Shares of Hindustan Aeronautics Ltd. hit an all-time high on Thursday after the Ministry of Defence approved procurement proposals worth Rs 1.1 lakh crore.
The ministry has cleared the acquisition of 97 Tejas jets and 156 Prachand attack helicopters, according to NDTV.
HAL's stock rose as much as 4.3% during the day to Rs 2,444 apiece on the NSE. It pared gains to close 1.6% higher at Rs 2,379.80 apiece, compared to a 0.18% advance in the benchmark Nifty 50.
It has risen by 87.92% on a year-to-date basis. The total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was 82.98.
Eleven out of the 13 analysts tracking HAL maintain a 'buy' rating on the stock, one recommends 'hold,' and another suggests 'sell,' according to Bloomberg data. The average 12-month analyst price target implies a potential downside of 1.35%.
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