HAL Shares Rise as Company Delivers Three Platforms to Indian Air Force

Hindustan Aeronautics Ltd (HAL) shares rose by 2% on Monday after the company handed over three indigenously developed platforms to the Indian Air Force and Pawan Hans Limited.

The deliveries included the Dhruv-NG helicopter, LCA Tejas Trainer jets, and HTT-40 basic trainer aircraft. The handover ceremony was attended by Defence Minister Rajnath Singh, who praised HAL's work on the HTT-40, saying it marked a significant achievement in reducing India's dependence on foreign countries for defence equipment.

The HTT-40 is a tandem-seat, fully aerobatic basic trainer powered by a Honeywell turboprop engine. It features a glass cockpit and Martin-Baker zero-zero ejection seats. HAL is producing the aircraft under a contract for 70 aircraft with the IAF, which will replace the ageing HPT-32 Deepak fleet.

Goldman Sachs has maintained a Buy rating on Hindustan Aeronautics with a target price of Rs 5,870. The brokerage noted that Tejas FOC twin-seater trainers are being handed over to the Indian Air Force, along with HTT-40 basic trainers to the IAF and Dhruv-NG helicopters to Pawan Hans.