India's HAL hits record high on report of $7.80 bln tender

Data Patterns (India)

12/04/2024 09:26

** Shares of Hindustan Aeronautics Ltd (HAL)  HIAE.NS  rise 3.2%
to a record 3,677.55 rupees; last up 2.4%
    ** India's Defence Ministry issues tender worth 650 bln
rupees ($7.80 bln) to HAL for buying 97 LCA Mark 1A fighter jets
- report
    ** HAL did not immediately reply to Reuters' request for
comment 
    ** Stock has been trading above its 200-day moving avg since
Feb. 2022
    ** Volumes at over 2 mln shares - 1.1x 30-day avg
    ** Avg recommendation on stock is a "buy", the median PT is
3,225 rupees - a ~10% discount on last close - LSEG data
    ** Peers Data Patterns (India)  DATP.NS , Bharat Electronics
 BAJE.NS  are also rated "buy"
    ** Including session's gains, stock up 30% so far this year

($1 = 83.3650 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))