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Hindustan Aeronautics’ Stocks Gained 5.87%; Touched 52-week High

27 June 20232 mins read by Angel One
Shares of the company have gained over 26% in the past month and have delivered nearly 98% returns over the last year.
Hindustan Aeronautics’ Stocks Gained 5.87%; Touched 52-week High
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During the opening trades of the session, Indian benchmark indices oscillated between modest gains and losses before being pulled down later by significant losses in fast-moving consumer goods, information technology and metal sectors. The broader indices finished the session marginally higher, while the advance-decline ratio remained in favour of declines.

In an otherwise weak market, shares of Hindustan Aeronautics Ltd led the advances in the BSE Midcap pack with gains of 5.87%. Shares may have rallied in response to the company’s announcement that a meeting of the board of directors will be held on June 27, 2023, to consider a proposal for a sub-division of equity shares of the company.

On an intraday basis on Friday, shares of Hindustan Aeronautics Ltd traded at a high volume, reaching a 52-week high of Rs 3,785 per share on the BSE. Shares of the company have gained over 26% in the past month and have delivered nearly 98% returns over the last year.

Check: HAL Stock Split

Considering the company’s quarterly performance, on a consolidated basis, it reported a modest growth of 8.1% from Rs 11,558.23 crore registered in Q4FY22, recording total revenue of Rs 12,494.67 crore in Q4FY23. When comparing the net profit for the fourth quarter of FY23 to the same quarter last year, it declined 8.82% from Rs 3,105.17 crore to Rs 2,831.18 crore.

Hindustan Aeronautics Ltd (HAL) is a state-owned aerospace and defence company that manufactures, repairs and maintains aircraft and helicopters. The company actively participates in and makes a contribution to the country’s space programs. In 1988, a separate aerospace division was established. Through the division, HAL is now fulfilling the requirements of structures for ISRO satellites and aerospace launch vehicles.

Considering the promising outlook for the industry and the potential for the company to grow, keep a close eye on this stock in the coming sessions.

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