Shares of Hindustan Aeronautics Ltd. hit fresh record high on Thursday after it signed an amendment to the LCA IOC contract related to developing Tejas.
The value of the contract has been upwardly revised to Rs 5,077.95 crore from earlier Rs 2,700.87 crore, according to an exchange filing.
Shares of the company rose as much as 2.38% to Rs 3,305.00 apiece, the highest level since it listing on March 28, 2018. It was trading 2.35% higher at Rs 3,304.00 apiece as of 09:36 a.m. This compares to a 0.57% advance in the NSE Nifty 50.
It has risen 130.79% in past 12 months. Total traded volume so far in the day stood at 2.8 times its 30-day average. The relative strength index was at 71.73, which implied the stock is slightly overbought.
Out of 13 analysts tracking the company, 11 maintain a 'buy' rating, one recommends a 'hold,' and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 2.1%.
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