Hindustan Aeronautics shares gains 3% on signing Rs 5,375-crore contract with GE Aviation
The state-run aerospace firm placed an order of Rs 5,375 crore for 99 F404-GE-IN20 engines and support services with GE Aviation to power Tejas
August 18, 2021 / 10:39 AM IST
Hindustan Aeronautics (HAL) share price jumped almost 4 percent in the morning session on August 18, a day after the company signed a Rs 5,375- crore contract with GE Aviation.
The state-run aerospace firm on August 17 said it has placed an order of Rs 5,375 crore for 99 F404-GE-IN20 engines and support services with GE Aviation, US to power the Tejas Light Combat Aircraft (LCA).
The contract was signed at HAL Corporate Office, the company said in a release.
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"This is the largest ever deal and the purchase order placed by HAL for LCA," R Madhavan, CMD, HAL said.
The company is working closely with GE for its support to pursue the export potential of LCA and also to supply spares to the global supply chain of GE 404 engines, he said.
The indigenously built Tejas aircraft is one of the best in its class globally, powered by F404-GE-IN20 engines and has been in service since 2004, HAL said.
The stock was trading at Rs 1,108.10, up Rs 40.50, or 3.79 percent, at 1026 hours. It has touched an intraday high of Rs 1,113.00 and an intraday low of Rs 1,082.75.