HAL soars over 6% to hit 52-week high on bagging ₹65,000 crore defence supply projects

The Council also approved the purchase of light combat aircraft Mk 1A for IAF from HAL.

Besides, HAL will also be involved in the upgradation of Su-30 MKI Aircraft.

The proposals were part of defence acquisition projects worth ₹2.23 lakh crore that were approved by the DAC headed by Defence Minister Rajnath Singh on Thursday. Of this, an acquisition worth ₹2.20 lakh crore will be sourced from domestic industries.

The approved projects included the purchase of 97 Tejas light combat aircraft and 156 Prachand combat helicopters for around ₹65,000 crore.

The state-run aerospace and defence company reported a marginal rise in consolidated net profit to ₹1,236.67 crore for the July-September quarter against ₹1,221 crore in the year-ago period.

Its consolidated revenue from operations increased by 9.5% to ₹5,635.7 crore in Q2FY24 compared to ₹5,144.79 crore in the July-September quarter of 2022.

HAL is engaged in carrying out the design, development, manufacture, repair and overhaul of aircraft, helicopters, engines and related systems like avionics, instruments and accessories primarily serving the Indian defence programme.

HAL shares were trading 3.93% higher at ₹2,473.4 apiece at 11:39 am.