The Defence Acquisition Council on Thursday (March 16) approved proposals worth Rs 70,500 crore for the Armed Forces & Indian Coast Guard under Buy {Indian-IDDM (Indigenously Designed, Developed and Manufactured)} category.
The council, under the chairmanship of Defense Minister Rajnath Singh, has also accorded acceptance of necessity (AoN) for procurement of advance light helicopters (ALH) MK-III from Hindustan Aeronautics (HAL) for the Indian Coast Guard.
The helicopter will sport a suite of surveillance sensors that will enhance the surveillance capabilities. The helicopter will also give full night capability and Instrument Flight Rules capability for operations of the Indian Coast Guard.
Following the announcement, shares of HAL advanced 2.82% to currently trade at Rs 2800.65 on the BSE.
HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. As of 31 December 2022, the Government of India held 75.15% stake in the company.
The company reported 23.8% rise in consolidated net profit to Rs 1,155.19 crore in Q3 FY23 as compared to Rs 933.40 crore posted in Q3 FY22. Revenue from operations was at Rs 5,665.54 crore in Q3 FY23, down 3.9% from Rs 5,893.82 crore recorded in the same period a year ago.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
