HAL rallies 14% as govt approves Tejas aircraft deal worth Rs 48,000 crore
Shares of Hindustan Aeronautics (HAL) surged 14 per cent to Rs 1,047 on the BSE in Thursday’s early morning trade after the government approved procurement of 83 indigenously-developed light combat aircraft ‘Tejas’ for the Indian Air Force at a cost of Rs 48,000 crore.
“(The Cabinet) has approved the procurement of 73 LCA Tejas Mark 1A fighter aircraft and 10 LCA Tejas Mark 1 trainer aircraft at a cost of Rs 45,696 crore, along with design and development of infrastructure sanctions worth Rs 1,202 crore,” the ministry of defence (MoD) said.
HAL will act as the lead integrator for building the aircraft at a targeted rate of 16 fighters per year. The first aircraft will be delivered three years after HAL and the IAF sign a contract.
