Hindustan Aeronautics share price hits record high; here’s why

Shares of Hindustan Aeronautics Ltd (HAL) hit their record high today after the aerospace and defence firm said it signed a contract with  Cochin Shipyard Limited (CSL), Kochi for supply of 6 sets of LM2500 gas turbines (GT) and GT Auxiliaries (GTAE), spares, tools for Indian Navy Next Generation Missile Vessel (NGMV) Project.

HAL shares gained 3.81% to a high of Rs 3454.35 against the previous close of Rs 3,327.25 on BSE. At record high level, HAL shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.

In the afternoon session, the market cap of Hindustan Aeronautics stood at Rs 2.28 lakh crore. Market cap of HAL climbed to Rs 2.28 lakh crore. Total 1.22 lakh shares changed hands amounting to a turnover of Rs 41.77 crore on BSE. The large cap stock slipped to a 52-week low of Rs 1,335 on April 5, 2023.

The state-owned defence firm’s stock is trading neither in the oversold nor in the overbought zone, signals the relative strength index (RSI) of Hindustan Aeronautics, which stands at 60.6.

The time period by which the order is to be executed is FY 2025-26 to FY 2028-29. The cost of the project is Rs 1173.42 crore.

Hindustan Aeronautics is engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures.