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HAL Hits Fresh 52-Week High After Defence Ministry Approves Equipment Worth Rs 8,722 Crore

By Staff
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On Wednesday, shares of Hindustan Aeronautics (HAL) rose as much as 5.8 percent to hit a fresh 52-week high of Rs 1,078 on BSE after the Ministry of Defence (MoD) approved the acquisition of 'Make in India' equipment worth Rs 8,722 crore. A bulk of this order will go towards purchasing the first fixed-wing aircraft that HAL has designed and developed in decades.

HAL Hits Fresh 52-Week High After Defence Ministry Approves Equipment Buy
 

The defence ministry said that the Defence Acquisition Council (DAC) has accorded the approval for capital acquisitions of various platforms and equipment required by the Indian Armed Forces. Proposals for an approximate cost of Rs 8,722.38 crore were approved with prototypes and certification process underway, the DAC approved procurement of 106 basic trainer aircraft (BTA) from HAL to address the basic training requirements of the Indian Air Force.

Post-certification, 70 BTA will be initially procured from HAL and balance 36 after operationalisation of HTT-40 fleet in IAF.

Earlier on 9 August, the Ministry had announced a phased, year-wise embargo on the import of 101 items of defence equipment in line with the Indian government's Atmanirbhar Bharat (Self-Reliant India) initiative.

"Our aim is to appraise the Indian defence industry about the anticipated requirements of the Armed Forces so that they are better prepared to realise the goal of indigenisation," Defence Minister Rajnath Singh had said.

Read more about: hal hindustan aeronautics
Story first published: Wednesday, August 12, 2020, 12:06 [IST]
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