This PSU stock hits 52-week high as company receives RFP from Defence Ministry - Details

HAL Share Price, PSU Defence Stock: The shares of Hindustan Aeronautics Limited (HAL) hit a fresh 52-week high when benchmark equity indices Sensex and Nifty hit their new all-time high levels in early trade today. Rising for the fourth straight session, the 30-share BSE Sensex climbed 334.03 points to hit its fresh lifetime peak of 77,326.80. The NSE Nifty rose by 108.25 points to hit its new all-time high of 23,573.85.

The stock of HAL opened at Rs 5460, with a gain of around 5 per cent from the previous close of Rs 5199.60 on the BSE. The counter surged further to hit the day's high of Rs 5498.60 - also the new 52-week high. The scrip has a 52-week low of Rs 1,767.95. The market cap of the company has increased to around Rs 3,63,218 crore. Last seen, the counter was trading firmly in green at Rs 5431.45.

PSU Defence Stock: HAL In News

The surge in the share price of the defence PSU stock comes as the company has announced that it has received a Request for Proposal (RFP) from the Defence Ministry for the procurement of 156 Light Combat Helicopters worth Rs 45,000 crore
 
"We would like to inform that, Request for Proposal (RFP) has been issued by the Ministry of Defence for procurement of 156 Light Combat Helicopter (90 nos. for IA and 66 nos. for IAF)," the company said in an exchange filing. 

PSU Defence Stock: HAL Share Price Target

Meanwhile, international brokerage firm Jefferies has maintained a BUY rating on HAL shares and has set a target of Rs 5,725 per share. According to the brokerage firm, the sentiment remains upbeat on defence indigenization and export focus and the company can expect double-digit growth for the next 3 to 5 years.