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HAL shares hit new high on news company may be developing AI-driven drones for LAC vigilance

HAL shares hit new high on news company may be developing AI-driven drones for LAC vigilance

HAL shares hit new high on news company may be developing AI-driven drones for LAC vigilance
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By CNBCTV18.com Aug 8, 2022 1:02:38 PM IST (Published)

HAL’s board is scheduled to meet on Friday, August 12, 2022, to consider financial results for the April-June quarter of the financial year 2023.

Shares of Hindustan Aeronautics Ltd (HAL) surged over 7 percent surpassing its 52-week of Rs 2,075 touched on August 2, 2022. At 12:06 pm, shares of the state-owned aerospace and defence company traded at Rs 2, 149, a 7.5 percent up from the previous close on the BSE.

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According to a report in PTI, the company is currently working on an AI-driven multi-role, advanced and long-endurance drone for strategic missions in high-altitude areas, including the frontiers with China.
In July, HAL signed over a $100 million contract to supply 88 TPE331-12B engines/kits and provide maintenance and support services to power the Hindustan Trainer Aircraft (HTT-40).
At the same time, the company announced that it had signed an agreement with Safran Helicopter Engines to create a new joint venture intended to develop helicopter engines.
HAL’s board is scheduled to meet on Friday, August 12, to consider financial results for the April-June quarter of the financial year 2023.
In the quarter ended March 2022, HAL reported a 90 percent increase in consolidated net profit at Rs 3,105 crore, compared to Rs 1,628 in the corresponding period for FY21.
In India, both the military and commercial aerospace sectors have good growth potential. There were Rs 4.93 trillion allocated to the three forces in 2022-23 (including pensions), which is 94 percent of the total defence budget.
“The stability of the military sector during the time of crisis will entice commercial players to diversify into the military sector as a risk mitigation strategy. This will bring opportunities for HAL to diversify into the commercial sector by forming strategic alliances with such companies," the company said in its FY22 annual report.
HAL designs, develops, manufactures, repairs, overhauls, upgrades and services a wide range of products, including aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures.
Indian Defence Forces (Air Force, Navy, Army, and Coast Guard) had established the company to meet their aviation requirements.
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