HAL hits fresh 52-week high

The shares of Hindustan Aeronautics Limited (HAL) climbed up to record a new 52-week high on January 14, 2020 (Tuesday).

The stock of HAL has surged 17 per cent in just two days after Indian Credit Rating Agency (ICRA) assigned a long-term rating of AA and a short-term rating of A1+ for the company’s bank facilities with stable outlook. With this, HAL became the second-biggest gainer in ‘A’ group, after India Cements Limited.

The rating agency said that the assigned rating draws comfort from the majority ownership held by the Government of India (GoI) in Hindustan Aeronautics as well as the latter’s strategic position as a dominant supplier of aircraft, helicopters, engines, other accessories and avionics as the main provider of maintenance and repair services to the Indian Defence Force (IDF).

Headquartered in Bengaluru (Karnataka), Hindustan Aeronautics is an Indian state-owned aerospace and defence company, governed under the management of the Indian Ministry of Defence. It designs, fabricates and assembles aircraft, jet engines, helicopters and their spare parts.

At 3.13 pm, the stock of Hindustan Aeronautics is trading at Rs 860.00, up by 7.01 per cent, against its previous close of Rs 803.65. The market opened on Tuesday at Rs 801.00 and recorded a new 52-week high of Rs 866.00 while its 52-week low stood at Rs 603.25 on BSE.