HAL Receives Third GE-404 Engine For LCA Mark-1A Combat Aircraft Programme From US

Indian public sector aerospace firm Hindustan Aeronautics Ltd., has received the third GE-404 engine for the LCA Mark-1A combat aircraft programme from the US, as per an ANI report on Thursday.

The fourth engine is expected to arrive in India by the end of this month, as per the report. Further, HAL is set to soon manufacture the Small Satellite Launch Vehicle (SSLV) rockets developed by ISRO. The company had become the successful bidder for the manufacturing and design technology in June.

The government-owned company signed a technology transfer agreement with the Indian National Space Promotion and Authorisation Centre (IN-SPACe), NewSpace India Ltd., and the Indian Space Research Organisation on Wednesday. Under this contract, HAL will absorb the technology in the first two years, followed by a 10-year production phase, according to a statement from the company.

HAL stock rose as much as 1.02% during the day to Rs 4,604 apiece on the NSE. It was trading 0.52% higher at Rs 4,581 apiece, compared to the benchmark Nifty 50 trading flat as of 10:25 a.m.

It had declined 0.40% in the last 12 months and 9.62% on a year-to-date basis. The total traded volume so far in the day stood at xx times its 30-day average. The relative strength index was at 66.27.

Eighteen out of the 22 analysts tracking the company have a 'buy' rating on the stock, two recommend a 'hold', and two suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 5,646.6, implying an upside of 23.6%.