435% return in 2 years: Defence PSU stock in focus after signing revised MoU - Check Details

Multibagger Defence PSU Stock: Shares of Hindustan Aeronautics Ltd (HAL) are in the news today as the PSU has informed exchanges about a revised Memorandum of Understanding (MoU) with the Aeronautical Development Agency (ADA). The counter opened flat and touched the level of 5021.45 before hitting an intraday low of Rs 4,838.25 - a fall of 3.53 per cent from the previous close of Rs 5,015.40 on the BSE. 

The stock has been losing for the last three days. However, the defence stock has given a multibagger return of over 150 per cent in a year and gained 435 per cent in two years.

“We would like to inform that, the Company has signed an amendment to Memorandum of Understanding (MoU) with Aeronautical Development Agency (ADA) w.r.t. completion of LCA AF Mk-2 development leading to operation clearance during Full Scale Engineering Development (FSED) Phase-3 of LCA AF Mk-2 program for a value of Rs 2970.00 crore including FE of Rs.285.00 crores,” the company said in an exchange filing.  

Meanwhile, equity benchmark indices hit their new record high levels in early trade on Friday but failed to hold on to the gains and were later trading lower tracking weak trends from global markets.

The 30-share BSE Sensex hit its new all-time high of 81,587.76 in the initial trade but failed to carry forward the winning momentum and declined 166.93 points to 81,176.53.

The NSE Nifty also dropped 73.1 points to 24,727.75 after hitting its fresh record peak of 24,854.80 during the opening bell.

Among the Sensex pack, Tech Mahindra, UltraTech Cement, Tata Steel, JSW Steel, Sun Pharma and Power Grid were the biggest laggards.