Hindustan Aeronautics shares climb 2% to hit all-time high ahead of Q4 results

Shares of Hindustan Aeronautics Ltd (HAL) moved 2.06 per cent higher to scale their record high level of Rs 4,270 in Thursday's trade. The stock has given multibagger returns in the past one year by rallying more than 170 per cent. The defence PSU is scheduled to announced its fourth-quarter (Q4 FY24) results later in the day.

The HAL stock saw heavy trading volume today as around 1.50 lakh shares were seen changing hands. The figure was higher than the two-week average volume of 99,000 shares. Turnover on the counter came at Rs 63.40 crore, commanding a market capitalisation (m-cap) of Rs 2,82,861.73 crore.

Analysts largely remained positive on the counter ahead of Q4 earnings.

"It is advisable to view any pullback towards the Rs 4,000-4,050 range as a buying opportunity. Setting a stop loss at Rs 3,670 can help manage risk while aiming for an upside target of Rs 4,750 level," said Laxmikant Shukla, Technical Research Analyst at YES Securities.

"HAL is a stock which one should buy and hold. It is a structural story and is going to be one of the key beneficiaries of import substitution in the defence space. The stock has potential to give substantial gains over the next 2-5 years," Gaurav Dua, SVP, Head of Capital Market Strategy at Sharekhan by BNP Paribas, has told Business Today TV.

The counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150- and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 41.61. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 46.04 against a price-to-book (P/B) value of 11.28. Earnings per share (EPS) stood at 91.87 with a return on equity of 24.49.