Shares of Hindustan Aeronautics Ltd (HAL) are in news today after the aerospace and defence firm was granted the status of a Maharatna Central Public Sector Enterprise (CPSE). HAL shares gained 2.22% to Rs 4545.90 against the previous close of Rs 4446.85. The multibagger defence stock has risen 129% in a year and gained 287% in two years. The stock zoomed 526% in three years.
Total 0.31 lakh shares of the firm changed hands amounting to a turnover of Rs 14.18 crore. Market cap of the firm climbed to Rs 3.02 lakh crore on BSE.
After the upgradation, HAL has become India’s 14th Maharatna PSU, joining the league of companies such as BHEL, ONGC, and Indian Oil.
HAL operates under the Department of Defence Production (DoDP).
Department of Public Enterprises in a tweet said, "Hon’ble Finance Minister has approved the upgradation of Hindustan Aeronautics Limited (HAL) to 14th #Maharatna CPSE. The proposal has earlier been recommended by Inter-Ministerial Committee (IMC) headed by Finance Secretary and Apex Committee headed by Cabinet Secretary. HAL is a Department of Defence Production (DoDP) CPSE with an annual turn over of Rs. 28162 crore and net profit of Rs. 7595 crore for FY 2023-24."
Hindustan Aeronautics Limited 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. The company's products include HAWK, light combat aircraft (LCA), SU-30 MKI, intermediate jet trainer (IJT), DORNIER and HTT-40.