Aerospace company Hindustan Aeronautics (HAL's) shares rose as much as 2.33 per cent to hit an intraday high of ₹4,770 per share on Friday. Although the stock closed the day marginally higher by 0.13 per cent at ₹4,667.25 on the BSE, analysts see more upside in the aircraft and defence equipment maker's share price.
The rise in HAL's share price came after the public sector company announced it had signed a contract worth nearly ₹13,500 crore with the Ministry of Defence (MoD) for the procurement of 12 Sukhoi Su-30 MKI aircraft along with associated equipment.
"We wish to inform you that a contract for procurement of 12 Su-30 MKI aircraft along with associated equipment has been signed between the Ministry of Defence and company at an approximate cost of ₹13,500 crore inclusive of taxes and duties," said the Bengaluru-based company in an exchange filing.
The aircraft will be manufactured at the Nasik division of HAL. The supply of these aircraft would boost the operational capability of the Indian Air Force (IAF) and strengthen the defence preparedness of the country, it said.
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