HAL scales 52-week high after increasing LCA IOC contract amount; CARE reaffirms rating

HAL Hits a 52-Week High: Hindustan Aeronautics Limited jumped to a 52-week high of Rs 3334.45 on BSE on Thursday (March 7, 2024) after the company amended its LCA IOC contract to increase the amount, and CARE reaffirmed the rating of its long- and short-term bank facilities.

The stock of HAL was trading higher by 2.82 per cent, or Rs 91.10, at Rs 3319.85 at 10:18 am on Thursday.

The HAL stock closed trading on Wednesday at Rs 3228.75 and started trading at Rs 3263.95 on Thursday. The stock jumped to the 52-week high, a 3.27 per cent increase from the previous close.

This is the fourth time this month that the stock has scaled the 52-week high as it achieved the same feat on March 2, 4, and 5. 

Why HAL is rising 

HAL is rising after the company signed an amendment to the Light Combat Aircraft IOC contract. "The value of the Contract has been revised from Rs. 2700.87 Crore to Rs. 5077.95 Crore," HAL said.

CARE reaffirms rating

CARE has reaffirmed AAA, Stable/CARE A1+ rating to HAL's long-term/short-term bank facilities.