautics for ₹8,073 crore The tender was issued by the Defence Ministry to the PSU major recently and they have been given three months to respond to it.
The programme will help the IAF to replace its fleet of MiG-21s, MiG-23s and MiG-27s which have been either phased out or are set to be phased out in the near future. The indigenous fighter aircraft programme, fully backed by Defence Ministry and Air Headquarters is set to be a big boost for promoting indigenisation as well as give major business to the small and medium enterprises engaged in defence business across the country, government officials told news agency ANI.
Prime Minister Narendra Modi has been pushing for the revival of the HAL which has bagged orders for building all types of indigenous fighter aircraft, helicopters along with the engines for them under his government. Also Read: Multibagger stock Hindustan Aeronautics scales 52-week high on a large order win worth Rs.
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