Good news comes in abundance for Hindustan Aeronautics; stock jumps over 8 per cent in two trading sessions!
The stock had opened with a gap-up on Friday, and it went on to touch a high of Rs 1,539.85
Hindustan Aeronautics Limited has grabbed investors’ and traders’ attention as the stock has jumped a little over 8 per cent in the last two trading sessions.
The stock had opened with a gap-up on Friday, and it went on to touch a high of Rs 1,539.85, which was very close to its 52-week high of Rs 1,550.34, registered in the month of October last year.
So, what’s working for the stock? The company informed via a press release that it has secured an order for an estimated cost of Rs 3,887 crore. Cabinet Committee on Security (CCS) has approved the procurement of 15 light combat helicopters (LCH) limited series production (LSP); ten for Indian Air Force and five for Indian Army from the company.
In addition to this, the company said that it recorded the highest-ever revenue of over Rs 24,000 crore (provisional & unaudited) for the financial year ended on March 31, 2022, registering a 6 per cent revenue growth over the previous financial year.
Further, based on the improved financial performance and cash flow position, the credit rating agencies i.e. CARE Ratings and ICRA Limited have upgraded the company's credit rating from AA+ stable to AAA/stable during the financial year.
HAL achieved record revenue with a production of 44 new helicopters/aircraft, 84 new engines, overhauled 203 aircraft/helicopters, and 478 engines.