Hindustan Aeronautics share price rises over 3% to hit a new 52-week high; here’s why

Hindustan Aeronautics has contributed to the Chandrayaan-3 project. A HAL-L&T consortium won a contract worth ₹860 crore last year from New Space India Ltd (NSIL) to construct five Polar Satellite Launch Vehicle (PSLV) rockets, which are known as India’s workhorse spacecraft. According to a media report, a number of parts supplied to National Aerospace Laboratories (NAL) were crucial in enabling the Chandrayaan-3 mission.

Also Read: Chandrayaan-3 Moon Landing Today Live Updates: What is Automatic Landing Sequence? Vikram LM to enter into crucial phase

India’s ambitious lunar space mission is getting closer to its end after more than a month of launch. Around 6:04 p.m. today, the Vikram Lander spacecraft is scheduled to touch down on the moon.

On the technical front, HAL share price rose 80.1% and outperformed its sector by 10.1% in the past year, as per trendlyne data. On Wednesday’s trade, Hindustan Aeronautics share were trading at high day volume of 1.8 milion.

Also Read: These are the listed companies behind the successful launch of Chandrayaan 3 mission; do you own any?

“We are seeing strong positive traction backed with strong volumes, prices have broken above its recent range and indicates a continuation of strong uptrend post the last couple of weeks of consolidation. 4,350 is likely to be an extend target in the near term, with 3,850 as immediate support,” said Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One.

According to Ruchit Jain, Lead Research Analyst at 5paisa, within a broader uptrend, the prices have recently seen a timewise correction and in this consolidation, the 40 DEMA has acted asva support. Hindustan Aeronautics’ stock seems to have resumed it’s uptrend with good volumes and thus, we could see a continuation of this rally towards ₹4,200 in the short term.

Hindustan Aeronautics released its April-June quarter results for fiscal 2023-24 (Q1FY24) on August 11, reporting a rise of 30 per cent in consolidated net profit at ₹814 crore, compared to ₹620 crore in the corresponding period last year.

The state-run aerospace and defence company’s revenue from operations rose 8 per cent to ₹3,915.35 crore, compared to ₹3,622 crore in the year-ago period.

On August 24, Hindustan Aeronautics is scheduled to pay a dividend of ₹15 per share.

Also Read: HAL Q1 Results: Net profit rises 30% to ₹814 crore, revenue up 8% YoY

Updated: 23 Aug 2023, 02:41 PM IST