HAL Block Deal: Public Shareholder Offloads Stake For Rs 161 Crore
The company's market capitalisation stood at Rs 2.79 lakh crore after Friday's trading.
A public shareholder of Hindustan Aeronautics Ltd. offloaded a 0.05% stake in the company for Rs 161 crore via an open market transaction on Friday.
Kadensa Master Fund sold 3.85 lakh shares, while Goldman Sachs (Singapore) Pte-ODI bought up the same amount of shares at Rs 4,176.25 apiece, according to data on the BSE.
The company's market capitalisation stood at Rs 2.79 lakh crore after Friday's trading.
Kadensa Master Fund and Goldman Sachs (Singapore) undertook a similar block deal for Zomato on Friday. The public shareholder offloaded a stake of the quick commerce company worth 0.06% with Goldman Sachs (Singapore) Pte-ODI buying up 60.07 lakh shares for Rs 199.5 apiece. This was for a sum total of Rs 119.8 crore.
Light Combat Helicopters
The Ministry of Defence on Friday signed two contracts worth Rs 62,700 crore with HAL for the supply of 156 light combat helicopters Prachand for the armed forces.
The contracts, spanning five years, include one for 66 LCHs for the Indian Air Force and another for 90 LCHs for the Indian Army. Deliveries are scheduled to begin in the third year of the contract and will be completed over five years, according to a ministry release.
Shares of HAL closed 0.4% higher at Rs 4,177.45 apiece on the National Stock Exchange, compared to a 0.31% decline in the benchmark Nifty. The share price has risen 25.56% in the last 12 months but fallen 0.02% on a year-to-date basis.
Fifteen out of the 16 analysts tracking the company have a 'buy' rating on the stock and one recommends 'sell', according to Bloomberg. The average of 12-month analysts price targets implies a potential upside of 18.4%.
