HAL issues clarification on 'false stories' related to ALH crash; stock up 2%

Hindustan Aeronautics Ltd (HAL) on Friday clarified on "false stories" after the unfortunate accident of an advanced light helicopter (ALH) operated by the Indian Coast Guard in January this year.

"HAL would like to bring to the notice of all its stakeholders, media and all forms of publications - online, print, websites, blogs, social and digital media platforms etc. that of late, ever since the unfortunate accident of ALH operated by the Indian Coast Guard in January, speculative and stories with malicious intentions on HAL are being written and published on these platforms. These stories are authored by so-called Defence analysts, former pilots, officers of the Defence Forces and arm-chair critics," the defence PSU stated.

"These stories are written without offering HAL's perspective, and arguments are one-sided and biased. There are inaccuracies and references to outdated issues that have long been resolved by HAL by taking its customers into confidence. HAL cannot respond to or comment on all these reports one-on-one due to the sensitive nature of Defence issues and products. HAL would like to reiterate that it is working with all its customers including the Indian Air Force and is confident of handling the critical issues that are innate to the Defence Aeronautics and complex flying platforms," it added.

HAL chief DK Sunil had earlier mentioned that a "swashplate fracture" caused the crash of a coast guard Dhruv ALH at Porbandar in Gujarat on January 5. ALH's fleet of 330 helicopters was grounded after the crash.

On the stock-specific front, HAL was last seen trading 2.22 per cent higher at Rs 4,120.45. At this price, the counter has shed 7.34 per cent in six months.

The scrip traded lower than the 5-day, 10-day and 200-day simple moving averages (SMAs) but higher than the 20-day, 30-, 50-, 100-day and 150-day SMAs. Its 14-day relative strength index (RSI) came at 60.05. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The stock has a price-to-equity (P/E) ratio of 31.84 against a price-to-book (P/B) value of 8.86. Earnings per share (EPS) stood at 129.35 with a return on equity (RoE) of 27.83. According to Trendlyne data, HAL has a one-year beta of 1.8, indicating high volatility.

As of December 2024, the government held a 71.64 per cent stake in HAL.