HAL rises after receiving order from Guyana Defence Force; HG Infra jumps after its consortium gets Rs 534 cr order

Hindustan Aeronautics Limited (HAL) and HG Infra Engineering Limited were trading in positive territories after the former got an order from Guyana Defence Force and the latter's consortium won an order worth Rs 534 crore. 

While HAL won an order worth Rs 194 crore from Guyana Defense Force, HG Infra received a Rs 534 crore order from Jodhpur Vidyut Vitran Nigam Limited for setting up solar business.

HAL, meanwhile, on Monday, was handed a penalty of Rs 1.10 crore from Divisional Goods and Service Tax office, Karnataka, for non-payment of GST. Here, we take you through the performance of HAL and HG Infra shares.

HAL share price

HAL jumped by 2.34 per cent to the day's high of Rs 3,244.55 on Tuesday after starting the session at Rs 3,194.70. 

The stock of the defence company was trading higher by 1.92 per cent, or Rs 61.00, at Rs 3,231.50 at 9:37 am on Tuesday.

HAL gets order

In a statement on Friday, the company said that it had signed a contract with Guyana Defence Force (GDF) for the supply of two Hindustan-228 commuter aircraft along with Manufacturer Recommended List of Spares (MRLS), Ground Handling EquipmenUGround Support Equipment, Training, hand-holding at a total value of MUSD 23.37 (approx. Rs. 194 crore).

The time period to complete the order is FY 24-25.

HAL slapped with penalty   

HAL said on Monday that it was in receipt of an order from 0/o Dy. Commissioner of Commercial Taxes ( audit)-1.4, Divisional Goods and Service Tax office, Karnataka, for Rs.21.44 crore inclusive of interest of Rs. 9.32 crore and a penalty of Rs. 1.10 crore towards non-payment of GST on solatium amount received by the company from M/s BMRCL on the compulsory acquisition of land in the year FY 2019-20.

HAL is contemplating of appealing against the order in the higher forum as per the provisions of the law within the prescribed time limit, it further said. 

HG Infra Share Price

HG Infra jumped by 3.03 per cent to the day's high of Rs 925.50 after its consortium receiving a solar project order.

"A letter of award has been issued by Jodhpur Vidyut Vitran Nigam Limited to Stockwell Solar Services Private Limited Consortium with H.G. Infra Engineering Limited (the “Company” or “HGINFRA”) for the project of Solar Business," HG Infra said in a statement on Saturday.

The total solar plant capacity is 125.72 MW (AC). The time period by which the order is to be executed is 12 months.

The tentative estimated construction/development cost of the project is Rs 534 crore (including GST).

"The scope of work of H.G. Infra Engineering Limited (along with Stockwell Solar Services Private Limited) will be Engineering, Procurement and Construction (EPC) and commissioning of Solar Power Plant," said HG Infra.