Hindustan Aeronautics Ltd.'s shares extended gains to touch fresh high on Monday for the second session in a row as the company informed the exchanges that it would produce Dhruv choppers for the Indian Army and Coast Guards.
The government approved a proposal for 34 new advanced light helicopters—nine for the Coast Guard and 25 for the army—in a move to make defence manufacturing indigenous, according to an exchange filing.
Shares of the company rose as much as 3.34% during the day to the highest level since its listing, before paring some gains to trade 3.07% higher at 9:53 a.m. This compares to a 0.04% decline in the NSE Nifty 50.
The stock has risen 140.93% in the last 12 months. The total traded volume so far in the day stood at 0.2 times its 30-day average. The relative strength index was at 74.23, implying the stock was overbought.
Of the 13 analysts tracking the company, 11 maintain a 'buy' rating, one recommends a 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 1.7%.
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